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Vodafone Idea Ltd.

BSE: 532822 Sector: Telecom
NSE: IDEA ISIN Code: INE669E01016
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VOLUME 107451211
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OPEN 9.04
CLOSE 9.03
VOLUME 107451211
52-Week high 16.79
52-Week low 7.75
P/E
Mkt Cap.(Rs cr) 27,205
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Vodafone Idea Ltd. (IDEA) - Auditors Report

Company auditors report

To the Members of Vodafone Idea Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements ofVodafone Idea Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2022 the Statement of Profit and Loss including the statement of OtherComprehensive Income the Cash Flow Statement and the Statement of Changes in Equity forthe year then ended and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 as amended ("the Act") in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2022 its loss including other comprehensive income its cash flows and the changes inequity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing (SAs) as specified under section 143(10) of theAct. Our responsibilities under those Standards are further described in the‘Auditor?s Responsibilities for the Audit of the standalone FinancialStatements? section of our report. We are independent of the Company in accordancewith the ‘Code of Ethics? issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the standalone financialstatements.

Material Uncertainty Related to Going Concern

We draw attention to Note 4 to the financial statements whichdescribes the Company?s financial condition as of March 31 2022 and its debtobligations due for the next 12 months. The Company?s financial performance hasimpacted its ability to generate the cash flow that it needs to settle/refinance itsliabilities as they fall due.

The Company?s ability to continue as a going concern is dependenton its ability to raise additional funds as required and successful negotiations withlenders for continued support and generation of cash flow from its operations that itneeds to settle its liabilities as they fall due. Our conclusion is not modified inrespect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements for thefinancial year ended March 31 2022. These matters were addressed in the context of ouraudit of the standalone financial statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matters. In addition to thematter described in the ‘Material Uncertainty Related to Going Concern? sectionwe have determined the matters described below to be the key audit matters to becommunicated in our report. For each matter below our description of how our auditaddressed the matter is provided in that context.

We have determined the matters described below to be the key auditmatters to be communicated in our report. We have fulfilled the responsibilities describedin the Auditor?s responsibilities for the audit of the standalone financialstatements section of our report including in relation to these matters. Accordingly ouraudit included the performance of procedures designed to respond to our assessment of therisks of material misstatement of the standalone financial statements. The results of ouraudit procedures including the procedures performed to address the matters below providethe basis for our audit opinion on the accompanying standalone financial statements.

Key audit matters How our audit addressed the key audit matter
Revenue recognition
(as described in note 5(a) of the Standalone financial statements)
For the year ended March 31 2022 the service revenue recognised was Rs 382018 million. Our audit procedures included the following:
Revenue recognition has been identified as a key audit matter due to complexity of systems in recognizing revenues significance of volumes of data process by system constantly evolving pricing with discounted tariffs and operation in highly competitive marketplace. • With the assistance by IT specialists we obtained an understanding evaluated the design and tested the operating effectiveness of key IT general and application controls related to revenue recognition processes. We also tested relevant IT infrastructure and applications that result in generation of various IT reports used for billing and revenue recognition process.
• We tested the operating effectiveness of IT dependent manual controls performed data analytics and trend analysis test of reconciliations between billing systems and other IT systems prepaid applications and the general ledger. We also performed procedures to test the computation of deferred revenue.
• We read and assessed the revenue related accounting policy critical estimates and assumptions and disclosures in the standalone financial statements.
Assessment of claims related to regulatory taxation and legal matters
(as described in note 43 3 and 41(v) of the Standalone financial statements)
At March 31 2022 the value of regulatory tax and legal disputes disclosed as contingent liabilities was Rs 198893 million. Our audit procedures included the following:
Pursuant to the Hon?ble Supreme Court judgement the Company has recorded and carrying liability of Rs 659534 million related to AGR matter and Rs 49572 million related to one time spectrum charges (OTSC) for more than 6.2 MHz spectrum. • We obtained summary of all tax regulatory and litigation including management?s assessment.
Taxation regulatory and litigation exposures have been identified as a key audit matter due to changing regulatory environment and significant judgement required by management in assessing the exposure of each case. • We obtained an understanding evaluated the design and tested the operating effectiveness of the controls related to management?s risk assessment process for taxation regulatory and legal matters.
• We obtained and read external legal opinions (where considered necessary) and other evidences provided by management to corroborate management?s assessment of the regulatory and legal matters.
• Engaged tax/regulatory specialists to assess the tax/regulatory positions taken by management with respect to tax/regulatory litigations.
• Verified the provisions recorded in the books by the Company including the interest computations based on the demands received by the Company from DoT internal records of the Company based on the Hon?ble Supreme Court judgement and validated the computations in accordance with licence agreement and Hon?ble Supreme Court judgement for the provisions recorded in the books.
• Assessed the relevant accounting policies and disclosures in the standalone financial statements for compliance with the requirements of accounting standards.
Borrowings interest and debt covenant testing
(as described in note 21 and 25 of the Standalone financial statements)
At March 31 2022 current and non-current borrowings including interest accrued and AGR liability was Rs 1978782 million and bank guarantee was Rs 218809 million. Our audit procedures included the following:
Annual covenant testing as at March 31 2022 resulted in certain ratios breaching the specified covenant threshold for loans aggregating Rs 125080 million. Accordingly the Company has classified Rs 68131 million from non-current borrowings to current maturities of long-term debt. • We tested the debt covenant ratio specified in the loan agreements and the computation and assessed the classification of the borrowing in financial statement based on the results of such testing and waiver from the bank if any.
Borrowings has been identified as a key audit matter due to debt covenant breach change in credit ratings of the loans and various correspondences received from banks and financial institutions for additional security / increase in interest/commission rate resulting in recognition presentation and measurement complexities. • We obtained independent confirmation from the bank with respect to borrowings and non-fund based facilities [including bank guarantees/letter of credit] outstanding as at March 31 2022 and compared the amounts as per confirmations with the amounts in the books of accounts and tested with the reconciliation provided by the management.
• We verified the interest/commission rate used by the Company for computation of interest cost with the loan/bank guarantee agreements and various correspondences received by the Company from respective banks and corresponding increase in rates due to nonremediation of debt covenant and downgrade in credit rating.
• We verified the security created against fund and non-fund facilities with the agreements and documents related to charges filed with Register of Companies.
• We assessed the borrowing related accounting policy and disclosures in the standalone financial statements for compliance as per Ind AS 107.

