Become a Franchise Trade Now BA Connect Open an Account Reactivation KYC Modification DP Login
  • BSE
  • NSE
Jaiprakash Associates Ltd (JPASSOCIAT) -BSE
11.04 -0.53 (-4.58%) 23-Jul-2021 |00:00
PREV.CLOSE OPEN PRICE HIGH(Rs) LOW(Rs) VOLUME(Rs) 52AVG.RANGE MARKET CAP(Rs.Cr) P/E Div Yield (%) Eps (Rs)
11.57 11.61 11.85 11 1695619 15.9 - 2.71 2703.58 0 0 0
Directors Report

To

The Members,

Your Directors submit their report for the Financial Year ended 31st March 2020:

1.0 WORKING RESULTS

The working results of the Company for the year under report are as under:

(Rs. in Crores)
Financial year ended 31.03.2020 31.03.2019
Gross Total Revenue 4,687.22 6,984.41
Profit before Interest, 302.33 768.91
Depreciation & Tax (PBIDT)
Less: Finance Costs 802.33 723.80
Less : Depreciation 412.17 395.35
Profit/(Loss) before (-) 912.17) (-) 350.06
Exceptional items & Tax
Exceptional Items - Gain/ (Loss) 21.69 (-) 423.44
Profit/(Loss) before Tax (-) 890.48 (-) 773.50
Provision for Tax (including 1.65
Deferred Tax)
Profit/(Loss) from continued (-)892.13 (-) 773.50
operations after Tax (Net
Profit)/(Loss)
Profit/(Loss) from discontinued operations after Tax (Net (-)0.70 (-)0.18
Profit)/(Loss)
Other Comprehensive Income/ (-)2.92 3.11
Expenditure
Total Comprehensive Income (-) 895.75 (-) 770.57
Basic Earnings Per Share [Face value Rs. 2 per share] in Rupees (-) 3.67 (-) 3.18
Diluted Earnings Per Share [Face value Rs. 2 per Share] in Rupees (-) 3.67 (-) 3.18

During the year under report, the gross total revenue is lower in cement segment, real estate and Engineering & Construction division of the Company. Turnover was affected due to market conditions and working capital constraints. PBIDT is around 6.5% of Gross Total Revenue for the year under report against 11% in the year ended 31st March, 2019 primarily on account of lower operation and margins in the real estate segment.

EFFORTS TO DELEVERAGE COMPANY'S BALANCE SHEET

The members are already aware that the Company has been continuously making efforts to deleverage its balance sheet by operational efficiency and divestment of assets for the overall benefit of stakeholders.

Pursuant to restructuring/ reorganization/ realignment of the debt of the Company, a Scheme of Arrangement (SOA) was approved by the Board of Directors, for demerger of Company's real estate undertaking viz. SDZ Real Estate Development Undertaking (SDZ-RE) comprising identified moveable and immoveable assets and liabilities (including estimated debt to the tune of Rs.11,834 crore as on 1st July 2017 (i.e. the Appointed Date) for transfer to and vesting with the wholly owned subsidiary of the Company, namely, Jaypee Infrastructure Development Limited (JIDL) as a going concern, on a slump exchange basis, which is pending sanction by Hon'ble National Company Law Tribunal (NCLT), Allahabad. The long stop date of the SOA originally provided upto 31st May 2018 has been extended till 30th September 2020. Interest accrued on debt portion to be transferred to SDZ-RE i.e. JIDL upon Order of NCLT, Allahabad, with appointed date of 1st July 2017 has been added to the carrying cost of the Inventory/ Projects under Development in respect of SDZ-RE, since the same has to be serviced from the assets/ development of assets of the said SDZ-RE.

2.0 DISINVESTMENT INITIATIVES & REDUCTION OF DEBT

In line with the Company's publically stated policy, the summary of divestments carried out by the Company and its subsidiaries/ associate companies are given below. The Restructuring Committee of the Board, which includes three Independent Directors, continues to consider various options in this regard. The management is concentrating its efforts to strengthen the core competence business segment of the Company i.e. Engineering & Construction activities.

SUMMARY OF DIVESTMENTS CARRIED OUT BY THE COMPANY AND ITS SUBSIDIARIES/ASSOCIATE COMPANIES

S. Transaction No. Enterprise value Date of divestment
(Rs. crore)
1. Sale of 4.80 MTPA Cement Plants in Gujarat demerged by Jaypee Cement Corporation Limited (JCCL) (a wholly owned subsidiary) 3,800.00 12th June 2014
2. Sale of entire 74% stake in Bokaro Jaypee Cement Limited (a subsidiary), having 2.10 MTPA cement grinding plant 667.57 29th November 2014
3. Sale of 1.5 MTPA 358.22 27th April
Cement Grinding 2015
Unit of Company in
Panipat, Haryana
4. Sale of 1091 MW HEP at Karcham & 300 MW HEP at Baspa-II, Himachal Pradesh by Jaiprakash Power Ventures Limited (JPVsL) (then Subsidiary, now Associate of the Company) 9,700 8th September 2015
5. Sale of 49 MW Wind Power Plants of the Company (40.25 MW in Maharashtra & 8.75 MW in Gujarat) 161.00 30th September 2015
6. Sale of 17.2 MTPA identified Cement Plants (including captive power plants) in Uttar Pradesh , Madhya Pradesh, Himachal Pradesh, Uttarakhand & Andhra Pradesh (which includes 5.0 MTPA cement plant of JCCL) 16,189.00 29th June 2017
TOTAL 30,875.79

DEBT REALIGNMENT PLAN

The Company had requested its Lenders to realign its debt in line with the cash flow projections post divestment of cement plants. As per the Debt Realignment Plan (DRP), the total debt of the Company and JCCL (wholly owned subsidiary of the Company) has been segregated into sustainable debt and unsustainable debt. While sustainable debt of JAL & JCCL is to be retained in the Company (i.e. in JAL), the unsustainable debt would be transferred to a new Real Estate Special Purpose Vehicle (SPV).

A Scheme of Arrangement (SOA) duly approved by the Board of Directors, Stock Exchanges/SEBI, shareholders, secured and unsecured creditors of the Company by approx 99% by value for demerger of Company's real estate undertaking viz. SDZ Real Estate Development Undertaking (SDZ-RE) comprising identified moveable and immoveable assets and liabilities (including estimated debt to the tune of Rs.11,834 crore as on 1st July 2017 (i.e. the Appointed Date) for transfer to and vesting with the wholly owned subsidiary of the Company, namely, Jaypee Infrastructure Development Limited (JIDL) as a going concern, on a slump exchange basis was filed with Hon'ble National Company Law Tribunal (NCLT),

Allahabad, which is pending sanction. The long stop date of the SOA originally provided upto 31st May 2018 has been extended till 30th September 2020.

Interest accrued on apportioned debt to be transferred to SDZ-RE i.e. JIDL upon Order of NCLT, Allahabad, with appointed date of 1st July 2017 has been added to the carrying cost of the Inventory/ Projects under Development in respect of SDZ-RE, since the same has to be serviced from the assets/ development of assets of the said SDZ-RE.

The DRP was approved by the Independent Evaluation Committee (IEC) on 19th June 2017. Lenders of JAL and JCCL have appreciated the steps taken by the Company and approved the DRP under RBI guidelines with requisite majority (more than 90%) in the meeting of Joint Lenders Forum (JLF) held on 22nd June 2017.

The status as on 31st March 2020 of the debt considered under ‘Realignment Plan as on 30th September 2016' is as under: (Rs. Crores)

Particulars JAL JCCL Total JAL & JCCL as on 30.09.16 Total JAL & JCCL as on 31.03.19 Total JAL & JCCL as on 31.03.20
Unsustainable Debt proposed to be transferred to a new Real Estate Special Purpose Vehicle (SPV) & Potential Debt Asset Swap 12,930 660 13,590 12,477 12,484
Balance Sustainable Debt (including FITL) to be retained in the Company (Residual JAL)** 5,589 778 6,367 5,291 5,152
Total 18,519 1,438 19,957 17,768 17,636

Note: The above is net of Rs.10,189 crore already transferred to UltraTech Cement Limited on sale of 17.2 MTPA cement plants as referred to above and excludes debt of Rs.1000 crore yet to be paid to Lenders through redemption of Redeemable Preference Shares (RPS) Series-A issued by UTCL related to JP Super Cement Plant in U.P. which shall be redeemed on compliance of certain conditions precedents to be completed by the Company.

Post approval of DRP by all the Lenders, the Master Restructuring Agreement (MRA) dated 31st October 2017 was signed by all the Lenders on various dates, the last being 13th December 2017, for the sustainable debt approved under DRP carrying interest @9.5% p.a. (linked with 1 year MCLR with annual reset) and repayable over a period of 7 years to 20 years including moratorium period depending on the nature of loan liability.

On sanction of the Scheme by NCLT, the Order shall be filed with ROC and Scheme would become effective w.e.f. 1st July 2017 (the Appointed Date). NCLT is yet to sanction the said Scheme of Arrangement.

3.0 DIVIDEND

Keeping in view the cash flow stress, the Board has decided not to recommend any dividend for the financial year 2019-20.

4.0 CHANGES IN SHARE CAPITAL

During the year under report, there is no change in the Paid up Share Capital of the Company and the same stood at Rs. 4,864,913,950 divided into 2,432,456,975

Equity Shares of Rs 2/- each, as at 31st March 2020. There is no change in the Authorised Share Capital also which is Rs.3,500 crore, as at 31st March 2020.

5.0 FOREIGN CURRENCY BONDS

As informed last year also, the Company had, after obtaining various approvals (including of Bondholders, Shareholders, Reserve Bank of India, Singapore stock exchange, BSE & NSE, domestic lenders, etc.), issued new Bonds (Series A and Series B) on 28th November 2017, by way of cashless exchange with (i) USD 38.640 million, 5.75% Foreign Currency Convertible Bonds (FCCBs) Due 2021 (Series A

Bonds), and

(ii) USD 81.696 million, 4.76% Amortising Non-Convertible Foreign Currency Bonds Due 2020

(Series B Bonds).

Both Series A and Series B Bonds are listed on the Singapore Stock Exchange. The particulars about conversion, outstanding amount, coupon, listing etc. of these Foreign Currency Bonds are detailed in para no. 34 of the Corporate Governance Report forming part of this Report.

6.0 EMPLOYEE STOCK PURCHASE SCHEME

As the Members are aware, "Jaypee Group ESPS, 2009 Trust" was created in 2009 for administering the Stock Purchase Scheme of the Company namely "Jaypee

Employee Stock Purchase Scheme, 2009" for the ultimate benefit of the employees (including Directors) of the Company and its subsidiaries.

In terms of the Scheme, the Company issued and allotted 1.25 Crores Equity Shares of Rs.2 each @ Rs. 60 per share (including premium of Rs. 58 per share) to the said Trust on 14th December 2009. The said Trust was also allotted

62,50,000 Equity Shares as Bonus Shares on its holding, in terms of the Bonus Issue made by the Company on 19th December 2009.

Since inception, the ‘Jaypee Group ESPS, 2009 Trust' has allocated/ transferred Equity Shares to the eligible employee under the scheme, as under:

Particulars No. of Eligible Employees No. of original Shares (excluding Bonus) No. of Bonus Shares Total no. of shares (including Bonus)
Total Shares available under ESPS Scheme 12,500,000 6,250,000 18,750,000
Transferred/ allocated during 2010-11 8,032 11,263,706 5,631,852 16,895,558
Transferred/ allocated during 2011-12 4 3550 1775 5,325
Transferred/ allocated during 2012-13 to 2019-20 - - - -
Balance shares as on 31.03.2020 1,232,744 616,373 1,849,117

During FY 2019-20, no further shares were allocated/ transferred by the Trust. Thus, a balance of 1,849,117 Equity Shares (including bonus shares) are still lying with the Trust for transfer to the eligible employees in due course.

It is confirmed that:

(a) there is no employee who has been issued shares in any year amounting to 5% or more shares issued during that year; and (b) there is no employee who is entitled to shares under the Scheme equal to or exceeding 1% of the issued capital of the Company.