Other Information

The Company?s Board of Directors are responsible for the otherinformation. The other information comprises the Performance Highlights CorporateGovernance Report Directors? Report Management Discussion and Analysis Report andBusiness Responsibility Report but does not include the standalone financial statementsand our auditor?s report thereon. The Performance Highlights Corporate GovernanceReport Directors? Report Management Discussion and Analysis Report and BusinessResponsibility Report is expected to be made available to us after that date of thisauditor?s report.

Our opinion on the standalone financial statements does not cover theother information and we will not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statementsour responsibility is to read the other information identified above when it becomesavailable and in doing so consider whether such other information is materiallyinconsistent with the standalone financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

Responsibilities of Management for the Standalone Financial Statements

The Company?s Board of Directors are responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance including other comprehensive income cash flows and changes in equity of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) specified under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; andthe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements management isresponsible for assessing the Company?s ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany?s financial reporting process.

Auditor?s Responsibilities for the Audit of the StandaloneFinancial Statements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor?s report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls with reference to financialstatements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management?s use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company?s ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor?sreport to the related disclosures in the financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor?s report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements for the financial year ended March 31 2022 and are therefore the keyaudit matters. We describe these matters in our auditor?s report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor?s Report) Order 2020("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 "Annexure 1" a statement on thematters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books;

(c) The Balance Sheet the Statement of Profit and Loss including theStatement of Other Comprehensive Income the Cash Flow Statement and Statement of Changesin Equity dealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withCompanies (Indian Accounting Standards) Rules 2015 as amended;

(e) The going concern matter described in Material Uncertainty Relatedto Going Concern paragraph above in our opinion may have an adverse effect on thefunctioning of the Company.

(f) On the basis of the written representations received from thedirectors as on March 31 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2022 from being appointed as a director in termsof Section 164 (2) of the Act;

(g) With respect to the adequacy of the internal financial controlsover financial reporting of the Company with reference to these standalone financialstatements and the operating effectiveness of such controls refer to our separate Reportin "Annexure 2" to this report;

(h) In our opinion the managerial remuneration for the year endedMarch 31 2022 has been paid / provided by the Company to its directors in accordance withthe provisions of section 197 read with Schedule V to the Act;

(i) With respect to the other matters to be included in theAuditor?s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 as amended in our opinion and to the best of our information and according tothe explanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements - Refer Note 43 to thestandalone financial statements;

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses;

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

iv. a) The management has represented that to the best of itsknowledge and belief no funds have been advanced or loaned or invested (either fromborrowed funds or share premium or any other sources or kind of funds) by the company toor in any other persons or entities including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of thecompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

b) The management has represented that to the best of its knowledgeand belief no funds have been received by the company from any persons or entitiesincluding foreign entities ("Funding Parties") with the understanding whetherrecorded in writing or otherwise that the company shall whether directly or indirectlylend or invest in other persons or entities identified in any manner whatsoever by or onbehalf of the Funding Party ("Ultimate Beneficiaries") or provide any guaranteesecurity or the like on behalf of the Ultimate Beneficiaries; and

(c) Based on such audit procedures performed that have been consideredreasonable and appropriate in the circumstances nothing has come to our notice that hascaused us to believe that the representations under sub-clause (a) and (b) contain anymaterial misstatement.

v. No dividend has been declared or paid during the year by theCompany.

Annexure 1 to the Independent Auditor's Report

Annexure 1 referred to in paragraph under the heading of ‘Reporton other Legal and Regulatory Requirements? of our report of even date

Re: Vodafone Idea Limited (‘the Company?)

In terms of the information and explanations sought by us and given bythe Company and the books of account and records examined by us in the normal course ofaudit and to the best of our knowledge and belief we state that:

(i) (a) (A) The Company has maintained proper records showing fullparticulars including situation and quantitative information of Property Plant andEquipment except for network assets being relocated as part of network integrationactivity which are pending updation in the records maintained by the Company.

(B) The Company has maintained proper records showing full particularsof intangibles assets as reflected in the books.

(b) The Company has a programme of physical verification of PropertyPlant and Equipment to cover all the items in phased manner over a period of three yearswhich in our opinion is reasonable having regard to the size of the Company and nature ofits assets. Pursuant to such a programme verification of fixed assets which are withinits active network systems database through the centralized control centres and otherrecords has commenced during the year and is in progress as of reporting date. Hence weare unable to comment on the discrepancies if any that may arise upon such verification.