7.0 OPERATIONS OF THE COMPANY 7.1 ENGINEERING & CONSTRUCTION DIVISION 7.1.1 Works in Progress

The Company is presently executing the works of the projects listed below and the status of works is given below:

Sl. Name of Work/Project under No. execution Location of Work/ Project Contract Price (Base Value) (Rs. in crores) Nature of Work/ Project Value of work completed (excluding escalation & extra items) As on 31.03.2020 (Rs. in crore)
Works pertaining to :
1. Turnkey execution of Srisailam Left Bank Canal Tunnel Scheme including Head Regulator etc. of Alimineti Madhava Reddy Project Telangana State 2018.56 (Revised) Irrigation Tunnels 1,585.32
2. Construction of Diversion Tunnel, Dam, Intake and Desilting Arrangement including Hydro-mechanical Works and Highway Tunnel (Contract Package C-1) of Punatsanchhu – II Hydro-electric Project. Bhutan 1,224(Original) 1,515 (Revised) Hydro Power Generation (1020 MW) 1,404.93
3. Construction of Head Race Tunnel (from Surge Shaft end), Surge Shaft, Butterfly Valve Chamber, Pressure Shafts, Power House and Tail Race Tunnel including Hydro-Mechanical Works (Contract Package C-3) of Punatsanchhu – II Hydroelectric Project. Bhutan 856 Hydro Power Generation (1020 MW) 618.00
4. Construction of Diversion Tunnel, Dam, Spillway & Coffer Dams, Intake Structure, Intake Tunnels, Branch HRT, Silt Flushing Tunnels, Vertical Shaft and 2 nos. Desilting Chambers (Contract Package-C-1) of Mangdechhu Hydroelectric Project. Bhutan 597 Hydro Power Generation (720 MW) 596.99
5. Construction of Surge Shaft, 2 nos. Pressure Shafts, Bifurcation Pressure Shafts, Cable cum Ventilation Tunnel, Underground Power House & Transformer Caverns including Bus Duct, Pothead Yard, TRT, Branch Tunnel & Outlet Portals for TRT (Contract Package- C-3) of Mangdechhu Hydroelectric Project; And Bhutan 316 Hydro Power Generation (720 MW) 315.40
Construction of part HRT and Adit-5 49 49 (work completed)
6. 4-laning of Varanasi - Gorakhpur section of NH-29 from km 88.000 (Design chainage 84.160) to km 148.000 (Design chainage 149.540) [Package-III Birnon village to Amilla village] under NHDP Phase-IV in the state of Uttar Pradesh Uttar Pradesh 840 Highway Project 293.52
7. 4- laning of Varanasi Gorakhpur section of NH-29 from km 148.000 (Design chainage 149.540) to km 208.300 (Design chainage 215.160) [Package-IV Amilla Village to Gorakhpur] under NHDP Phase-IV on EPC mode in the State of Uttar Pradesh Uttar Pradesh 1,030 Highway Project 388.28
8. Palamuru Rangareddy Lift Irrigation Scheme- PRLIS- (Package No.4)- Earth work Excavation & Construction of Twin Tunnel in between Anjanagiri Reservoir at Narlapur(V) and Veeranjaneya Reservoir at Yedula(V) from Km 8.325 to Km 23.325 in Mahabubnagar District (Work awarded to JAL - VARKS – NECL JV with JAL as Lead Partner) Telangana State 1,646 (Revised 1,708.29) (JAL's share - 51% of Contract Price) Irrigation Tunnels 230.45 (JAL's share)
9. New High Level Bridge in up-stream of existing Gora Bridge on river Narmada, Gujarat Gujarat 142 Major Bridge 109.41
10. Biju Para – Kuru Section (from Km. 34.000 to Km. 55.000) of NH-75 (Package-II) in the State of Jharkhand Jharkhand 144 Highway Project 136.48 (Work completed)
11. Construction of Dam, Diversion Tunnel, Intake, Intake Tunnels, Head Race Tunnel (from RD 0.00 to RD 3100.35), Adit – 1 and Diversion Tunnel Gates (Contract Package C-1) of Arun- 3 Hydroelectric Project in Nepal. Nepal NPRs. 509.1901 crore plus INR 803.4669 crore (Equivalent INR 1121.71) Hydro Power Generation (900 MW) 146.43
12. Execution of Harsud Micro Lift Irrigation Scheme on Turnkey basis in Madhya Pradesh. (Work awarded to JAL - KDSPL JV with JAL as Lead Partner) Madhya Pradesh. 104 (JAL's Share – 75% of Contract Price) Micro Irrigation 70.58 (JAL's share)
13. Execution of Naigarhi Micro Irrigation Madhya 350 Micro Irrigation 85.62
Project (Part-I) on Turnkey basis in Madhya Pradesh Pradesh
14. Execution of Naigarhi Micro Irrigation Project (Part-II) on Turnkey basis in Madhya Pradesh Madhya Pradesh 327 Micro Irrigation 64.67
15. Execution of Ram Nagar Micro Irrigation Project on Turnkey basis in Madhya Pradesh Madhya Pradesh 306 Micro Irrigation 58.89
16. Execution of Civil and Hydro- mechanical Works (Lot-1) of Rahughat Hydroelectric Project in Nepal Nepal USD 3.5999 crore plus NPRs. 217.3368 crore (Equivalent INR 376.64) Hydro Power Generation (40 MW) 45.77
17. Construction of Civil Works for Barrage, Intake, Desilting tank, HRT, Surge Shaft, Power House, Tail Race Tunnel and adits etc. of Naitwar Mori Hydroelectric Project located in Distt. Uttarkashi in Uttrakhand Uttrakhand 370.87 Hydro Power Generation (60 MW) 136.60
18. Epoxy painting in Bridge Slab and Piers on concrete surface area from EL 104.00 m to 148.80m of Sardar Sarovar (Narmada) Project. Gujarat 3.55 3.09
19. Construction of Civil Works comprising of part Head Race Tunnels, Adits, Surge Shafts, Pressure Shaft, Valve House, Underground Power House, MIV Cavern, Transformer Cavern,, Adits and Access Tunnels, Tail Race Tunnels, TRT Outlet Structure and Pothead Yard etc. of Pakal Dul Hydroelectric Project, J & K (Work awarded to Afcons - JAL Joint Venture) Jammu & Kashmir 1051 (JAL's Share – 30% of Contract Price) Power Generation (1000 MW) 54.17
20. Construction of Diversion Tunnel (along with HM works), Concrete Face Rockfill Dam (CFRD), Surface & Tunnel Spillway, Intake Structure, Two nos. part Head Race Tunnel and Allied Structures Jammu & Kashmir 2853.01 Power Generation (1000 MW) 71.12
21. Construction of a Navigation channel for running boat service for transportation of tourists visiting Statue of Unity in the Narmada on the downstream of the Sardar Sarovar Dam and upstream of the Garudeshwar Weir, approx. 6 Kms in length, 60m width and 2.5m depth from the jetty near Shrestha Bharat Bhavan to the memorial and Visitor Centre near the Statute of Unity at Kevadia in Gujarat. Gujarat 72.48 107.92
22. Operation and Maintenance (O&M) of all Hydro Mechanical, Electrical Equipments and Civil work of Sardar Sarovar Dam for Two (2) years Gujarat 18.39 Operation and Maint-enance 4.82

Projects being Executed by Jaiprakash Gayatri Joint Venture

Sl. Name of Work/Project under No. execution Location of Work/ Project Contract Price (Base Value) (Rs. in crores) Nature of Work/ Project Value of work completed (including escalation & extra items) As on 31.03.2020 (Rs. in crore)
1. Polavaram Project Right Main Canal Package No.– PPRMC 4 Andhra Pradesh 301.30 (JAL's Share – 51%) Irrigation Canal 351.15
2. Veligonda Feeder and Teegaleru Canal Project- (Package-2) Andhra Pradesh 392.58 (Revised) (JAL's Share – 51%) Irrigation Canal 330.94
3. GNSS Main Canal from km. 119.000 to km 141.350 including Construction of CM & CD works Andhra Pradesh 112 (JAL's Share – 51%) Irrigation Canal --

The progress of on-going works is satisfactory.

7.1.2 The Company has been awarded or found lowest bidder for the following Works:

(i) Repair of Spillway Glacis and Stilling Basin of Kurichhu Hydropower Plant, Bhutan. The contract has been awarded at a contract price of Nu./Rs. 27 crore.

(ii) Construction of Balance Civil Works Package: Lot-I for Barrage, Desilting Basins, SFT, Intake Structure, Part of HRT-I & HRT-II and other associated Structures etc. of Teesta-Vl H.E. Project, Sikkim. The contract has been awarded at a contract price of Rs. 1,710 crore.

(iii) Civil Works comprising Diversion Tunnel, Coffer Dam, Concrete Gravity Dam, Intake Structure, Diversion Tunnel Gates & Hoists, Desilting Chambers, Head Race Tunnels(up to RD 1780 M ) etc. (LOT-1) of Teesta-IV HE Project, Sikkim. JAL is the Lowest Bidder and quoted value of work is Rs. 1,794.99 crore. (iv) Civil Works comprising Head Race Tunnels (from RD 1780 onwards), Adit 2, Surge Shafts, Pressure Shafts, Underground Power House, Transformer Hall, Tail Race Tunnels and Pothead Yard etc. (LOT-2) of Teesta-IV HE Project, Sikkim. JAL is the Lowest Bidder and quoted value of work is Rs. 1,058.29 crore.

7.1.3 Bids under evaluation

The following Bids submitted by the Company are under evaluation, as on the date of this report: (ii) Construction of River Diversion Works, Dam, Intake, Desilting Arrangement and HRT from RD

0.00 m to RD 2,303.00 m including Construction of Adit-I for 600 MW Kholongchhu Hydro-electric Project (KC-1) located in Trashiyangtse, Bhutan.

(iii) Construction of Head Race Tunnel from RD 14,091.07 m to RD 15,762.80 m including

Construction Adit VI, Surge Shaft, Butterfly

Valve Chamber, Pressure Shafts, Power House Complex and Tail Race Tunnel (KC-3) for 600 MW Kholongchhu Hydro - electric Project located in

Trashiyangtse, Bhutan. 7.1.4 Bids under preparation

The Bids for the following works are under preparation: (i) Construction of Civil Works for Head Race Tunnel including Intake, Pressure Shafts, Penstocks, Power House & Transformer Cavern, Tail Race Tunnel, Pothead Yard, Adits (LOT-4) for Dibang

Multi-purpose Project, Arunachal Pradesh.

(ii) EPC Contract package for Design and Engineering Services, Civil and Hydro-mechanical Works of 210

MW Luhri Hydro-electric Project, Stage-I, located in District Shimla and Kullu in Himachal Pradesh.

(iii) EPC contract for Civil & HM components of New

Ganderbal Hydro-electric Project capacity 93 MW (3 x 31 MW) located in Ganderbal District,

Jammu & Kashmir.

(iv) Construction of Bhadbhut Barrage, 90 nos. Vertical Lift Gates of size 15.50m x 10.50m, Fish Pass, Navigation Lock Bridges and Approach Road across river Narmada near village Bhadbhut of Bharuch District (Phase-I) in Gujarat.

7.2 CEMENT DIVISION

7.2.1 Capacity

The capacity of Cement and Captive Power Plant in the Cement Division of the Company and group companies as on 31st March 2020/ at present is as under:

JAIPRAKASH ASSOCIATES LIMITED:

PLANT OPERATING CEMENT CAPACITY MTPA CAPTIVE THERMAL POWER MW
CENTRAL ZONE
(Jaypee Rewa Plant, Jaypee 2.55 62
Cement Blending Unit)
UP ZONE
Chunar Cement Factory 2.50 37
Churk Grinding Unit 1.00 180
TOTAL 6.05 279

SUBSIDIARIES & ASSOCIATE COMPANIES:

PLANT OPERATING CEMENT CAPACITY MTPA CAPTIVE THERMAL POWER MW
Jaypee Cement Corporation 1.20 60
Limited (Subsidiary) – South Zone- Jaypee Shahbad Cement Plant
Bhilai Jaypee Cement Limited (Subsidiary) Plants in Satna & Bhilai 2.20 -
Jaiprakash Power Ventures Limited (Associate) - Jaypee Nigrie Cement Grinding Unit 2.00 -
TOTAL (Subsidiaries & Associates at present) 5.40 60
GRAND TOTAL AT PRESENT (JAL, JCCL, BJCL & JPVL) 11.45 339

Thus the Group (including JPVL) at present has an installed cement capacity of 11.45 MTPA and 339 MW of Captive power. The implementation of expansion of Jaypee Shahbad Cement Plant by 1.20 Million Tonnes has been kept in abeyance.

7.2.2 Operations

The production and sale of Cement/ Clinker during the year under report, as compared to the previous year, are as under:

PARTICULARS 2019-20 2018-19
Cement Production (MT) 3,413,342 4,458,143
Clinker Production (MT) 1,607,171 2,103,355
Cement and Clinker Sale (MT) 3,526,269 4,885,635
(including Self-Consumption)

7.2.3. Operational Performance (JAL)

During the financial year 2019-20, Productivity

Indices of the operating units of the Company (JAL) were as under:

S. Indices No. Lime stone Crushing (MT) Raw meal Grinding (MT) Clinker Production (MT) Cement Grinding (MT) Cement Despatch including clinker sale (MT)
1. Jaypee Rewa Plant, Rewa (MP) 2,316,621 2,404,885 1,607,171 1,489,592 1,651,190
2. Jaypee Cement Blending Unit, Sadva Khurd (UP)* 78,869 79,322
3. Chunar Cement Grinding Unit, Chunar (UP) 1,619,178 1,608,166
4. Jaypee Churk Grinding Unit 225,703 224,556
TOTAL 2,316,621 2,404,885 1,607,171 3,413,342 3,563,235

*Production and Despatch figures for JCBU (Blending unit at Sadva . Khurd) at S No 2 areincremental

7.3 HOTELS DIVISION

The Company owns and operates five luxury hotels in the Five Star category, the finest Championship Golf Course and Integrated Sports Complex strategically located for discerning business and leisure travellers. Jaypee Vasant Continental with 119 rooms and Jaypee

Siddharth with 102 rooms are in New Delhi. Jaypee

Palace Hotel and Convention Centre is the largest property located at Agra with an inventory of 341 rooms with luxurious Presidential Suites and Jaypee Residency Manor with Valley View Tower at Mussoorie has 135 rooms. Jaypee Greens Golf & Spa Resort, Greater Noida is a prestigious & Luxury Resort with 170 state of art rooms overlooking the Championship 18 hole Greg Norman Golf Course.

Jaypee Residency Manor, Mussoorie was awarded with Himalayan Tourism Award 2019 for "Excellence in Environmental Sustainability-Hotel" by PHD Chambers. Jaypee Greens Golf Course was awarded with Hall of fame for Best Tourism Friendly Golf Course 2019 by Ministry of Tourism. Jaypee Greens Golf and Spa Resorts won Make My Trip Readers Choice Awards for Best Luxury Hotel in Delhi/ NCR in 2019.

Jaypee Greens Golf & Spa Resort, Greater Noida was conferred with two SATTE Awards 2018 i.e. ‘Excellence in Customer Service-Hospitality-Luxury Hotel' and ‘Excellence in Environmental Sustainability-Hotel'. ‘Travel & Lesiure' also conferred award as Best Luxury Resort–Domestic 2018 to Jaypee Greens Golf & Spa Resort. The Sunday Guardian and News X also conferred award on Jaypee Greens Golf & Spa Resort as ‘Best Resort in Delhi NCR 2018-19'.

Jaypee Greens Golf Course facilitated prominent and prestigious golf events at its Championship 18 hole Greg Norman Golf Course. Jaypee Greens Golf Course was also conferred Best Golf Course Award in 2017 by India Golf Awards. "Atlantic-The Club", an integrated sports complex, Greater Noida (U.P.) offers world class facilities for International and National sporting events & tournaments with rooms & conference halls. It has also emerged as Sports Academy Destination. National Basket Ball Association (NBA), New York, U.S.A. has joined hands with the Company for Basket Ball residential elite academy. It is also providing basketball coaching and education at Jaypee Public School (JPS), Noida to prepare the basketball players for the Indian Team. Atlantic-The Club, also has academy for cricket, football & soccer. Indian Green Building Council has conferred LEED certificate in "Gold Category" to the Jaypee Residency Manor, Mussoorie; "Platinum Category" to Jaypee Vasant Continental, New Delhi; while Jaypee Palace Hotel & Convention Centre, Agra has been presented with the "Gold Category" for energy & environmental design of the building.

The Company's Hotels at New Delhi, Agra and Mussoorie have been accredited with ISO 9001 for Quality Management System (QMS), ISO 14001 for Environment Management System (EMS), ISO 22000 for Food Safety Management System (FSMS) and Hazard Analysis and Critical Control Point (HACCP).

Tourism is a major engine of economic growth and an important source of foreign exchange earnings. During 2019, foreign tourist arrival increased 3.1% year-on-year to 10.89 million in the same period. The Foreign Exchange Earnings (FEE) from tourism in 2019 increased 6.8% year-on-year to US $ 28.9 billion.

The Indian hospitality industry is undoubtedly one of the biggest casualties of the Covid-19 outbreak as demand has declined to an all-time low. Global travel advisories, suspension of Visas, imposition of Section-144 (prohibition against mass gatherings), India like most other countries was on a lock down in end of FY 2019-20, the ramifications of which are unprecedented.

The Indian hotels sector sailed smoothly into January 2020, after a record year in 2019, with 2020 set to be

"even bigger". The country first started feeling the ripple effects of the global Covid-19 turmoil towards the end of February 2020, which worsened in the beginning of March. Occupancy across hotels in key cities declined rapidly and as per our estimates has declined by a staggering 45 percentage points compared to previous year. Such a steep decline in such a short period of time has never been witnessed by the sector.

The future outlook is not very encouraging due to outbreak of corona virus globally. It has adversely affected the last quarter of the financial year and also affects the 1st & 2nd quarter of the ensuing financial year 2020-21. The tourism industry looks for a financial package from the Govt. of

India to survive.

The silver lining to such devastation is that it has brought multiple representative bodies from Travel, Tourism and Hotels to collectively make representations to the

Government and the Prime Minister's Office. As we go to print, in all likelihood the Government should announce measures to revive and support the distressed sectors, with specific focus to the hospitality sector, among others.

7.4 REAL ESTATE DIVISION

Jaypee Greens, the real estate brand of the Jaypee Group has been creating lifestyle experiences, from building premium golf-centric residences to large format townships, since its inception in the year 2000. Amidst a dismal real estate environment, the Jaypee Group (i.e. Company and Jaypee Infratech Limited) has focused on ensuring a faster pace of delivery in its various residential projects, and has completed for possession nearly 1,614 Apartments and Commercial Shops across its different townships in the year 2019-20 and total of 20,661 Units have been offered possession till 31st March 2020.

Jaypee Greens, Greater Noida

Jaypee Greens, Greater Noida spread across 452 acres is the maiden golf centric residential development and integrates Luxury villas and apartments with an 18 Hole Greg Norman Signature golf course, 9 Hole chip & putt golf course, landscaped parks and lakes along with an integrated sports complex, 60 acre nature park and a 5 star Spa resort in collaboration with Six Senses Spa of Thailand.

Possession has been offered for over 1,775 units till 31st March 2020, across all the projects in this township. Jaypee Greens Greater Noida is appreciated by its residents and the industry as one of the finest golf centric township in India.

Jaypee Greens Wish Town Noida - An Integrated Township.

Jaypee Greens Noida - being developed by the Jaypee Group is the bench mark project in the region of Noida.

Spread over a sprawling 1,063 acres Integrated Township developed by Jaiprakash Associates Limited encompassing projects of both Jaiprakash Associates Limited & Jaypee Infratech Limited offering a wide range of residential options ranging from independent homes to high-rise apartments and penthouses, along with host of operational amenities such as the 18+9 hole Graham Cooke designed golf facility, the 500 bed super specialty Jaypee Hospital, educational facilities including Jaypee Public School and Jaypee Institute of Information Technology. The entire township is dotted with landscaped parks, recreational facilities, entertainment hubs and commercial centers.

Jaypee Greens Wish Town Noida Jaiprakash Associates Limited (JAL)

In Jaypee Greens Wish Town Noida, JAL has offered

2,833 apartments and Commercial Shops have been completed (till 31st March 2020). in projects - Pavilion Court & Heights, Kalypso Court and Imperial Court. Out of these nearly 40 apartments & commercial shops were completed in the year 2019-2020 thereby enhancing the facilities for the residents.

In addition, till date JAL has offered possession of 379 independent units of Town-homes, Kingswood Oriental and residential plots across multiple projects of JAL. A large number of plot buyers have also commenced construction of their homes. Jaypee Greens Wish Town Noida & Aman Jaypee Infratech Limited (JIL) Project

In Jaypee Greens Wish Town Noida, JIL projects have been developed and constructed by Jaiprakash Associates Limited wherein JIL has handed over possession of 11,254 apartments and commercial shops till 31st March 2020 in projects - Klassic, Kosmos, Aman and Kensington Park Apartments. Out of these nearly 1,574 residential apartments & commercial shops in Klassic Arcade were completed in the year 2019-2020 thereby enhancing the facilities for the residents.

In addition to the above, 1,565 independent units of Kingwood Oriental, Kensignton Park Plots – I & II and other residential plots have also been offered for possession and a large number of plot buyers have commenced construction of their homes.

Jaypee Greens Sports City

Jaypee Greens Sports City, located adjacent to the Yamuna

Expressway, is home to India's first International Motor racing track, a long green boulevard and much more. This Sports City had hosted India's first F1 race in October, 2011 followed by two more races in 2012 and 2013.

The development of Sports City inter-alia comprises of various thematic districts offering residential, sports, commercial and institutional facilities. The commercial zone will offer well defined areas for elaborate financial and civic centers, along with residential districts which will have a vast range of products including villas, town homes and residential plots and mid to high rise apartment blocks, to suit the requirements of all.

Jaypee Greens Sports City Jaypee International Sports (JIS)

JIS, a subsidiary of Jaiprakash Associates Limited has offered possession of 2,433 residential plots in Country Home-I & II, Krowns and Greencrest Homes till 31st March 2020.

Jaypee Greens Sports City Mirzapur (Jaypee Infratech Limited)

Mirzapur Land of JIL has been developed by Jaiprakash Associates Limited wherein, 422 residential plots in Yamuna Vihar have been offered for possession till 31st March 2020 by Jaypee Infratech Limited.

Backed by a strong team of Architects, Engineers and Sales and Marketing professionals, the Company is committed to delivering all of its projects in the coming years.

7.5 SPORTS DIVISION

Jaypee International Sports (JIS) (incorporated on 20th October 2007 and amalgamated into the Company, JAL, on 16th October 2015) was allotted around 1100 Ha. of land for development of Special Development Zone (SDZ) with sports as a core activity by Yamuna Expressway Industrial Development Authority (YEIDA). This area is inclusive of 100 Ha of land to be used for

Abadi Development. The core activities are sports inter-alia Motor Race Track, suitable for Holding Formula One race and setting up a Cricket stadium of International Standard to accommodate above 1,00,000 spectators and others.

The Motor Race Track known as Buddh International Circuit (BIC) was completed well in time and JSIL successfully hosted the three Indian Grand Prix held in October, 2011, October, 2012 & October, 2013. The success of the event was acknowledged by winning of many awards and accolades. Buddh International Circuit (BIC) is being patronized as one stop destination for promotional events by automobile manufacturers, exhibitions, shooting of movies, concerts, product launches and other promotional entertainment activities.

M/s. ALA Architects have designed the first phase cricket stadium which is likely to be completed soon. Meanwhile friendly matches are being conducted from time to time to check the quality of the pitch. Some corporate T20 matches are also being played since 2015. The development of non-core area planned for group housing, plots, flats, etc. and other social activities is in process.

The development of non-core area planned for group housing, plots, flats, etc. and other social activities is in process.

8.0 OTHER INITIATIVES

8.1 DEVELOPMENT OF COAL BLOCKS IN MADHYA

PRADESH

Three separate joint-venture companies were set-up for three Coal Blocks, which had been allocated to Madhya Pradesh State Mining Corporation Ltd. (MPSMCL), with an identical shareholding ratio of 51:49 between MPSMCL and JAL as under:

S. Coal Block No. Joint-Venture Company Stake of JAL
1. Amelia (North) Madhya Pradesh Jaypee Minerals Limited 49%
2. Dongri Tal-II MP Jaypee Coal Limited 49%
3. Mandla (South) MP Jaypee Coal Fields Limited 49%

Coal mined from Amelia (North) and Dongri Tal-II Mines was for supply to the 2 x 660 MW Super Critical Thermal Power Plant at Nigrie, (M.P.) set up by Jaiprakash Power Ventures Limited (JPVL), a subsidiary of JAL (now an Associate Company w.e.f. 18.02.2017). Mandla (North) Coal Block owned by JAL was for captive use of Coal for Cement Plants and CPPs.

After developing Amelia (North) Coal Block, the JVC, viz Madhya Pradesh Jaypee Minerals Limited (MPJML) had started supply of Coal to Jaypee Nigrie Super Thermal Power Plant (JNSTPP). The remaining three Coal Blocks had also achieved substantial progress in developing the mines and obtaining clearances/ approvals.

Consequent to Supreme Court verdict dated 24.09.2014, allocation of 204 coal blocks including Amelia (North), Dongrital-II, & Mandla South allotted to MPSMCL and Mandla North to JAL were cancelled.

Ministry of Coal decided to reallocate the cancelled coal blocks through e-auction/allocation.

Amelia (North) and Mandla North coal blocks which were categorized as schedule-II (Mines producing coal or about to produce) were put for e-auction in first tranche wherein

JPVL and JAL were declared successful for above blocks respectively. Subsequently JCCL also won Mandla South and Majra coal mines in the auction held for coal blocks in Schedule-III and tranche-III respectively.

Status of each coal mine vested to JPVL, JAL and JCCL is given below:

Type of Mine Name of Mine Status
Open Cast (O/C) Amelia (North) of JPVL The mining activities in Amelia (North) coal mine were started on 26.05.2015 after getting all the statutory permissions/approvals transferred from prior allottee to JPVL. Like previous years, JPVL has achieved peak rated capacity of 2.8 MT during the year 19-20 for supply of coal to Nigrie thermal power plant.
Under Ground (U/G) Mandla North of JAL Mining activities in Mandla North coal mine were started in April 2015 and the drivage of 714 m and 716 m out of total length of 903 m of each incline has been achieved.
Arising out of process sale of a few End Use Plants to M/s UltraTech Cement Limited, Nominated Authority was requested to include Churk Captive Power Plant in the list of End Use Plants in the vesting order issued for Mandla North Coal Mine. The request was denied and Termination letter of Coal Mine Development and Production Agreement and Vesting Order has been received on 12.03.2018 and 21.03.2018.
A writ Petition No. 11368 has been filed in Allahabad High Court on 27.03.2018 with prayer for quashing the impugned letter and provide relief. The Hon'ble High Court of Allahabad saw merit in the case brought out by JAL and directed that no coercive action be taken against the petitioner in pursuance of Termination Letter issued by Nominated Authority. The court proceedings are under way and judgment is awaited.
Under Ground (U/G) Mandla South of JCCL Mining activities in Mandla South coal mine were started on 16th September 2015.
Arising out of process sale of all End Use Plants to M/s UltraTech Cement Limited, Nominated Authority was requested to allocate this block to companies in need of coal for better and optimum utilization of national resources. This was not accepted and accordingly the operations in the mine were discontinued since 10.05.2016.
Subsequently Termination letter of Coal Mine Development and Production Agreement and Vesting Order has been received on 06.03.2018.
A writ Petition No. 11310 has been filed in Allahabad High Court on 19.03.2018 with prayer for quashing the Impugned letter and provide relief. The Hon'ble High Court of Allahabad saw merit in the case brought out by JCCL and directed that no coercive action be taken against the petitioner in pursuance of Termination Letter issued by Nominated Authority. The court proceedings are under way and judgment is awaited.
Open Cast and Under Ground (O/C and U/G) Majra of JCCL Arising out of process sale of all End Use Plants to M/s UltraTech Cement Limited, Nominated Authority has been requested to allocate this block to companies in need of coal for better and optimum utilization of national resources.
Though JCCL was following up for the transfer of various permissions and approvals from the prior allottee of coal mine to JCCL, Nominated authority has issued termination of the block.
A writ Petition No. 26680 has been filedin Allahabad High Court on 04.08.2018 with prayer for quashing the Impugned letter and provide relief.
The Hon'ble High Court of Allahabad ordered that the case was disposed of and all contentions of the parties on merits are kept open. A dispute has been raised in the court of Special Tribunal at Nagpur on 17.10.2018 Constituted under CBA Act, 1957. The tribunal proceedings are under way and judgment is awaited.

8.2 REFUSE DERIVED FUEL (RDF) FROM MUNICIPAL

SOLID WASTE (MSW) AT CHANDIGARH

The Plant is operating satisfactorily. Daily garbage of the city of Chandigarh is being used as per the agreement. The plant is serving the twin purpose of keeping the city clean and to conserve the energy resources in the form of producing fuel called as

Refuse Derived Fuel (RDF). RDF (in fluff form), the final product of the plant, is being disposed off commercially as a good substitute of conventional fuel in the industries and Power plants located around Chandigarh.