(c) According to information and explanations given by the managementand based on the examination of the financial statements/registered deed/transferdeed/conveyance deed/court approved scheme of arrangements or amalgamations the titledeeds of all freehold land leasehold land and buildings disclosed as property plant andequipment are held in the name of the Company. In respect of immovable properties thathave been taken on lease and disclosed as property plant and equipment in the financialstatement based on our examination of the lease agreements/court approved scheme ofarrangements or amalgamations the lease agreements are in the name of the Company wherethe Company is the lessee in the agreement.

(d) The Company has not revalued its Property Plant and Equipment(including Right of use assets) or intangible assets during the year ended March 31 2022.

(e) There are no proceedings initiated or are pending against theCompany for holding any benami property under the Prohibition of Benami PropertyTransactions Act 1988 and rules made thereunder.

(ii) (a) The management has conducted physical verification ofinventory at reasonable intervals during the year. In our opinion the coverage and theprocedure of such verification by the management is appropriate.

(b) The Company has been sanctioned working capital limits in excess of' five crores in aggregate from banks during the year on the basis of security of currentassets of the Company. Based on the records examined by us in the normal course of auditof the financial statements the quarterly returns/statements filed by the Company withsuch banks if required are in agreement with the books of accounts of the Company.

(iii) (a) During the year the Company has provided loan to itssubsidiary as follow:

Particulars Loans
(' in Million)
Aggregate amount granted/ provided during the year 330
- Subsidiary Company (Vodafone Idea Business Services Limited)
Balance outstanding as at balance sheet date in respect of above case 5771
- Subsidiary Company (Vodafone Idea Business Services Limited)

During the year the Company has not made investment provided anyguarantee or security or granted any advance in the nature of loans to any company firmlimited liability partnership or any other party.

(b) The terms and conditions of loans of Rs 330 Mn granted during theyear by the Company to its subsidiary and balance outstanding as at balance sheet date Rs5771 Mn are not prejudicial to the Company?s interest.

(c) In respect of loan of Rs 330 Mn granted by the Company to itsSubsidiary repayable on demand the schedule of repayment of principal and payment ofinterest has been stipulated and the repayment or receipts are in accordance with that.

(d) There are no amounts of loans and advances in the nature of loansgranted to companies firms limited liability partnerships or any other parties which areoverdue for more than ninety days.

(e) There were no loans or advance in the nature of loan granted tocompanies firms Limited Liability Partnerships or any other parties which was fallen dueduring the year.

(f) As disclosed in note 16 to the financial statements the Companyhas granted loan during the year to related party as defined in clause (76) of section 2of the Companies Act 2013 which are repayable on demand.

Particulars Related Parties
Aggregate amount of loans granted during the year to subsidiary.
- Repayable on demand 330
Percentage of loans to the total loans 100%

(iv) There are no loans investments guarantees and securitiesgranted in respect of which provisions of section 185 and 186 of the Companies Act 2013are applicable and accordingly the requirement to report on clause 3(iv) of the Order isnot applicable to the Company.

(v) The Company has neither accepted any deposits from the public noraccepted any amounts which are deemed to be deposits within the meaning of sections 73 to76 of the Companies Act and the rules made thereunder to the extent applicable.Accordingly the requirement to report on clause 3(v) of the Order is not applicable tothe Company.

(vi) We have broadly reviewed the books of account maintained by theCompany pursuant to the rules made by the Central

Government for the maintenance of cost records under section 148(1) ofthe Companies Act 2013 related to Telecommunication Services and are of the opinionthat prima facie the specified accounts and records have been made and maintained. Wehave not however made a detailed examination of records with a view to determine whetherthey are accurate or complete.

(vii) (a) The Company is regular in depositing with appropriateauthorities undisputed statutory dues including goods and services tax provident fundemployees? state insurance income-tax sales-tax service tax duty of customs dutyof excise value added tax cess and other statutory dues applicable to it.

According to the information and explanations given to us and based onaudit procedures performed by us no undisputed amounts payable in respect of thesestatutory dues were outstanding as at the March 31 2022 for a period of more than sixmonths from the date they became payable.

(b) The dues of goods and services tax provident fund employees?state insurance income-tax sales-tax service tax duty of custom value added tax cessand other statutory dues on account of any dispute are as follows:

Name of Statute Type of Tax Forum where Dispute is Pending Period to which the amount relates Amount involved (` in Mn)
Income Tax Act 1961 Income Tax Assessing Officer 2001-2002 2003-2004 2006-2012 807
Income Tax Act 1961 Income Tax Assistant Commissioner of Income Tax 2010-2013 2017-2018 2019-2020 18248
Income Tax Act 1961 Income Tax Assistant Commissioner of Income Tax (Appeals) 2011-2013 130
Income Tax Act 1961 Income Tax Commissioner of Income Tax (Appeals) 2001-2019 55341
Income Tax Act 1961 Income Tax Deputy Commissioner of Income Tax 2005-2006 2012-2014 2018-2019 19946
Income Tax Act 1961 Income Tax Deputy Commissioner of Income Tax (Appeals) 2019-2020 42
Income Tax Act 1961 Income Tax High court of Andhra Pradesh 2009-2016 271
Income Tax Act 1961 Income Tax High Court of Bihar 2008-2010 28
Income Tax Act 1961 Income Tax High Court of Bombay 2006-2008 2013-2014 1375
Income Tax Act 1961 Income Tax High Court of Delhi 2004-2005 2010-2011 17
Income Tax Act 1961 Income Tax High Court of Gujarat 2002-2004 2007-2010- 2012 773
Income Tax Act 1961 Income Tax High Court of Ha?ana 2008-2009 1947
Income Tax Act 1961 Income Tax High Court of Hyderabad 2003-2009 2013-2015 241
Income Tax Act 1961 Income Tax High Court of Karnataka 2007-2015 3871
Income Tax Act 1961 Income Tax High Court of Kolkata 2002-2018 363
Income Tax Act 1961 Income Tax High Court of Madras 2006-2008 2011-2014 116
Income Tax Act 1961 Income Tax High Court of Punjab & Ha?ana 2010-2011 39
Income Tax Act 1961 Income Tax High Court of Rajasthan 2010-2013 44
Income Tax Act 1961 Income Tax Income Tax Appellate Tribunal 2003-2017 121351
Income Tax Act 1961 Income Tax Supreme Court of India 2004-2010 110
Total of Income Tax 225059
The Customs Act 1962 Custom Duty Assistant/Deputy Commissioner of Customs 1999 - 2000 2012 - 2015 4
The Customs Act 1962 Custom Duty Commissioner of Customs 1999 - 2000 2007 - 2010 2014 - 2020 2021-2022 86
The Customs Act 1962 Custom Duty Commissioner of Customs (Appeals) 2008-2021 685
The Customs Act 1962 Custom Duty Customs Excise & Service Tax Appellate Tribunal 2004-2019 7200
The Customs Act 1962 Custom Duty Supreme Court of India 2001 - 2003 2006 - 2007 2008 - 2009 205
The Customs Act 1962 Custom Duty Assessing Officer 2001 - 2002 2005 - 2006 2007 - 2008 2017 - 2018 2020 - 2021 54
The Customs Act 1962 Custom Duty High Court of Madras 2008 - 2009 7
Total of Custom Duty 8241
Central Excise Act 1944 Excise Duty Assistant Commissioner of Central Excise 1999-2000 7
Central Excise Act 1944 Excise Duty Customs Excise & Service Tax Appellate Tribunal 2003 - 2005 8
Total of Excise Duty 15
Central Goods and Services Tax Act_2017 Goods and Services Tax Additional Commissioner (Appeals) 2006-2007 2014-2015 1
Central Goods and Services Tax Act_2017 Goods and Services Tax Joint Commissioner (Appeals) 2017-2018 -*
Central Goods and Services Tax Act_2017 Goods and Services Tax State Tax Officer 2020 - 2021 -*
Total of Goods and Service Tax 2
The Finance Act 1994 Service Tax Assistant Commissioner of Service Tax 2010 - 2012 20
The Finance Act 1994 Service Tax Commissioner of Central Excise & Service Tax (Appeals) 2006 - 2018 325
The Finance Act 1994 Service Tax Commissioner of Service Tax 2016 - 2018 359
The Finance Act 1994 Service Tax Customs Excise & Service Tax Appellate Tribunal 2003-2018 69951
The Finance Act 1994 Service Tax High Court of Andhra Pradesh 2004 - 2009 25
The Finance Act 1994 Service Tax High Court of Bombay 2004-2013 294
The Finance Act 1994 Service Tax High Court of Calcutta 2004 - 2008 52
The Finance Act 1994 Service Tax High Court of Delhi 2004-2012 91
The Finance Act 1994 Service Tax High Court of Gujarat 2006-2008 2009-2011 107
The Finance Act 1994 Service Tax High Court of Hyderabad 2007-2009 320
The Finance Act 1994 Service Tax High Court of Karnataka 2004-2009 101
The Finance Act 1994 Service Tax High Court of Kerala 2004 - 2006 24
The Finance Act 1994 Service Tax High Court of Madras 2004-2009 167
The Finance Act 1994 Service Tax High Court of Punjab & Ha?ana 1999 - 2009 91
The Finance Act 1994 Service Tax High Court of Rajasthan 2011 - 2013 19
The Finance Act 1994 Service Tax High Court of_Judicature at Allahabad 2005-2008 97
The Finance Act 1994 Service Tax Supreme Court of India 1995 - 2015 3535
Total of Service Tax_ 75576
Andhra Pradesh General Sales Tax Act 1957 Sales Tax Appellate Tribunal 2002-2004 2
Delhi Sales Tax Act 1975 Sales Tax Additional Commissioner (Appeals) 2003 - 2004 2
Delhi Sales Tax Act 1975 Sales Tax Appellate Tribunal 1997-2004 31
Gujarat Sales Tax Act 1969 Sales Tax Appellate Tribunal 2005 - 2007 9
Haryana General Sales Tax Act 1973 Sales Tax Assessing Officer 2002 - 2003 79
Kerala Sales tax Act 1963 Sales Tax Appellate Tribunal 1998 - 1999 -*
Madhya Pradesh Commercial Tax Act 1994 Sales Tax Appellate Tribunal 2004 - 2005 -*
Tamil Nadu General Sales Tax Act 1959 Sales Tax Appellate Tribunal 2003 - 2004 -*
The Central Sales Tax Act 1956 Sales Tax Additional Commissioner 2013 - 2014 -*
The Central Sales Tax Act 1956 Sales Tax Additional Commissioner (Appeals) 2012 - 2013 -*
The Central Sales Tax Act 1956 Sales Tax Additional Commissioner of Commercial Taxes 2010 - 2011 2014 - 2015 2016 - 2018 35
The Central Sales Tax Act 1956 Sales Tax Additional Commissioner of Sales Tax (Appeal) 2011-2014 2016-2017 1