8.3 OTHER DIVERSIFICATION INITIATIVES THROUGH

AFFILIATES

Company's other diversification initiatives include setting-up of pit-head based Thermal Power Station, Fertilizer business, Aviation and Healthcare, which are being implemented through different subsidiaries/ associates of the Company. Details of the initiatives implemented through subsidiaries/ associates are furnished under the heading ‘Subsidiaries, Associates & Joint Ventures' below.

8.4 COMPANY'S EFFORTS DURING COVID-19 PANDEMIC

The entire world has been shaken due to WHO's declared international pandemic COVID-19 and India had been no exception to it. The Company is well aware of socio-economic dangers, besides threatening to the mankind, always posed by this pandemic and therefore took every step to combat the same. The guidelines with respect to lockdown declared by Central Government or the State Governments were complied with. The Company has always been at forefront to protect its employees as well as all concerned stakeholders.

In the light of above pandemic, the Company took various precautionary measures to safeguard the interest of the employees and workmen as well as their families. As a step in that direction and taking into account the directives of both the Central and State Governments, the Company suspended activities/ work at all its offices in the National Capital Region

(NCR) and operations of its cement plants, production and dispatches of cement, were stopped altogether. Further, the construction work at various engineering and construction sites across the country as well as real estate sites were also temporarily suspended. MSW Plant, being essential service for public health, continued its operations. The hotels of the Company including it restaurants were also temporarily closed in compliance with government directives. Most of the office work and necessary banking operations including disbursement of salaries & wages, other payments were carried out by staff from their homes.

During the Lockdown [which started from third week of March 2020 and as on the date of this report i.e. 27th May 2020, would continue at least till 31st May 2020] due to the Corona virus pandemic, Jaypee Group has taken several steps of taking responsibility of workers and their families in order to discharge their social obligations and prevent migration of daily wagers. The impact of COVID-19 and lockdown is being given in the Management Discussion & Analysis Report. In the wake of the COVID-19 pandemic, the Company/ Jaypee Group made its humble contribution to the Nation during the War against Covid-19: i. Jaypee Group donated an amount of Rs. 4.27 crore as Group's contribution to combat the threat posed by COVID-19 through various channels. On the clarion call of Hon'ble Prime Minister, Shri Narendra Modi, the Group has come forward and contributed Rs. 3 crore in PM CARES Fund, Rs. 50 lacs in Uttar Pradesh CM CARE Fund, Rs. 51 lacs in Madhya Pradesh CM CARE Fund, Rs. 21 lacs in Uttrakhand CM CARE fund and Rs.5 lacs to Municipal Corporation, Chandigarh. ii. Jaypee Group also contributed towards Medical Facilities. Jaypee Healthcare Limited has committed itself to extend support to the noble cause of fight against COVID-19. On behalf of our revered Founder Chairman Shri Jaiprakash Gaur ji, Jaypee Healthcare Limited, handed over the Group's Hospitals at Chitta, Bulandshahr and Anoopshahr to the District Magistrate, for the welfare of Covid -19 patients. The 48 bed Jaypee Hospital at Chitta with all the existing infrastructure and facilities was dedicated in treating Covid- 19 patients and 35 bed Jaypee Hospital, Anoopshahr along with the boys hostel adjacent to the hospital functioned as isolation units. These facilities would remain with the District Magistrate till the end of this Pandemic. Jaypee Hospital at Noida has also earmarked 20 beds isolation ward to treat Covid-19 patients. There is a separate team of doctors and support staff to cater to these patients. iii. With an aim to help the Government and administration in this time of crisis, Jaypee's Buddha International Circuit and Jaypee Atlantis Club have also been converted into shelter homes for needy persons. Apart from providing space on behalf of the Company, other necessary help and co-operation is also being provided. iv. Voluntary contributions have been made by the Executive Chairman, Executive Vice Chairman, other executives and staff members of Jaypee Group which would enable Jaypee Hospital to stock medicines and all related articles to use them to combat Covid-19. v. Jaypee Group has been distributing food packets and dry ration kits to workers around its various project locations. During the lockdown due to the Corona virus pandemic, Jaypee Group has taken the responsibility of over 1000 workers and their families in order to discharge their social obligations and prevent migration of daily wagers. Everyday food packets are being provided to:

Needy people at Rewa, Karhiya Mandi, Itaura Bypass & Chakghat, at Sadwa(Prayagraj), at Chunar( Varanasi), at Anoopshahr and at Panki, Kanpur.

Besides this, ration kits are being distributed by the Company to more than 2000 Workers working on the Company's projects in Noida, Greater Noida and residing in the labour camps at Wish Town Noida, at Jaypee Greens, Greater Noida, at Aman, at Nagli Labour Camp and at Kanpur. Ration kits include rice, flour, lentils, oil and other essential items. vi. Further, the Company has been instrumental in helping & supporting the last-mile workers in the vicinity of various project locations of the Group by providing them and their families, with the essential items during these dire times. The Company & the Jaypee Group wishes to express its utmost sincerity in standing for the welfare of mankind at this time of unprecedented global crisis. While humanity at large is combating the onslaught of fatal COVID-19, we, at Jaypee Group stand strong and devoted to serve the Humanity. Citing the reference of the Founder Chairman, Shri Jaiprakash Gaur ji, the Company states that, "In line with his vision of contributing to the society, this humble offering from the Jaypee Group will empower the Country, States and

Society to fight the deadly COVID-19. We also pray that every component of the society comes forward to actualize the clarion call of our Hon'ble Prime Minister Shri Narendra Modi ji for Sankalp aur Sanyam".

9.0 SUBSIDIARIES, ASSOCIATES & JOINT VENTURES

As on 31st March 2020, in terms of the provisions of Companies Act 2013, your Company had following subsidiaries which are engaged in different business activities:

1. Bhilai Jaypee Cement Limited

2. Gujarat Jaypee Cement & Infrastructure Limited

3. Jaypee Cement Corporation Limited

4. Jaypee Assam Cement Limited

5. Jaypee Ganga Infrastructure Corporation Limited

6. Himalyan Expressway Limited

7. Jaypee Agra Vikas Limited

8. Jaypee Infrastructure Development Limited

9. Jaypee Cement Hockey (India) Limited 10. Jaypee Fertilizers & Industries Limited 11. Jaypee Uttar Bharat Vikas Private Limited 12. Kanpur Fertilizers & Chemicals Limited 13. Himalyaputra Aviation Limited 14. Jaiprakash Agri Intiatives Company Limited 15. Yamuna Expressway Tolling Limited 16. Jaypee Infratech Limited 17. Jaypee Healthcare Limited The following subsidiaries are subject to Order dated 3rd March 2020 of Hon'ble NCLT (Principal Bench), New Delhi viz. (1) Jaypee Infratech Limited (JIL) and (2) Jaypee Healthcare Limited (Wholly owned subsidiary of JIL).

Note: Hon'ble NCLT (Principal Bench), New Delhi in terms of its Order dated 3rd March 2020 has approved the Resolution Plan (RP) (with certain modifications)

Jaypee Infratech Limited (JIL). JIL has been under the IRP since 9th August 2017 and an Interim Monitoring Committee (IMC) has been constitution since 22nd April 2020 and the Order dated 3rd March 2020 of NCLT has been assailed by various parties including the successful Resolution Applicant. As on date, the Company is holding 60.98% of the share capital of Jaypee Infratech Limited (JIL) while JIL holds 100% share capital of JHCL. Post appeal procedure of Resolution Plan, if the Resolution Plan is fully implemented, the Company/JAL (being promoter) would cease to hold any shares of Jaypee Infratech Limited and Jaypee Healthcare Limited (wholly owned subsidiary of JIL) would also cease to be a step down subsidiary of JAL.

ASSOCIATES & JOINT VENTURES AS ON 31ST

MARCH 2020

As on 31st March 2020, the Company (JAL) has following Associate Companies [as per Section 2(6) of Companies Act, 2013 i.e. in which it holds 20% or more of total share capital] and Joint Ventures:

1. JaiprakashPowerVenturesLimited,(Shareholding of JAL reduced from 29.74% to 26.06% in January 2020 pursuant to Debt restructuring by JPVL)

2. Madhya Pradesh Jaypee Minerals Limited, (49.00%)

3. MP Jaypee Coal Limited, (49.00%)

4. MP Jaypee Coal Fields Limited, (49.00%)

5. RPJ Minerals Pvt. Limited, and (43.83%)

6. Sonebhadra Minerals Pvt. Limited. (48.76%) Jaiprakash Power Ventures Limited (JPVL) was a subsidiary of JAL, however, w.e.f. 18.02.2017 it became an Associate Company. Thus, the following subsidiaries of JPVL also ceased to be subsidiaries of JAL w.e.f. 18.02.2017 and became Associate Companies:

1. Jaypee Arunachal Power Limited

2. Jaypee Powergrid Limited

3. Sangam Power Generation Company Limited

4. Jaypee Meghalaya Power Limited

5. Bina Power Supply Limited

Note: Prayagraj Power Generation Company Ltd. (PPGCL) was Subsidiary of JPVL from 23.07.2009 to 17.12.2017 only. On 18.12.2017, the Lenders of PPGCL, through their trustee, SBI Cap Trustee Company Limited, had invoked the pledge on 261,91,89,200 equity shares (i.e. 88.51% Equity share capital) & 27 crore optionally convertible preference shares of PPGCL which were held by JPVL. The said shares were transferred in favour of the trustee on 18.12.2017. Thus, PPGCL is no more a subsidiary of JPVL w.e.f. 18.12.2017.W.e.f. 04.12.2019, the management control of PPGCL has been given to Renascent Power Ventures Private Limited, Mumbai and all existing Directors of PPGCL had resigned. This was pursuant to the Share Purchase Agreement (SPA) signed by Lenders of PPGCL on 14.11.2018 with Resurgent Power Ventures Pte. Limited, Singapore (as the Investor) and Renascent Power Ventures Private Limited, Mumbai (as the Purchaser) to sell to the Purchaser the Shares of PPGCL. JAL, however, continues to hold 11.49% Equity Shares of PPGCL.

The status of the aforesaid Subsidiaries is given in Annexure-1 and of the Associates & Joint Ventures in

Annexure-2.

10.0 CONSOLIDATED FINANCIAL STATEMENTS The statement (in prescribed form AOC-1) as required under Section 129 of the Companies Act, 2013, in respect of the Subsidiaries and Associate companies of the Company is annexed and forms an integral part of this Report.

The consolidated financial statements of the

Company & its subsidiary/ associate companies, as mentioned in form AOC-1, for the year ended 31st March 2020, prepared in accordance with Accounting Standard (IND AS-110) "Consolidated Financial Statements" prescribed by the Institute of Chartered Accountants of India, form part of the Annual Report and Financial Statements. The Financial Statements of the subsidiary/associate companies and the related detailed information (as per Section 129 of the Companies Act, 2013) will be made available to the shareholders of the Company and subsidiary/associate companies seeking such information. The financial statements of the subsidiary/ associate companies will also be kept for inspection by any shareholder at Company's Corporate Office/ Registered Office and also that of the subsidiaries.

Further, the Company shall furnish a hardcopy of financial statements of subsidiary/associate companies to any shareholder on demand. The Company has also uploaded the Financial Statements of subsidiary companies on its website i.e. www.jalindia.com.

The Directors are of the opinion that the subsidiaries and Joint Ventures/ Associate companies of your

Company have promising future, except as specifically mentioned in this Report & its annexures.

11.0 OUTLOOK

Post divestment of part of cement business and other assets to deleverage the balance sheet of the Company, the management is putting its best efforts to enhance its presence in its core business i.e. Engineering & Construction activities. The Company has at present a strong order book of E&C Contracts. The performance during the year is considered satisfactory. However, the future prospects of the Company securing more construction contracts, post COVID-19, appears to be bright and the business of its subsidiaries are bright. The Company is committed to reduce the debt and enhance the shareholders' value.

12.0 DIRECTORATE

12.1 Cessation of Directorships:

(i) Shri C.P. Jain (Independent Director) w.e.f. 9th July 2019 Shri C.P. Jain (DIN 00011964) resigned as Independent Director w.e.f. 9th July 2019 mentioning that due to his age, he had now decided to slow down and step down from almost all the Board of Directors where he was an Independent Director. He was appointed by Shareholders as an Independent Director for five years from

September 2017 till 26th September 2022. The Board places on record its appreciation for the valuable contribution of Shri Jain during his tenure on the Board of the Company.

(ii) Shri S.C. Rathi, LIC Nominee w.e.f. 30th August 2019 Shri S.C. Rathi, LIC Nominee (DIN 02976025) ceased to be a Director pursuant his resignation w.e.f. 30th August 2019 due to his personal reasons. The Board places on record its appreciation for the valuable contribution of Shri Rathi during his tenure on the Board of the Company.

12.2 The composition of the Board

The composition of the Board is in compliance of the requirements of the Companies Act, 2013 and the SEBI (LODR) Regulations.

12.3 Present tenure of Directors

The term of Independent Directors of the Company is as under:

S. Names of No. Independent DIN Tenure
Directors From to
1. Shri R.N. Bhardwaj 01571764 27.09.2017 26.09.2022
2. Ms. Homai A. 00365880 27.09.2017 26.09.2022
Daruwalla
3. Shri K.N. Bhandari 00191219 27.09.2017 26.09.2022
4. Shri S.C.K. Patne 00616104 27.09.2017 26.09.2022
5. Shri K.P. Rau 02327446 27.09.2017 26.09.2022
6. Shri T.R. Kakkar 01425589 12.11.2017 11.11.2022

Note: The above were re-appointed for 5 years each in 20th AGM held on 23.09.2017.

The term of five Executive Directors of the Company is as

S. Names of No. Executive Directors Designation DIN Tenure
1. Shri Manoj Gaur Executive Chairman & CEO 00008480 01.04.2019 to 31.03.2022
2. Shri Sunil Kumar Sharma Executive Vice- Chairman 00008125 18.03.2019 to 17.03.2022
3. Shri Sunny Gaur Managing Director (Cement) 00008293 31.12.2019 to 30.12.2022
4. Shri Pankaj Gaur Jt. Managing Director (Construction) 00008419 01.07.2019 to 30.06.2022
5. Shri Ranvijay Singh Whole-time Director 00020876 14.12.2017 to 13.12.2020

Non-Executive Non-Independent Director: There is no tenure for Shri Jaiprakash Gaur ji (DIN 00008085), Director & Founder Chairman, as he is liable to retire by rotation.

12.5 Retirementby rotation:

Shri Pankaj Gaur, Director would retire by rotation at the forthcoming Annual General Meeting of the Company. The proposal for approval for his re-appointment has been included in the Notice of the Annual General Meeting.

12.6 Whole-time Key Managerial Personnel:

The details about the Wholetime Key Managerial Personnel are given in Para No. 22 of the Corporate Governance Report enclosed herewith.

12.7 Re-appointment of Shri Ranvijay Singh, Whole-time Director

Accepting the recommendations of the Nomination and Remuneration Committee, the Board has approved, on 27th May 2020, the re-appointment of Shri Ranvijay Singh as a Whole-time Director of the Company for a period of three years w.e.f. 14th December 2020 at his existing terms of remuneration. The said appointment is subject to approval of the Lenders and Shareholders. The proposal for reappointment has been included in the Notice of the Annual General Meeting.

12.8 Voluntary cut in remuneration by Whole-time Directors and Senior Management Personnel of the Company.

In view of COVID-19 outbreak in India, which has exacted in huge toll on the societal, economic and industrial health of the nation, Jaypee Group contributed to the nation in many ways in the war against life threatening disease. Amongst the steps to conserve the financial resources of the Company, the

Whole-time Directors and Senior Management Personnel of the Company have voluntarily taken cut in their remuneration ranging from 30% to 53% in their respective approved salary compensation packages for the financial year 2020-21. Other staff have taken gradual voluntary cut in their respective remuneration.

13.0 DEPOSITS

Your Company enjoyed respectable track record of under: compliance of Public Deposit rules prescribed by Government of India from time to time. As on 1st April 2014, the Company had outstanding fixed deposits and interest payable thereon aggregating Rs.2,722.53 Crores, which have since been repaid except for minor amount which will also be repaid in due course. An outstanding amount of about Rs. 14 Lakh as on 31st March 2020 on account of fixed deposits represents some cases under litigation and some transmission cases, which too shall be settled in due course without any delay on the part of the Company.

14.0 AUDITORS AND AUDITORS' REPORT 14.1 STATUTORY AUDITORS:

M/s. Rajendra K. Goel & Co., Chartered Accountants, (Firm's Registration No.001457N), were appointed as

Statutory Auditors of the Company for a term of five consecutive

Financial Years i.e. for 2017-18 to 2021-22, in 20th Annual General Meeting (AGM) held on 23rd September 2017.

They hold office from the conclusion of the 20th AGM held on

23rd September 2017 till conclusion of the 25th AGM to be held in the year 2022. Pursuant to amendment in provisions of the Companies Act, 2013 w.e.f. 07.05.2018, ratification of appointment of statutory auditors by the shareholders at every AGM is not required.

14.2 SECRETARIAL AUDITORS:

CS Ashok Tyagi (COP No. 7322), Practising Company Secretary, was appointed as Secretarial Auditor of the Company on 28th May 2019 by the Board of Directors, based on recommendations of the Audit Committee, as per Section 204 of the Companies Act, 2013, for the Financial Year 2019-

20. The Secretarial Audit Report for the financial year ended

31st March 2020 forms part of the Directors' Report.

Based on the recommendations of the Audit Committee, the Board has appointed Ashok Tyagi & Associates (COP

No. 7322), Practising Company Secretaries, to conduct the Secretarial Audit for the Financial Year 2020-21 as per Section 204 of the Companies Act, 2013.

14.3 COST AUDITORS:

For the Financial Year 2019-20, M/s. J.K. Kabra & Co., Cost Accountants, (Firm's Registration No. 2890) are carrying out the cost audit in respect of applicable businesses of the

Company and their report will be filed with Central Government in due course.

For the Financial Year 2020-21, the Board of Directors of the Company have re-appointed, based on recommendations of the Audit Committee, M/s. J.K. Kabra & Co., Cost Accountants, (Firm's Registration No. 2890), as Cost Auditors, for auditing the cost accounts in respect of applicable businesses of the Company.

Their remuneration is subject to ratification by shareholders for which a proposal is contained in the Notice of AGM.

15.0 REPORTS ON CORPORATE GOVERNANCE, MANAGEMENT DISCUSSION & ANALYSIS AND BUSINESS

RESPONSIBILITY

The Report on Corporate Governance and Management Discussion & Analysis Report and Business Responsibility Report (BRR) in prescribed format, in terms of Regulation 34 and 53 read with Schedule V of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (LODR) are annexed and form part of this Annual Report. compliance with the Acertificate conditions of Corporate Governance is also annexed. The Company is complying with the Corporate Governance norms laid down in LODR. The BRR as well as the Company's Policy on Sustainable Development are accessible on the Company's website www.jalindia.com.

16.0 EMPLOYEE RELATIONS & PREVENTION OF SEXUAL

HARASSMENT OF WOMEN AT WORK PLACE EMPLOYEE RELATIONS

Employee relations continued to be cordial throughout the year. Your Directors wish to place on record their sincere team spirit & appreciation for the employees' confidence, determination in facing the challenges at all works sites and all offices and achieving satisfactory progress.

CASES FILED PERTAINING TO SEXUAL HARASSMENT

OF WOMEN AT WORK PLACE

There was no case filed by any woman during the Calendar year 2019 nor during Calendar year 2020 (till date) pertaining to sexual harassment of women at work place. The Company has formed an ‘Internal Complaints Committee' pursuant to the provisions of ‘The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013' for the purpose of prevention of sexual harassment of women at workplace. The said Committee gave its Report for the Calendar Year 2019 as well as Interim Report for the Calendar

Year 2020 (till date), which confirms that no such case has been filed during the said periods.

17.0 OTHER REQUIRMENTS OF COMPANIES ACT, 2013 17.1 EXTRACT OF THE ANNUAL RETURN UNDER SECTION 92 (3)

The extract of the Annual Return as provided under Section 92(3) (in form MGT-9) is enclosed as Annexure-3.

17.2 THE NUMBER OF MEETINGS OF THE BOARD

The total no. of meetings of the Board of Directors held during the Financial Year 2019-20 is 4 (Four) i.e. (i) 28th May 2019, (ii) 27th July 2019, (iii) 9th November 2019 and (iv) 13th February 2020.

The details of meetings attended by Directors is given in Corporate Governance Report in Para 2.0.

17.3 DIRECTORS' RESPONSIBILITY STATEMENT

Based on internal financial controls, work performed by the

Internal, Statutory, Cost and Secretarial Auditors and external agencies, the reviews performed by the management, with the concurrence of the Audit Committee, pursuant to Section 134(5) of the Companies Act, 2013, the Board states the following for the year ended 31st March 2020: a) in the preparation of the annual accounts, the applicable accounting standards had been followed alongwith with proper explanation relating to material departures; b) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period; c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) the Directors had prepared the annual accounts on a going concern basis; e) the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and f) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate, operating effectively and the same are being strengthened on continuous basis from time to time.

17.4 STATEMENT ON DECLARATIONS GIVEN BY INDEPENDENT

DIRECTORS UNDER SECTION 149 (6) & (7)

In Compliance with the provisions of Section 149(6) & 149 (7) of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements), Regulations, 2015 [LODR], Company has received requisite declarations from all the Independent Directors of the Company.

17.5 NOMINATION AND REMUNERATION POLICY UNDER

SECTION 178(3).

The Company has a policy on Nomination and Remuneration as approved by Board and its details are given under Corporate Governance Report.

17.6 COMMENT ON QUALIFICATION, RESERVATION OR

ADVERSE REMARK OR DISCLAIMER MADE (IF ANY) BY THE STATUTORY AUDITORS AND BY THE SECRETARIAL AUDITORS

The observation of Statutory Auditors & Secretarial Auditors and Notes to the financial statements are self-explanatory. Their observations/qualifications and reply of management are given in Annexure-4.

17.7 PARTICULARS OF LOANS, GUARANTEES OR

INVESTMENTS UNDER SECTION 186

The Particulars of Loans, Guarantees or Investments are given in the notes to financial statements especially under Note No.

3, 5, 6, 31 and 33 of the Financial Statements.

17.8 PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH

RELATED PARTIES REFERRED TO IN SECTION 188(1)

The particulars as per the prescribed Format (AOC-2) are enclosed as Annexure 5. All the related party transactions during the year were on an arm's length basis and in ordinary course of business.

17.9 STATE OF COMPANY AFFAIRS IS MENTIONED IN THE

BEGINNING OF DIRECTORS' REPORT

The State of Company Affairs is given in para no. 1, 2, 7 & 8 above. 17.10 AMOUNT, IF ANY, WHICH COMPANY PROPOSES TO

CARRY TO ANY RESERVES NIL.

17.11 AMOUNT, IF ANY, WHICH COMPANY RECOMMENDS

SHOULD BE PAID BY WAY OF DIVIDEND NIL.

17.12 MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE

COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There are no material changes and commitments, affecting the financial position of the Company which have occurred between 31st March 2020 and the date of this Report. 17.13 CONSERVATION OF ENERGY, TECHNOLOGY

ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Particulars with respect to conservation of energy, technology absorption, foreign exchange earnings & outgo, pursuant to Section 134 of the Companies Act, 2013, read with Companies (Accounts) Rules 2014 for the year ended 31st March 2020 are annexed as Annexure 6 and form an integral part of this Report.

17.14 STATEMENT INDICATING DEVELOPMENT AND

IMPLEMENTATION OF A RISK MANAGEMENT POLICY FOR THE COMPANY INCLUDING IDENTIFICATION THEREIN OF ELEMENTS OF RISK, IF ANY, WHICH IN THE OPINION OF THE BOARD MAY THREATEN THE EXISTENCE OF THE COMPANY. i) The Company has a Risk Management policy as approved by Board and its details are given in the Corporate Governance Report. ii) In the opinion of the Board, there is no risk which may threaten the existence of the Company.

17.15 DETAILS ABOUT THE POLICY DEVELOPED AND

IMPLEMENTED BY THE COMPANY ON CORPORATE SOCIAL RESPONSIBILITY INITIATIVES TAKEN DURING THE YEAR

The details about the Corporate Social Responsibility (CSR) Policy are given in Corporate Governance Report. The said Policy of the Company is available on the following link:

[www.jalindia.com/attachment/ CSRpolicy.pdf]

The Initiatives taken by Company during the year are given in

Annexure - 7.

17.16 STATEMENT INDICATING THE MANNER IN WHICH

FORMAL ANNUAL EVALUATION HAS BEEN MADE BY THE BOARD OF ITS OWN PERFORMANCE AND THAT OF ITS COMMITTEES AND INDIVIDUAL DIRECTORS.

The Annual Evaluation of Board, its Committees and Directors is done as per the Criteria laid down by the Nomination and Remuneration Committee (NRC). The NRC carried out the evaluation of performance of the Board, its Committees (other than NRC) and also of Executive Directors of the Company at its meeting held on 27th May 2020. The Board also carried out the evaluation of NRC at its meeting held on 27th May 2020. The composition of Committees of the Board is as under:

1. AUDIT COMMITTEE
a. Shri K.N. Bhandari Chairman
b. Shri K.P. Rau Member
c. Ms. H.A. Daruwalla Member
d. Shri S.C.K. Patne Member
2. STAKEHOLDERS' RELATIONSHIP COMMITTEE
a. Shri T.R. Kakkar Chairman
b. Shri Sunil Kumar Sharma Member
c. Shri Sunny Gaur Member
3. NOMINATION & REMUNERATION COMMITTEE
a. Shri T.R. Kakkar Chairman
b. Ms. H.A. Daruwalla Member
c. Shri S.C.K. Patne Member
4. RESTRUCTURING COMMITTEE
a. Shri R.N. Bhardwaj Chairman
b. Ms. H.A. Daruwalla Member
c. Shri Sunny Gaur Member
5. CSR COMMITTEE
a. Ms. H.A. Daruwalla Chairperson
b. Shri T.R. Kakkar Member
c. Shri Sunil Kumar Sharma Member
d. Shri Pankaj Gaur Member
6. FINANCE COMMITTEE
a. Shri S.C.K. Patne Chairman
b. Shri T.R. Kakkar Member
c. Shri Sunil Kumar Sharma Member
d. Shri Ranvijay Singh Member
7. RISK MANAGEMENT COMMITTEE
a. Shri Manoj Gaur Chairman
b. Shri Sunil Kumar Sharma Member
c. Shri K.N. Bhandari Member
d. Shri R.N. Bhardwaj Member
8. COMMITTEE FOR STATUTORY POLICIES
a. Shri Manoj Gaur Chairman
b. Shri R.N. Bhardwaj Member
c. Shri S.C.K. Patne Member

The Independent Directors also carried out evaluation of Board of Directors, Executive Chairman & other Directors in their meeting held on 13th February 2020.

The details of the same are given in Corporate Governance Report, para no. 9.0.

17.17 THE DETAILS OF SIGNIFICANT AND MATERIAL ORDERS

PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE

There is no significant passed by the regulators or courts or tribunals impacting the going concern status. Details of Orders of Competition Commission, NCLT and Supreme Court are given in Notes to Financial Statements/ Directors Report.

17.18 DETAILS IN RESPECT OF ADEQUACY OF INTERNAL

FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS.

The Company has laid down adequate internal financial controls & checks which are effective and operational. The Internal Audit of the Company for FY 2019-20 has been carried out by M/s Ernst & Young LLP for all divisions & units of the Company. The Audit Committee regularly interacts with the Internal Auditors, the Statutory Auditors and senior executives of the

Company responsible for financial management and other affairs. The Audit Committee evaluates the internal control systems and checks & balances for continuous updation and improvements therein. The Audit Committee also regularly reviews & monitors the budgetary control system of the Company as well as system for cost control, financial controls, accounting controls, physical verification, etc.