The Central Sales Tax Act 1956 Sales Tax Appellate Board 2013-2014 -*
The Central Sales Tax Act 1956 Sales Tax Appellate Deputy Commissioner 2015 - 2016 -*
The Central Sales Tax Act 1956 Sales Tax Appellate Tribunal 2005 - 2008 2010 - 2018 135
The Central Sales Tax Act 1956 Sales Tax Assessing Officer 2011-2018 279
The Central Sales Tax Act 1956 Sales Tax Commissioner of Commercial Taxes (Appeal) 2011 - 2012 2014 - 2016 4
The Central Sales Tax Act 1956 Sales Tax Deputy Commissioner (Appeals) 2013 - 2018 48
The Central Sales Tax Act 1956 Sales Tax Deputy Commissioner of Commercial Taxes 2011-2018 23
The Central Sales Tax Act 1956 Sales Tax Deputy Commissioner of Sales Tax (Appeal) 2015-2017 3
The Central Sales Tax Act 1956 Sales Tax Joint Commissioner of Sales Tax (Appeal) 2007 - 2009 2012 - 2014 2015 - 2016 7
Uttar Pradesh Trade Tax Act 1948 Sales Tax High Court of_Judicature at Allahabad 2003 - 2005 2
Uttar Pradesh Trade Tax Act 1948 Sales Tax Joint Commissioner of Sales Tax (Appeal) 2005 - 2006 2007-2009 2
The Central Sales Tax Act 1956 Sales Tax Assistant Commissioner of Commercial Taxes 2015 - 2016 1
Central Sales Tax Act 1956 Sales Tax Assistant Commissioner(Appeal) 2016-17 1
Central Sales Tax Act 1956 Sales Tax Joint Commissioner of Sales Tax (Appeal) 2008 - 2009 -*
Gujarat Sales Tax Act 1969 Sales Tax Deputy Commissioner of Commercial Taxes 1998 - 1999 8
Jammu and Kashmir Value Added Tax Act 2005 Sales Tax Assessing Officer 2016 - 2017 199
Karnataka Value Added Tax Act 2003 Sales Tax Deputy Commissioner of Commercial Taxes 2017-2018 -*
Maharashtra Value Added Tax Act 2002 Sales Tax Joint Commissioner of Sales Tax (Appeal) 2001 - 2005 18
The Rajasthan Value Added Tax Act 2003 Sales Tax Assistant Commissioner of Commercial Taxes 2001 - 2002 1
Uttar Pradesh Trade Tax Act 1948 Sales Tax Appellate Tribunal 2005 -2008 24
Andhra Pradesh Value Added Act 2005 Value Added Tax Appellate Tribunal 2005-2010 5
Delhi Value Added Tax Act 2004 Value Added Tax Appellate Tribunal 1997 - 2002 2004 - 2005 2006 - 2008 2010-2011 473
Delhi Value Added Tax Act 2004 Value Added Tax Commissioner of Commercial Taxes(Appeal) 2005 - 2006 2008 - 2010 18
Gujarat Value Added Tax Act 2003 Value Added Tax Appellate Tribunal 2006-2007 9
Jammu and Kashmir Value Added Tax Act 2005 Value Added Tax Assessing Officer 2012 - 2013 2014-2015 1
Kerala Value Added Tax Act 2003 Value Added Tax Appellate Tribunal 2006 - 2007 19
Kerala Value Added Tax Act 2003 Value Added Tax Assistant Commissioner (Appeal) 2013 - 2014 -*
Kerala Value Added Tax Act 2003 Value Added Tax High Court of Kerala 2011-2013 2014-2017 732
Madhya Pradesh Value Added Tax Act 2002 Value Added Tax Additional Commissioner of Sales Tax (Appeal) 2010 - 2011 -*
Madhya Pradesh Value Added Tax Act 2002 Value Added Tax Appellate Board 2012 - 2013 1
Madhya Pradesh Value Added Tax Act 2002 Value Added Tax High Court of Madhya Pradesh 2003 - 2004 2
Madhya Pradesh Value Added Tax Act 2002 Value Added Tax Joint Commissioner of Sales Tax (Appeal) 2014 - 2015 -*
Maharasthra Value Added Tax Act 2002 Value Added Tax Joint Commissioner of Sales Tax (Appeal) 2007-2009 2013-2014 2015-2017 53
Odisha value added tax Act 2004 Value Added Tax Joint Commissioner of Sales Tax (Appeal) 2012 - 2014 1
Punjab Value Added Tax Act 2005 Value Added Tax Assessing Officer 2016 - 2017 -*
Tamil Nadu Value Added Tax Act 2006 Value Added Tax Additional Commissioner of Commercial Taxes 2012 - 2016 4
Tamil Nadu Value Added Tax Act 2006 Value Added Tax Assistant Commissioner of Commercial Taxes (Appeal) 2007-2012 1
The Bihar Value Added Tax Act 2005 Value Added Tax Appellate Tribunal 2002 - 2003 2008-2018 104
The Bihar Value Added Tax Act 2005 Value Added Tax Deputy Commissioner of Commercial Taxes 2005-2008 2
The Jharkhand Value Added Tax Act 2005 Value Added Tax Assessing Officer 2011 - 2012 -*
The Rajasthan Value Added Tax Act 2003 Value Added Tax Assistant Commissioner of Commercial Taxes 2017 - 2018 -*
The Uttar Pradesh Value Added Tax Act 2008 Added Value Tax Additional Commissioner of Sales Tax (Appeal) 2009-2010 2016-2017 2010 - 2011 2013-2014 2015-2019 12
The Uttar Pradesh Value Added Tax Act 2008 Value Added Tax Assessing Officer 2000 - 2001 2008-2010 2011-2012 2013-2014 2017-2018 21
The Uttar Pradesh Value Added Tax Act 2008 Value Added Tax Deputy Commissioner of Commercial Taxes 2008-2009 2011-2012 6
The Uttar Pradesh Value Added Tax Act 2008 Value Added Tax Joint Commissioner of Sales Tax (Appeal) 2007 - 2008 2009-2010 2014-2015 1
West Bengal Value Added Tax 2003 Value Added Tax Appellate Board 2010-2012 13
West Bengal Value Added Tax 2003 Value Added Tax Appellate Tribunal 2007-2008 5
Kerala Value Added Tax Act 2003 Value Added Tax Deputy Commissioner of Commercial Taxes 2007 - 2008 2015-2017 2
The Bihar Value Added Tax Act 2005 Value Added Tax Joint Commissioner of Sales Tax (Appeal) 2016 - 2017 -*
The Ha?ana Value Added Tax Act 2003 Value Added Tax Joint Commissioner of Sales Tax (Appeal) 2006 - 2008 2012 - 2013 23
The Uttar Pradesh Value Added Tax Act 2008 Value Added Tax Appellate Tribunal 2008 - 2009 2012-2013 163
Delhi Value Added Tax Act 2004 Value Added Tax Assessing Officer 2003 - 2006 2