The Audit Committee has regularly observed that proper internal financial controls are in place including with reference to financial statements.

Based on recommendations of the Audit Committee, the Board has appointed the following as Internal Auditors for F.Y. 2020-21:

(i) M/s. Ernst & Young LLP for Cement & allied business including Sales & Marketing, CPP etc.; (ii) M/s. R. Nagpal Associates for Engineering & Construction Division; and (iii) M/s. Dewan P.N. Chopra & Co. for Real Estate and Hotel business

17.19 DETAILS PERTAINING TO REMUNERATION AS PER

RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES,

2014

The Details are given in Annexure - 8.

17.20 DETAILS PERTAINING TO REMUNERATION AS PER RULE 5(2) & (3) OF THE COMPANIES (APPOINTMENT AND REMUNERATION

OF MANAGERIAL PERSONNEL) RULES, 2014.

The Details are given in Annexure-9. 18.0 ACKNOWLEDGEMENT

Your Directors wish to place on record their appreciation for and gratitude to various Departments and Undertakings of the Central and State Governments, Consortium of Banks and Financial Institutions and valued Clients & Customers of the Company for their valuable support and co-operation. Your Directors also wish to place on record their appreciation of the whole-hearted and continued support extended by the Shareholders and Investors, as well as employees of the Company, which has always been a source of strength for the Company.

On behalf of the Board
MANOJ GAUR
Place : New Delhi Executive Chairman & CEO
Date : 27th May 2020. DIN: 0008480

ANNEXURE-1 OF DIRECTORS REPORT SUBSIDIARIES AS ON 31ST MARCH 2020

The status of the Subsidiaries of JAL is as under:

CEMENT BUSINESS

1. BHILAI JAYPEE CEMENT LIMITED (BJCL)

BJCL is a joint venture between JAL & SAIL. The clinkerisation plant of BJCL is at Satna, M.P. and cement plant is at Bhilai, Jharkhand. The total capacity of the same is 2.20 MTPA.

The working of BJCL for FY 2019-20 has resulted in an operating loss of Rs. 17.95 crore as against operating profit of Rs. 11.79 crore during the previous year. After taking into account the impact of interest of Rs. 14.43 crore and depreciation of Rs. 37.69 crore, BJCL has incurred a loss of Rs.70.07 crore before tax.

The financial position of BJCL for the financial year

2019-20 is as under:

(Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue 229.76 283.15
2 Total Expenses 299.83 322.15
3 Exceptional/Extra- - -
ordinary items
4 Profit before Tax (70.07) (38.99)
5 Profit after Tax (92.03) (41.65)
6 Total Comprehensive (91.98) (41.63)
Income
(B) ASSETS & LIABILITIES
1 Non Current Assets 652.44 711.65
2 Current Assets 45.01 44.98
3 Total Assets (1+2) 697.45 756.63
4 Equity Share Capital 379.68 379.68
5 Other Equity (457.86) (365.89)
6 Non Current Liabilities 12.68 12.68
7 Current Liabilities 762.95 730.16
8 Total Equity & 697.45 756.63
Liabilities (4+5+6+7)

2. GUJARAT JAYPEE CEMENT & INFRASTRUCTURE LIMITED (GJCIL)

GJCIL, a Joint Venture between Jaiprakash Associates Limited (JAL) and Gujarat Mineral Development Corporation Limited (GMDC) was incorporated, inter-alia, to implement a 2.4 Million tonnes per annum capacity cement plant in District Kutch, Gujarat. Out of approximately 484 hectares of land required for setting up the Project, 27 hectares are Private land and 457 hectares are Government land.

Major part of Private land (22 hectares) was purchased by GJCIL. However pending necessary approval from the Government of Gujarat, the Government land is yet to be acquired by GJCIL. Both the Promoters viz. JAL and GMDC have given their consent for closing/winding up of the operations of GJCIL. GMDC has been requested for the way forward for sale/ surrender of the private land purchased by GJCIL and the matter is under examination with GMDC. JAL is also exploring the possibility of off-loading its equity stake in GJCIL in favour of a third party after determining a fair value of shares.

The financial position of GJCIL for the financial year

2019-20 is as under:

(Rs. in Crore)
Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue 0.02 0.02
2 Total Expenses 0.02 0.02
3 Exceptional/Extra- - -
ordinary items
4 Profit before Tax - -
5 Profit after Tax - -
6 Total Comprehensive - -
Income
(B) ASSETS & LIABILITIES
1 Non Current Assets 0.10 0.10
2 Current Assets 0.35 0.34
3 Total Assets (1+2) 0.45 0.44
4 Equity Share Capital 0.73 0.73
5 Other Equity (0.29) (0.30)
6 Non Current Liabilities - -
7 Current Liabilities 0.01 0.01
8 Total Equity & 0.45 0.44
Liabilities (4+5+6+7)

3. JAYPEE CEMENT CORPORATION LIMITED (JCCL)

Jaypee Cement Corporation Limited (JCCL), a wholly owned subsidiary of your Company, has a 1.20 MTPA cement grinding unit at Shahabad District Gulbarga, Karnataka alongwith a 60 MW captive power plant. Another 1.20 MTPA cement capacity at Jaypee Shahabad Cement Project has been kept in abeyance.

The financial position of JCCL for the financial year 2019-20 is as under: (Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue 171.31 183.45
2 Total Expenses 413.55 327.18
3 Exceptional/Extra- -
ordinary items (Gain)
4 Profit before Tax (242.24) (143.73)
5 Profit after Tax (358.92) (143.73)
6 Total Comprehensive (740.48) (143.47)
Income
(B) ASSETS & LIABILITIES
1 Non Current Assets 1,372.65 1,752.67
2 Current Assets 238.48 418.51
3 Total Assets (1+2) 1,611.13 2,171.18
4 Equity Share Capital 627.50 627.50
5 Other Equity (945.90) (205.40)
6 Non Current Liabilities 1,322.99 1,654.21
7 Current Liabilities 606.54 94.87
8 Total Equity & 1,611.13 2,171.18
Liabilities (4+5+6+7)

4. JAYPEE ASSAM CEMENT LIMITED (JACL)

Jaypee Assam Cement Limited (JACL) was incorporated, as a special purpose vehicle, initially as a wholly-owned subsidiary of Jaiprakash Associates Limited (JAL) for the purpose of setting up a 2 MTPA capacity Cement Plant in the North Cachar Hills Distt of Assam, in Joint Venture with Assam Mineral Development Corporation Ltd. (AMDC). It would be converted as a Joint Venture Company (JVC) between JAL and AMDC as JV partners having a shareholding ratio of 82:18 between themselves, as per the Shareholders' Agreement (SHA). While JAL shall hold the shares for cash consideration, shares to AMDC shall be allotted in consideration of the exclusive mining rights of the mineral block identified for this Company.

Under the SHA, the management and control of the JVC is vested in JAL. 750 bighas of land was allotted by DimaHasao Autonomous Council (DHAC) on 30 years lease basis to JAL for the project of JACL. Necessary payment in this regard to DHAC was made by JAL as a promoter of JACL. An agreement was also executed between DHAC and JAL. Besides the payment of Rs 3.77 crore for the above land, JAL had also paid Rs. 10 crore to DHAC in advance as the share of royalty on limestone for a period of one year as per the Agreement executed between JAL and DHAC.

JACL had deployed necessary resources in right earnest for setting-up the 2 million tonnes per annum cement plant with a 35 MW captive power plant. For getting environment clearance for the proposed project, JACL started expeditious collection of data and preparation of Environmental Impact Assessment/Environmental Management Plan Reports for submission to Government of India, Ministry of Environment & Forest. JACL was, however, compelled to suspend all project activities since January 2012 due to adverse security situation in the vicinity of the project, as reported last year also. JACL is in regular touch with concerned authorities for resumption of project activities as and when the security situation is improved.

The financial position of JACL for the financial year

2019-20 is as under:

(Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue - -
2 Total Expenses 0.01 0.02
3 Exceptional/Extra- - -
ordinary items
4 Profit before Tax (0.01) (0.02)
5 Profit after Tax (0.01) (0.02)
6 Total Comprehensive (0.01) (0.02)
Income
(B) ASSETS & LIABILITIES
1 Non Current Assets - -
2 Current Assets 0.05 0.01
3 Total Assets (1+2) 0.05 0.01
4 Equity Share Capital 0.06 0.06
5 Other Equity (1.09) (1.08)
6 Non Current Liabilities 1.07 1.01
7 Current Liabilities 0.01 0.02
8 Total Equity & 0.05 0.01
Liabilities (4+5+6+7)

EXPRESSWAYS AND RELATED BUSINESS

5. JAYPEE GANGA INFRASTRUCTURE CORPORATION LIMITED (JGICL)

Jaypee Ganga Infrastructure Corporation Limited (JGICL) was incorporated on 18th March 2008 as a wholly owned subsidiary of Jaiprakash Associates Limited for implementation of the 1047 Km long 8-lane Access-Controlled "Ganga Expressway Project" connecting Greater Noida with Ghazipur - Balia along the left bank of river Ganga on Design, Build, Finance and Operate (DBFO) basis together with the development of 12,281 hectares of land parcels at eight different locations in Uttar Pradesh in terms of the Concession Agreement executed between Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) and JGICL on 23rdMarch 2008.

Preparatory work for the Project was started. Consequent upon the Order of Hon'ble High Court of Allahabad dated 29th May 2009 quashing the environment clearance issued by State Environment Impact Assessment Authority and pursuant to Supplementary Agreement dated 30th November 2011, UPEIDA had released Bank Guarantee subject to the stipulation that after the environmental clearance is obtained from the Competent Authority, the Company shall re-submit the

Bank Guarantees within such time as may be fixed by

UPEIDA.

In view of uncertainty & inordinate delay in granting environmental clearance by the appropriate authorities, it was decided to rescind the Concession Agreement dated 23rd March 2008 by mutual consent and settlement agreement had been forwarded by UPEIDA to the Govt. of Uttar Pradesh for approval. Out of the settled amount of Rs.25.96 crore, JGICL has received Rs.22.50 crore.

The financial position of JGICL for the financial year

2019-20 is as under:

(Rs. in Crore)

Year ended 31.03.2020 Year ended 31.03.2019
(A) PROFITABILITY
1 Total Turnover 0.04 0.02
2 Total Expenses 22.47 25.92
3 Exceptional/Extra- - -
ordinary items
4 Profit before Tax (22.43) (25.90)
5 Profit after Tax (22.43) (25.90)
6 Total Comprehensive (22.43) (25.90)
Income
(B) ASSETS & LIABILITIES
1 Non Current Assets 3.68 3.71
2 Current Assets 2.94 2.97
3 Total Assets (1+2) 6.62 6.68
4 Equity Share Capital 271.35 271.35
5 Other Equity (473.74) (451.30)
6 Non Current Liabilities 209.01 186.62
7 Current Liabilities - 0.01
8 Total Equity & 6.62 6.68
Liabilities (4+5+6+7)

6. HIMALYAN EXPRESSWAY LIMITED (HEL)

HEL was incorporated as a Special Purpose Vehicle (SPV) for implementing the Zirakpur - Parwanoo Expressway project in the States of Punjab, Haryana and Himachal Pradesh. The Expressway connecting the three states became operational and the toll collection started from 6th April, 2012.

Being the first in the country with Radio Frequency Identification Device (RFID) technology based electronic toll collection system, the Expressway has provided a seamless travel to long journey road users while saving cost and time. The highlights of the Company's performance during the year under report, are as under:

Year ended 31st March 2020 Year ended 31st March 2019
The revenue from Toll Collection Rs. 42.71 crores Rs. 42.97 crores
The Average Annual 51,844 54,164
Daily Traffic (AADT) PCUs PCUs
The Average Annual Rs. 11.67 Rs. 11.77
Daily Toll Revenue Lakhs Lakhs
(AADR)

The financial position of HEL for the financial year 2019-

20 is as under:

(Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue 48.00 50.20
2 Total Expenses 113.91 87.43
3 E x c e p t i o n a l / E x t r a - - -
ordinary items
4 Profit before Tax (65.91) (37.23)
5 Profit after Tax (65.91) (37.23)
6 Total Comprehensive (65.98) (37.22)
Income
(B) ASSETS & LIABILITIES
1 Non Current Assets 551.86 585.89
2 Current Assets 5.23 7.58
3 Total Assets (1+2) 557.09 593.47
4 Equity Share Capital 118.09 118.09
5 Other Equity (122.50) (56.53)
6 Non Current Liabilities 237.46 414.35
7 Current Liabilities 324.04 117.56
8 Total Equity & Liabilities 557.09 593.47
(4+5+6+7)

7. JAYPEE AGRA VIKAS LIMITED (JAVL)

Jaypee Agra Vikas Limited (JAVL) was incorporated on 16th November 2009 as a Special Purpose Vehicle for implementing project for development of Inner Ring Road for Agra and other infrastructure facilities, under integrated Urban Rejuvenation Plan on Design, Build, Finance, Operate and Transfer basis. JAVL signed a Concession Agreement on 4th February 2010 with Agra Development Authority (ADA) for the implementation of the Agra Inner Ring Road Project.

The project could not be implemented as ADA was not able to fulfill its obligations in respect of ‘Conditions

Precedent'. Pursuant to Settlement Agreement dated 29th October 2014, the concession agreement dated 4th February 2010 has been rescinded by mutual consent and JAVL had received part refund of the advances made to ADA for acquisition of land and balance Rs. 14.63 crore (approx.) is yet to be received by JAVL.