Delhi Value Added Tax Act 2004 Value Added Tax Joint Commissioner of Sales Tax (Appeal) 2007 - 2008 1
Karnataka Value Added Tax Act 2003 Value Added Tax Additional Commissioner of Commercial Taxes 2012-2013 3
Kerala Value Added Tax Act 2003 Value Added Tax Assessing Officer 2012 - 2013 -*
Kerala Value Added Tax Act 2003 Value Added Tax Assistant Commissioner of Commercial Taxes (Appeal) 2008 - 2009 2017-2018 35
Madhya Pradesh Value Added Tax Act 2002 Value Added Tax Commissioner of Commercial Taxes(Appeal) 2013 - 2014 2
Maharasthra Value Added Tax Act 2002 Value Added Tax Appellate Tribunal 2010 - 2011 11
The Bihar Value Added Tax Act 2005 Value Added Tax Additional Commissioner of Commercial Taxes 2015-2017 20
The Bihar Value Added Tax Act 2005 Value Added Tax Joint Commissioner of Sales Tax (Appeal) 2014-2015 2
The Central Sales Tax Act1956 Value Added Tax Appellate Tribunal 2009-2010 2012-2013 4
The Central Sales Tax Act1956 Value Added Tax Assessing Officer 2007-2008 -*
The Rajasthan Value Added Tax Act 2003 Value Added Tax Assessing Officer 2015-2016 -*
Uttar Pradesh Trade Tax Act 1948 Value Added Tax High Court of Allahabad 2011 - 2012 1
Uttar Pradesh Trade Tax Act 1948 Value Added Tax Joint Commissioner of Sales Tax (Appeal) 2007 - 2009 -*
Uttar Pradesh Trade Tax Act 1948 Value Added Tax Trade Tax Tribunal 2007 - 2008 2009-2010 1
Total of Sales Tax & Value Added Tax 2669
Assam Entry Tax Act 2008 Entry Tax Supreme Court of India 2007 - 2009 13
Bihar tax on Ent? of Goods into Local Areas for Consumption Use or Sale Therein Act 1993 Entry Tax State Tax Tribunal 2011 - 2014 1
Bihar tax on Ent? of Goods into Local Areas for Consumption Use or Sale Therein Act 1993 Entry Tax Assessing Officer 2008 - 2011 18
Bihar tax on Ent? of Goods into Local Areas for Consumption Use or Sale Therein Act 1993 Entry Tax Joint Commissioner (Appeals) 2009 - 2010 12
Chhattisgarh Sthaniya Kshetra Me Mal Ke Pravesh Par Kar Adhiniyam 1976 Entry Tax State Tax Tribunal 2004 - 2005 2006-2007 2010-2011 2012-2014 48
Chhattisgarh Sthaniya Kshetra Me Mal Ke Pravesh Par Kar Adhiniyam 1976 Entry Tax High court of Chattisgarh 2003 - 20042008-2009 7
Chhattisgarh Sthaniya Kshetra Me Mal Ke Pravesh Par Kar Adhiniyam 1976 Entry Tax Supreme Court of India 2005 - 2018 31
Jammu and Kashmir Entry Tax on Goods Act 2000. Entry Tax High Court of Jammu and Kashmir 2008 - 2010 142
Madhya Pradesh Sthaniya Kshetra Me Mal Ke Pravesh Par Kar Adhiniyam 1976 Entry Tax Assistant Commissioner (Appeals) 2013 - 2014 12
Madhya Pradesh Sthaniya Kshetra Me Mal Ke Pravesh Par Kar Adhiniyam 1976 Entry Tax Assit Commissioner Commercial tax 1998 - 20012007-2008 5
Madhya Pradesh Sthaniya Kshetra Me Mal Ke Pravesh Par Kar Adhiniyam 1976 Entry Tax Commissioner of Commercial Tax 2016 - 2017 5
Madhya Pradesh Sthaniya Kshetra Me Mal Ke Pravesh Par Kar Adhiniyam 1976 Entry Tax Deputy Commissioner 2017 - 2018 1
Madhya Pradesh Sthaniya Kshetra Me Mal Ke Pravesh Par Kar Adhiniyam 1976 Entry Tax High Court of Madhya Pradesh 2014 - 20162008 - 2018 235
Madhya Pradesh Sthaniya Kshetra Me Mal Ke Pravesh Par Kar Adhiniyam 1976 Entry Tax State tax tribunal 2016 - 2017 4
Orissa Entry Tax Act 1999. Entry Tax Assessing Officer 2009 - 2010 2015-2017 12
Orissa Entry Tax Act 1999. Entry Tax High Court of Orissa 2007 - 2018 159
Orissa Entry Tax Act 1999. Entry Tax Joint Commissioner (Appeals) 2014 - 2016 17
Orissa Entry Tax Act 1999. Entry Tax Joint Commissioner of Commercial Taxes 2012 - 2014 1
Orissa Entry Tax Act 1999. Entry Tax State tax tribunal 2012 - 2014 1
Rajasthan Tax on Entry of Goods into Local Areas Act 1999 Entry Tax Commisioner Appeal 2003 - 2004 2
The Goa Tax on Ent? of Goods Act 2000 Entry Tax Deputy Commissioner 2011 - 2018 64
The Karnataka Tax On Ent? Of Goods Act 1979 Entry Tax High Court of Karnataka 2004 - 2005 18
The West Bengal Tax On Ent? Of Goods Into Local Areas Act 2012. Entry Tax Deputy Commissioner 2013 - 2014 1
Uttar Pradesh Tax on Ent? of Goods into Local Areas Act 2007 Entry Tax State Tax Tribunal 2006 - 2008 5
Uttar Pradesh Tax on Ent? of Goods into Local Areas Act 2007 Entry Tax Assistant Commissioner (Appeals) 2004 - 2008 50
Uttar Pradesh Tax on Ent? of Goods into Local Areas Act 2007 Entry Tax Deputy Commissioner Sales Tax 2008 - 2012 2
Uttar Pradesh Tax on Ent? of Goods into Local Areas Act 2007 Entry Tax High Court of Allahabad 1998 - 2010 29
Uttar Pradesh Tax on Ent? of Goods into Local Areas Act 2007 Entry Tax High Court of Nainital 2000 - 2004 1
Uttar Pradesh Tax on Ent? of Goods into Local Areas Act 2007 Entry Tax Joint Commissioner of Commercial Taxes 2009 - 2010 -*
Uttar Pradesh Tax on Ent? of Goods into Local Areas Act 2007 Entry Tax State tax tribunal 2006 - 2007 2008-2010 154
Maharashtra Municipal Corporation Act 1949 Entry Tax Deputy Commissioner (Appeals) 2013 - 2015 113
Maharashtra Municipal Corporation Act 1949 Entry Tax Assistant Commissioner 2013 - 2016 2
Maharashtra Municipal Corporation Act 1949 Entry Tax Assistant Commissioner 2013 - 2016 422
Maharashtra Municipal Corporation Act 1949 Entry Tax Deputy Commissioner 2013 - 20142015-2016 22
Total of Entry Tax 1607
The Madhya Pradesh Vilasita Manoranjan Amod Evam Vigyapan Kar Adhiniyam 2011 Entertainment Tax High Court of Madhya Pradesh 2016 - 2018 538
Total of Entertainment Tax 538