The financial position of JAVL for the financial year 2019

20 is as under:

(Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Total Turnover - -
2 Total Expenses 7.88 7.05
3 Exceptional/Extra- - -
ordinary items
4 Profit before Tax (7.88) (7.05)
5 Profit after Tax (7.88) (7.05)
6 Total Comprehensive (7.88) (7.05)
Income
(B)ASSETS & LIABILITIES
1 Non Current Assets 14.78 14.79
2 Current Assets 122.90 122.98
3 Total Assets (1+2) 137.68 137.77
4 Equity Share Capital 273.80 273.80
5 Other Equity (208.82) (200.94)
6 Non Current Liabilities 72.69 64.90
7 Current Liabilities 0.01 0.01
8 Total Equity & 137.68 137.77
Liabilities (4+5+6+7)

INFRASTRUCTURE DEVELOPMENT BUSINESS

8. JAYPEE INFRASTRUCTURE DEVELOPMENT LIMITED (JIDL)

[formerly known as Jaypee Cement Cricket (India) Limited ]

Jaypee Cement Cricket (India) Limited (JCCIL) was incorporated on 20th October 2012, as a wholly owned subsidiary of the erstwhile Jaypee Sports International Limited (JSIL) / now of the Company (JAL) as JSIL got merged into JAL effective from 16th October 2015 (the appointed date being 1st April 2014) to undertake the business of Cricket Sports.

Name of JCCIL had been changed to Jaypee Infrastructure Development Limited (JIDL), as per new Certificate of Incorporation issued by Registrar

Companies, Kanpur pursuant to change of name dated 21st February 2017.

The Objects Clause of the said company had also been altered to undertake business of Development of Infrastructure etc.

Pursuant to the Scheme of Arrangement between JIDL and Jaiprakash Associates Limited [JAL], the holding Company and their respective Shareholders and

Creditors, JAL's identified moveable and immovable assets and liabilities i.e. SDZ Real Estate Development Undertaking would be transferred as a going concern on slump exchange basis to JIDL through the said Scheme of Arrangement, which is pending for sanction before NCLT, Allahabad.

The financial position of JIDL for the financial year 2019-

20 is as under:

(Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Total Turnover - -
2 Total Expenses - 0.01
3 E x c e p t i o n a l / E x t r a - - -
ordinary items
4 Profit before Tax - (0.01)
5 Profit after Tax - (0.01)
6 Total Comprehensive Income - (0.01)
(B) ASSETS & LIABILITIES
1 Non Current Assets - -
2 Current Assets 0.05 -
3 Total Assets (1+2) 0.05 -
4 Equity Share Capital 0.05 0.05
5 Other Equity (0.54) (0.54)
6 Non Current Liabilities - -
7 Current Liabilities 0.54 0.49
8 Total Equity & Liabilities 0.05 -
(4+5+6+7)

SPORTS AND RELATED BUSINESS

9. JAYPEE CEMENT HOCKEY (INDIA) LIMITED (JCHIL)

JCHIL was incorporated on 5th November 2012, as a wholly owned subsidiary of Jaypee Sports International Limited (JSIL) / now of JAL (due to merger of JSIL into JAL) to undertake the business of Hockey Sport. JCHIL entered into the Franchisee Agreement with

Hockey India League (HIL) for the Team "Jaypee Punjab Warriors". Jaypee Punjab Warriors was the champion in HIL 2016 and runners up in HIL 2014 & 2015 editions of HIL. No matches were held during FY 2017-18 or thereafter due to cancellation of the 2018, 2019 and 2020 of the Hockey India League.

The financial position of JCHIL for the financial

2019-20 is as under:

(Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Total Turnover 0.24 0.35
2 Total Expenses 0.95 0.39
3 E x c e p t i o n a l / E x t r a - - -
ordinary items
4 Profit before Tax (0.71) (0.04)
5 Profit after Tax (0.71) (0.04)
6 Total Comprehensive Income (0.71) (0.04)
(B) ASSETS & LIABILITIES
1 Non Current Assets 0.03 -
2 Current Assets 3.15 3.52
3 Total Assets (1+2) 3.18 3.52
4 Equity Share Capital 1.00 1.00
5 Other Equity (30.05) (29.34)
6 Non Current Liabilities - -
7 Current Liabilities 32.23 31.86
8 Total Equity & Liabilities 3.18 3.52
(4+5+6+7)

FERTILIZER AND RELATED BUSINESS

10. JAYPEE FERTILIZERS & INDUSTRIES LIMITED (JFIL)

JFIL was incorporated on 3rd June 2010 to carry on the business directly or by making investment in other companies having similar objects including that of manufacturers, fabricators, processors, producers, importers, exporters, buyers, sellers etc. of all kinds of fertilizers and chemicals. It is a wholly owned subsidiary of Jaiprakash Associates Limited and undertook the business of fertilizers and chemicals. The Company had participated as a strategic investor in the ‘Rehabilitation Scheme' (Scheme) of fertilizer undertaking of Duncans Industries Limited (DIL) which was approved by the Board for Industrial & Financial Reconstruction (BIFR) in January, 2012, under Section 18(6A) & 18(7) of Sick Industrial Companies (Special Provisions) Act, 1985.

Pursuant to the Scheme, the said fertilizer undertaking, which is famous for ‘Chand Chhap' Urea, stood vested in Kanpur Fertilizers & Cement Limited (KFCL), in which JFIL had made investments directly and through

Jaypee Uttar Bharat Vikas Private Limited (JUBVPL), and held 91.26% equity shares of KFCL as on 31st March 2020.

The commercial operations at the plant commenced w.e.f. 1st June 2014. All the three Urea and Ammonia streams, four bagging lines in bagging plant, two boilers having capacity of 70 TPH, one boiler with the capacity of

35 TPH, AFBC boiler, Hydrolyser stripper unit for treating nitrogenous effluent and ETP are operating satisfactorily.

During the year under Report, KFCL has achieved 100% capacity utilization. Energy consumption of KFCL plant has reduced to 6.97 GCal per ton of urea from 7.12 GCal per ton of urea in the previous year 2018-19. While many sectors are under pressure due to the spread of corona virus, the fertilizer sector is not an exception due to shortage of manpower, stressed cash flow and lack of farmer participation to purchase fertilizers through POS machine.

Consequent to lockdown, the plant operations of KFCL with all three trains could be stabilized on 20th April 2020. In view of poor availability of labour/staff, the shortfall in production during April was around 20,000 MT. There is still shortage of trucks for inward and outward movement affecting production. KFCL is making efforts to improve the cash flow through better management of cash collected from dealers and also liasioning for higher quantum of subsidy during May and June, 2020. Henceforth, the investment of JFIL/ KFCL will remain protected.

The financial position of JFIL for the financial year 2019-

20 is as under:

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue 1.17 2.44
2 Total Expenses 3.15 4.64
3 Exceptional/Extra- - -
ordinary Items
4 Profit/(Loss) before Tax (1.98) (2.20)
5 Profit after Tax (2.01) (2.22)
6 Total Comprehensive (2.16) (2.22)
Income
(B) ASSETS & LIABILITIES
1 Non Current Assets 796.10 796.13
2 Current Assets 5.22 5.06
3 Total Assets (1+2) 801.32 801.19
4 Equity Share Capital 496.50 496.50
5 Other Equity 284.61 286.77
6 Non Current Liabilities -- 0.12
7 Current Liabilities 20.21 17.80
8 Total Equity & 801.32 801.19
Liabilities (4+5+6+7)

11. JAYPEE UTTAR BHARAT VIKAS PRIVATE LIMITED (JUBVPL)

JUBVPL was incorporated on 31st May 2010 as Joint Venture Company of Jaypee Fertilizers & Industries Limited (JFIL), a wholly owned subsidiary of JAL and ISG Traders Limited (an investment arm of the promoter group of Duncans Industries Limited/DIL) with equal equity participation.

100% of its equity share capital is held by JFIL. JUBVPL had become a subsidiary of JFIL (& consequently of JAL also) w.e.f. 26th July 2017 and a wholly-owned subsidiary of JFIL & JAL w.e.f. 27th July 2017.

As mentioned above in the status of Jaypee Fertilizers & Industries Limited (JFIL), JFIL had made investments in KFCL, directly and through JUBVPL, and held 91.26% equity shares of KFCL as on 31st March 2020. 68.76% equity shares of KFCL are held by JUBVPL.

The financial position of JUBVPL for the financial year

2019-20 is as under:

(Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/19
(A) PROFITABILITY
1 Gross Total Revenue - -
2 Total Expenses 0.01 0.02
3 Exceptional/Extra- - -
ordinary Items
4 Profit/(Loss) before Tax (0.01) (0.02)
5 Profit after Tax (0.01) (0.02)
6 Total Comprehensive (0.01) (0.02)
Income
(B) ASSETS & LIABILITIES
1 Non Current Assets 400.00 400.00
2 Current Assets - -
3 Total Assets (1+2) 400.00 400.00
4 Equity Share Capital 20.00 20.00
5 Other Equity 379.92 379.93
6 Non Current Liabilities - -
7 Current Liabilities 0.08 0.07
8 Total Equity & Liabilities 400.00 400.00
(4+5+6+7)

12. KANPUR FERTILIZERS & CEMENT LIMITED (KFCL)

Kanpur Fertilizers & Cement Limited (KFCL) was incorporated on 31st May 2010. KFCL is a subsidiary of Jaypee Uttar Bharat Vikas Private Limited (JUBVPL) and JUBVPL is a wholly owned subsidiary of JFIL. As on 31st March 2020, 68.76% of KFCL's Equity share capital is held by JUBVPL and 22.50% is held by JFIL (total 91.26%).

Since, JUBVPL became a subsidiary of JFIL w.e.f. 26th July 2017, KFCL also became a subsidiary of JFIL w.e.f. 26th July 2017. As mentioned above in the status of Jaypee Fertilizers & Industries Limited (JFIL), KFCL is operating a fertilizer undertaking which is famous for ‘Chand Chhap' Urea. The commercial operations at the plant commenced w.e.f. 1st June 2014. All the three Urea and Ammonia streams, four bagging lines in bagging plant, two boilers having capacity of 70 TPH, one boiler with the capacity of 35 TPH, AFBC boiler, Hydrolyser stripper unit for treating nitrogenous effluent and ETP are operating satisfactorily. During the year under Report, KFCL has achieved 100% capacity utilization. Energy consumption of KFCL plant has reduced to 6.97 GCal per ton of urea from 7.12 GCal per ton of urea in the previous year 2018-19. Delay in subsidy resulted into delay in payment of interest to GAIL and KESCO and also delay in repayment of term loan of IIFCL. State Bank of India didn't allow repayment of loan from Yes Bank Limited (YBL) which was due since 30th June 2019. Yes Bank loan has been declared as NPA and the rating of the Company has been downgraded to "D" from "BBB-". While many sectors are under pressure due to the spread of corona virus, the fertilizer sector is not an exception due to shortage of manpower, stressed cash flow and lack of farmer participation to purchase fertilizers through POS machine.

Measures taken by various governments to contain the virus have affected economic activity. The Company has taken a number of measures to monitor and prevent the effects of the COVID-19 virus for safety and health measures for people (like social distancing and working from home) and securing the supply of materials that are essential to production process. At this stage, the impact on fertilizer business and results is limited. KFCL will continue to follow the various national policies & advice and parallel will also do its utmost to continue its operations in the best and safest way possible without jeopardizing the health of people.

In India, the lockdown on fertilizer movements and operations has led to substantial losses in domestic urea production. The major impact of COVID-19 on KFCL are:

1. Due to poor availability of contract labour and our own employees, the production and revenue of KFCL would be affected and it may experience negative results.

2. The plant could not be run on full capacity due to very slow receipt of bags and coal.

3. Supply of urea by road would be affected due to poor availability of trucks.

4. POS sales under DBT has been badly affected as the farmers are hesitant to scan the fingers on the machines. This has resulted into stocks remaining unbilled for subsidy.

5. There is severe cash crunch consequent upon delay in receipt of subsidy; and thus, power supply can be adversely affected.

6. GoI has not fixed the energy norms for subsidy payment to KFCL from FY 19-20 onwards.

Consequent to lockdown, the plant operations of KFCL with all three trains could be stabilized on 20th April 2020. In view of poor availability of labour/staff, the shortfall in production during April was around 20,000 MT. There is still shortage of trucks for inward and outward movement affecting production. KFCL is making efforts to improve the cash flow through better management of cash collected from dealers and also liasioning for higher quantum of subsidy during May and June, 2020. Henceforth, the investment of KFCL will remain protected.

The financial position of KFCL for the financial year

2019-20 is as under:

(Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue 2,479.92 2,477.37
2 Total Expenses 2,469.14 2,473.89
3 Exceptional/Extra- 8.56 0.08
ordinary Items
(expenses)
4 Profit before Tax 2.22 3.40
5 Profit after Tax 0.87 2.32
6 Total Comprehensive 0.83 2.29
Income
(B) ASSETS & LIABILITIES
1 Non Current Assets 818.62 946.22
2 Current Assets 1,563.93 1,275.12
3 Total Assets (1+2) 2,382.55 2,221.34
4 Equity Share Capital 290.96 290.96
5 Other Equity 534.92 534.09
6 Non Current Liabilities 172.16 243.09
7 Current Liabilities 1,384.51 1,153.20
8 Total Equity & 2,382.55 2,221.34
Liabilities (4+5+6+7)

AVIATION BUSINESS

13. HIMALYAPUTRA AVIATION LIMITED (HAL)

HAL was incorporated on 23rd July 2011 as a wholly-owned subsidiary of your Company, to undertake the civil aviation business, scheduled or non-scheduled private passenger and/or private cargo operations. HAL had obtained initial NOC from Ministry of Aviation to operate Non-Scheduled Air Transport Services. HAL has also obtained the renewal of the Non-Scheduled Air Transport Services Operators Permit (NSOP) from the Ministry of Aviation to operate Non-Scheduled Air Transport Services till 9th October 2023 which would again be renewed in due course.