*Numbers are below one million under the rounding off conventionadopted by the Company and accordingly not reported.

Of the above cases total amount deposited in respect of Income Tax isRs 72039 Mn Service Tax is Rs 2115 Mn Sales Tax Value Added Tax and Goods and ServiceTax Act is Rs 261 Mn Custom Duty is Rs 889 Mn Entry tax is Rs 705 Mn Entertainment taxis ' Nil.

(viii) The Company has not surrendered or disclosed any transactionpreviously unrecorded in the books of account in the tax assessments under the Income TaxAct 1961 as income during the year. Accordingly the requirement to report on clause 3(viii) of the Order is not applicable to the Company.

(ix) (a) The Company has not defaulted in repayment of loans or otherborrowings or in the payment of Interest thereon to any lender.

(b) The Company has not been declared willful defaulter by any bank orfinancial institution or government or any government authority.

(c) Term loans were applied for the purpose for which the loans wereobtained.

(d) On overall examination of the financial statements of the Companythe Company has used funds raised on short term basis (in form of trade payable and otherliability) aggregating to Rs 137421 Million for long-term purposes (representingacquisition of property plant and equipment and to fund losses of the Company).

(e) On an overall examination of the financial statements of theCompany the Company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries associates or joint ventures.

(f) The Company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries joint venture or associate companies. Hence therequirement to report on clause (ix)(f) of the Order is not applicable to the Company.

(x) (a) The Company has not raised any money during the year by way ofinitial public offer / further public offer (including debt instruments) hence therequirement to report on clause 3(x)(a) of the Order is not applicable to the Company.

(b) The Company has complied with provisions of sections 42 and 62 ofthe Companies Act 2013 in respect of the preferential allotment of equity shares of'45000 Mn raised during the year. Out of amount so raised of Rs 45000 Mn funds of Rs33750 Mn have been utilised for the purposes for which the funds were raised and balanceof Rs 11250 Mn remains unutilized in current account as at March 31 2022. During theyear the Company has not raised money by private placement of convertible debentures.

(xi) (a) No fraud by the Company or no material fraud on the Companyhas been noticed or reported during the year.

(b) During the year no report under sub-section (12) of section 143 ofthe Companies Act 2013 has been filed by cost auditor/secretarial auditor or by us inForm ADT

- 4 as prescribed under Rule 13 of Companies (Audit and Auditors)Rules 2014 with the Central Government.

(c) We have taken into consideration the whistle blower complaintsreceived by the Company during the year while determining the nature timing and extent ofaudit procedures.

(xii) The Company is not a nidhi company as per the provisions of theCompanies Act 2013. Therefore the requirement to report on clause 3(xii)(a) (b) and (c)of the Order is not applicable to the Company.

(xiii) Transactions with the related parties are in compliance withsection 177 and 188 of the Companies Act 2013 where applicable and the details have beendisclosed in the notes to the standalone financial statements as required by theapplicable accounting standards.

(xiv) (a) The Company has an internal audit system commensurate withthe size and nature of its business.

(b) The internal audit reports of the Company issued till the date ofthe audit report for the period under audit have been considered by us.

(xv) The Company has not entered into any non-cash transactions withdirectors or persons connected with him as referred to in section 192 of Companies Act2013. Accordingly requirement to report on clause 3(xv) of the Order is not applicable tothe Company.

(xvi) (a) The provisions of section 45-IA of the Reserve Bank of IndiaAct 1934 (2 of 1934) are not applicable to the Company. Accordingly the requirement toreport on clause (xvi)(a) of the Order is not applicable to the Company.

(b) The Company has not conducted any Non-Banking Financial or HousingFinance activities without obtained a valid Certificate of Registration (CoR) from theReserve Bank of India as per the Reserve Bank of India Act 1934.

(c) The Company is not a Core Investment Company as defined in theregulations made by Reserve Bank of India. Accordingly the requirement to report onclause 3(xvi) of the Order is not applicable to the Company.

(d) The Group has five Core Investment Company as part of the Group.

(xvii) The Company has incurred cash losses in the current yearamounting to Rs 115911 Mn. In the immediately preceding financial year the Company hadincurred cash losses amounting to Rs 282179 Mn.

(xviii) There has been no resignation of the statutory auditors duringthe year and accordingly requirement to report on clause 3(xviii) of the Order is notapplicable to the Company.

(xix) As referred to in RsMaterial uncertainty related to Goingconcern? paragraph in our main audit report and as disclosed in Note 4 and 61 to thefinancial statements which also includes the financial ratios ageing and expected datesof realization of financial assets and payment of financial liabilities other informationaccompanying the financial statements our knowledge of the Board of Directors andmanagement plans and based on our examination of the evidence supporting the assumptionsthere exists a material uncertainty that the Company may not be capable of meeting itsliabilities existing at the date of balance sheet as and when they fall due within aperiod of one year from the balance sheet date.

We further state that this is not an assurance as to the futureviability of the Company and our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due.

(xx) (a) In respect of other than ongoing projects there are nounspent amounts that are required to be transferred to a fund specified in Schedule VII ofthe Act in compliance with second proviso to sub section 5 of section 135 of the Act.This matter has been disclosed in note 52 to the standalone financial statements.

(b) There are no unspent amounts in respect of ongoing projects thatare required to be transferred to a special account in compliance of provision of subsection (6) of section 135 of Companies Act. This matter has been disclosed in note 52 tothe standalone financial statements.

Annexure 2 to the Independent Auditor's Report

of even date on the Standalone Financial Statements of Vodafone IdeaLimited

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of Vodafone Idea Limited ("the Company") as of March 31 2022 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management?s Responsibility for Internal Financial Controls

The Company?s Management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Company?s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditor?s Responsibility

Our responsibility is to express an opinion on the Company?sinternal financial controls over financial reporting with reference to these standalonefinancial statements based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") and the Standards on Auditing as specified under section143(10) of the Act to the extent applicable to an audit of internal financial controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting with reference to these standalone financial statementswas established and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls over financial reporting with reference tothese standalone financial statements and their operating effectiveness. Our audit ofinternal financial controls over financial reporting included obtaining an understandingof internal financial controls over financial reporting with reference to these standalonefinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor?s judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the internal financial controlsover financial reporting with reference to these standalone financial statements.

Meaning of Internal Financial Controls Over Financial Reporting WithReference to these Financial Statements

A company?s internal financial control over financial reportingwith reference to these standalone financial statements is a process designed to providereasonable assurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generally acceptedaccounting principles. A company?s internal financial control over financialreporting with reference to these standalone financial statements includes those policiesand procedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company?s assets that could have a materialeffect on the financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting With Reference to these Standalone Financial Statements

Because of the inherent limitations of internal financial controls overfinancial reporting with reference to these standalone financial statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting with referenceto these standalone financial statements to future periods are subject to the risk thatthe internal financial control over financial reporting with reference to these standalonefinancial statements may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequateinternal financial controls over financial reporting with reference to these standalonefinancial statements and such internal financial controls over financial reporting withreference to these standalone financial statements were operating effectively as at March31 2022 based on the internal control over financial reporting criteria established bythe Company considering the essential components of internal control stated in theGuidance Note on

Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Nilangshu Katriar
Partner
Membership Number: 58814
UDIN: 22058814AISLTO2797
Place: Mumbai
Date: May 10 2022

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