The financial position of HAL for the financial year 2019-20 is as under:

(Rs. in Crore)
Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue 36.31 25.21
2 Total Expenses 27.15 22.10
3 Exceptional/Extra- ordinary items - -
4 Profit before Tax 9.15 3.11
5 Profit after Tax 9.15 3.11
6 Total Comprehensive Income 9.23 3.12
(B) ASSETS & LIABILITIES
1 Non Current Assets 37.12 29.35
2 Current Assets 6.06 8.04
3 Total Assets (1+2) 43.18 37.39
4 Equity Share Capital 10.00 10.00
5 Other Equity (30.69) (39.40)
6 Non Current Liabilities 41.15 9.68
7 Current Liabilities 22.72 57.11
8 Total Equity & Liabilities (4+5+6+7) 43.18 37.39

AGRI BUSINESS

14. JAIPRAKASH AGRI INITIATIVES COMPANY LIMITED

(JAICO)

Jaiprakash Agri Initiatives Company Limited (JAICO), was acquired by Jaypee Cement Corporation Limited, a wholly owned subsidiary of the Company on 25th March 2013 to diversify into agri business.

JAICO had set up soya and mustard processing plant at Rewa, Madhya Pradesh. Jaypee Oilseeds Processing Complex has facilities to handle all types of products and by-products from Soya and Mustard. However, the production activities of Soya/ Mustard oil have been stopped and the plant is under preventive maintenance.

The financial position of JAICO for the financial year

2019-20 is as under:

(Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue 0.05 0.23
2 Total Expenses 17.26 18.89
3 Exceptional/Extra- ordinary items (loss) -- (28.66)
4 Profit before Tax (17.21) (47.32)
5 Profit after Tax (17.21) (47.32)
6 Total Comprehensive Income (17.21) (47.32)
Year ended 31/03/2020 Year ended 31/03/2019
(B) ASSETS & LIABILITIES
1 Non Current Assets 47.71 51.92
2 Current Assets 6.45 6.47
3 Total Assets (1+2) 54.16 58.39
4 Equity Share Capital 55.10 55.10
5 Other Equity (145.49) (128.28)
6 Non Current Liabilities 56.74 50.66
7 Current Liabilities 87.81 80.91
8 Total Equity & Liabilities (4+5+6+7) 54.16 58.39

REAL ESTATE BUSINESS

15. YAMUNA EXPRESSWAY TOLLING LIMITED (YETL)

(Formerly known as Jaypee Mining Venture Private Limited)

Jaypee Mining Ventures Private Limited (JMVPL) was incorporated on 31st March 2010. Name of JMVPL was changed to Yamuna Expressway Tolling Private Limited (YETPL) on 24th March 2017. Name of YETPL, consequent upon conversion to a public company, was changed to Yamuna Expressway Tolling Limited (YETL) on 5th April 2017.

The said company became a subsidiary of JAL w.e.f. 25th March 2017 and wholly owned subsidiary of JAL w.e.f. 20th April 2017.

The Objects Clause of the said company had also been altered to undertake business of Development of Infrastructure & Real Estate and operating & maintaining expressways including toll collection.

The financial position of YETL for the financial year 2019-20 is as under:

(Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue - -
2 Total Expenses 67.49 61.14
3 Exceptional/Extra- ordinary items
4 Profit before Tax (67.49) (61.14)
5 Profit after Tax (67.49) (61.14)
6 Total Comprehensive Income (67.49) (61.14)
(B) ASSETS & LIABILITIES
1 Non Current Assets - -
2 Current Assets 607.35 607.35
3 Total Assets (1+2) 607.35 607.35
4 Equity Share Capital 0.05 0.05
5 Other Equity (159.07) (91.58)
6 Non Current Liabilities 468.00 534.00
7 Current Liabilities 298.37 164.88
8 Total Equity & 607.35 607.35
Liabilities (4+5+6+7)

16 & 17.

NOTE ABOUT TWO SUBSIDIARIES VIZ. JAYPEE

INFRATECH LIMITED (JIL) AND JAYPEE HEALTHCARE LIMITED (JHCL, WHOLLY OWNED SUBSIDIARY OF JIL)

Hon'ble NCLT (Principal Bench), New Delhi in terms of its Order dated 3rd March 2020 has approved the

Resolution Plan (with certain modifications) of Jaypee

Infratech Limited (JIL). NBCC (India) Limited was thereby declared as the successful Resolution Applicant.

However, NBCC (India) Limited has filed an appeal against the said Order of NCLT before Hon'ble NCLAT. NCLAT vide its Order dated 22nd April 2020 issued notices to all the Respondents and also constituted an

Interim Monitoring Committee (IMC) which is to remain in place till the disposal of the said appeal. Further, the Order dated 3rd March 2020 of NCLT has been subjected to the outcome of the appeals before NCLAT.

The Company [JAL] has also filed an appeal before

Hon'ble NCLAT against the said NCLT Order dated 3rd

March 2020 for certain modifications in the Resolution

Plan. Notices have been issued to the Respondents and the implementation of the Plan has been subjected to the outcome of JAL's appeal. The IRP, Yes Bank Limited and a group of homebuyers have also filed appeals against the said Order of NCLT and thus the implementation of the Resolution Plan has been subjected to the outcome of the appeals.

Thus, JIL has been under the IRP since 9th August 2017 and an Interim Monitoring Committee (IMC) has been constitution since 22nd April 2020 and the Order dated 3rd March 2020 of NCLT has been assailed by various parties including the successful Resolution Applicant.

Since JIL could not make available its Financial Statements upto 31st March 2020 to JAL, its Financial Statements upto 31st December 2019 only have been consolidated in the Financial Statements of JAL (i.e. the last date upto which its Financial Statements were available). Similarly, the Financial Statements of Jaypee Healthcare Limited (JHCL) (wholly owned subsidiary of JIL) have been consolidated upto 31st December 2019 only.

As on date, the Company is holding 60.98% of the share capital of Jaypee Infratech Limited (JIL)while JIL holds 100% share capital of JHCL. Post appeal procedure of Resolution Plan, if the Resolution Plan is fully implemented, the Company/JAL (being promoter) would cease to hold any shares of Jaypee Infratech Limited and Jaypee Healthcare Limited (wholly owned subsidiary of JIL)would also cease to be a step down subsidiary of JAL.

Brief information about JIL & JHCL is as under:

A. JAYPEE INFRATECH LIMITED (JIL)

Jaypee Infratech Limited (JIL) has developed Yamuna

Expressway project which inter-alia includes 165 km six lane access controlled expressway from Noida to Agra with provision for expansion to eight lane with service roads and associated structures. Yamuna Expressway was opened for public on 9th August 2012 and commenced toll collection w.e.f. 16th August 2012. JIL has also undertaken development of its Land Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at Agra. The Company was under Corporate Insolvency Resolution Process pursuant to NCLT Allahabad Order dated 9th August 2017; thereafter some home-buyers had filed cases in Hon'ble Supreme Court against the said Order. Pursuant to Order of Hon'ble Supreme Court, the Corporate Insolvency Resolution Process was started afresh after considering home-buyers as creditors. JIL is, however, still proceeding with construction & handing over of apartments/units every month to homebuyers. On 3rd March 2020, Hon'ble NCLT (Principal Bench), New Delhi has approved the

Resolution Plan (RP) with modifications. The financial position of JILfor the period ended 31st December 2019 is as under: (Rs. in Crore)

s 9 months period ended 31/12/2019 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue 1,271.68 1,292.80
2 Total Expenses 2,505.54 2,596.62
3 Exceptional/Extra- - -
ordinary items
4 Profit before Tax (1,233.86) (1,303.82)
5 Profit after Tax (1,233.86) (1,325.69)
6 Total Comprehensive (1,233.90) (1,325.73)
Income
(B) ASSETS & LIABILITIES
1 Non Current Assets 10,592.93 10,626.21
2 Current Assets 13,042.53 13,692.67
3 Total Assets (1+2) 23,635.46 24,318.88
4 Equity Share Capital 1,388.93 1,388.93
5 Other Equity (1,451.28) (217.38)
6 Non Current Liabilities 6,532.38 6,817.35
7 Current Liabilities 17,165.43 16,329.98
8 Total Equity & 23,635.46 24,318.88
Liabilities (4+5+6+7)

B. JAYPEE HEALTHCARE LIMITED (JHCL)

Jaypee Healthcare Limited (JHCL) was incorporated on 30thOctober 2012 as a wholly owned subsidiary of Jaypee Infratech Limited (JIL) for the establishment of "Jaypee Hospital" with the vision of promoting world-class healthcare amongst the masses by providing quality and affordable medical care with commitment. "Jaypee Hospital", the flagship hospital of Jaypee

Group, is located at Wish Town, Sector 128, NOIDA, U.P. It has been built across a sprawling 25 acre campus comprising of 504 Beds and was made operational in first phase from 1st April 2014 with various facilities like

OPD, Radiology, Lab, and Executive Health Check up. Jaypee Hospital, Noida established itself as a major Transplant Centre by performing various Transplants which includes Kidney Transplants and Liver Transplants. The Key specialties such as Cardiac, Orthopedics, Renal Sciences and Oncology contribute about 50% of JHCL's total revenue. It also conducts various health talks, RTM & camps and Continuing Medical Education (CME) programmes across the country. Jaypee Hospital, Chitta, is also operating successfully. Its Key specialties are Obst.&Gynae, Orthopedics, Urology & General Surgery which contributed majority of its total revenue.

During FY 2018-19, Anoopshahr Unit of JHCL became operational and IPD operations commenced from March, 2019.

Jaypee Healthcare Limited has committed itself to extend support to the noble cause of fight against

COVID-19 and handed over the Hospitals at Chitta, Bulandshahr and Anoopshahr to the District Magistrate for the welfare of Covid -19 patients. The 48 bed Jaypee Hospital at Chitta with all the existing infrastructure and facilities was dedicated in treating Covid- 19 patients and 35 bed Jaypee Hospital, Anoopshahr along with the boys hostel adjacent to the hospital functioned as isolation units. These facilities would remain with the District Magistrate till the end of this Pandemic. Jaypee Hospital at Noida has also earmarked 20 beds isolation ward to treat Covid-19 patients. There is a separate team of doctors and support staff to cater to these patients.

The financial position of JHCL for the period ended 31st December 2019 is as under:

(Rs. in Crore)
9 months Period ended 31.12.2019 Year ended 31.03.2019
(A) PROFITABILITY
1 Gross Total Revenue 225.70 320.59
2 Total Expenses 301.40 397.06
3 Exceptional/Extra- - -
ordinary items
4 Profit /(Loss) before Tax (75.69) (76.47)
5 Profit/ (Loss) after Tax (75.69) (76.47)
6 Total Comprehensive (75.87) (76.44)
Income
(B) ASSETS & LIABILITIES
1 Non Current Assets 871.14 899.74
2 Current Assets 60.77 60.51
3 Total Assets (1+2) 931.91 960.25
4 Equity Share Capital 427.50 427.50
5 Other Equity (431.93) (356.06)
6 Non Current Liabilities 530.29 522.26
7 Current Liabilities 406.05 366.55
8 Total Equity & 931.91 960.25
Liabilities (4+5+6+7)

ANNEXURE-2. OF DIRECTORS REPORT ASSOCIATES & JOINT VENTURES AS ON 31ST MARCH 2020

As on 31st March 2020, the Company (JAL) has following Associate Companies and Joint Ventures viz. Jaiprakash Power Ventures Limited, Madhya Pradesh Jaypee Minerals Limited, MP Jaypee Coal Limited, MP Jaypee Coal Fields Limited, RPJ Minerals Private Limited and Sonebhadra Minerals Private Limited.

Their status has been discussed below:

1. JAIPRAKASH POWER VENTURES LIMITED (JPVL) SHAREHOLDING OF JAL IN JPVL & JPVL's

SUBSIDIARIES

W.e.f. 18.02.2017, Jaiprakash Power Ventures Limited (JPVL) became an Associate Company of JAL in place of a subsidiary and JAL's holding was reduced to 29.74% of its total share capital.JAL's holding has further reduced from 29.74% to 26.06% in January 2020 pursuant to Debt restructuring by JPVL.

The subsidiaries of JPVL are as under:

S. No. Subsidiaries of JPVL
1 Jaypee Powergrid Ltd.
74% subsidiary of JPVL w.e.f. 30.01.2007, 26% is held by Power Grid Corporation of India Limited.
2 Jaypee Arunachal Power Ltd.
100% Subsidiary of JPVL w.e.f. 23.04.2008.
3 Sangam Power Generation Company Ltd.
*100% Subsidiary of JPVL w.e.f. 23.07.2009
4 Jaypee Meghalya Power Ltd.
100% Subsidiary of JPVL w.e.f. 26.08.2010.
5 Bina Power Supply Ltd.
100% Subsidiary of JPVL w.e.f. 14.03.2014.

Note: Prayagraj Power Generation Company Ltd. (PPGCL) was Subsidiary of JPVL from 23.07.2009 to 17.12.2017 only. On 18.12.2017, the Lenders of PPGCL, through their trustee, SBI Cap Trustee Company Limited, had invoked the pledge on 261,91,89,200 equity shares (i.e. 88.51% Equity share capital) & 27 crore optionally convertible preference shares of PPGCL which were held by JPVL. The said shares were transferred in favour of the trustee on 18.12.2017. Thus, PPGCL is no more a subsidiary of JPVL w.e.f. 18.12.2017. w.e.f. 04.12.2019, the management control of PPGCL has been given to

Renascent Power Ventures Private Limited, Mumbai and all existing Directors of PPGCL had resigned. This was pursuant to the Share Purchase Agreement (SPA) signed by Lenders of PPGCL on 14.11.2018 with Resurgent Power Ventures Pte. Ltd., Singapore (as the Investor) and Renascent Power Ventures Private Limited, Mumbai (as the Purchaser) to sell to the Purchaser the Shares of PPGCL. JAL, however, continues to hold 11.49% Equity Shares of PPGCL.

1.1 JPVL's PLANTS AND OPERATIONS

JPVL is engaged in the business of thermal and hydro power generation, coal mining and cement grinding. The company presently owns and operates three Power plants with an aggregate capacity of 2220 MW, Cement Grinding Unit and Coal Mine as per details given below: (i) 400 MW Vishnuprayag Hydro-Electric Plant in the State of Uttarakhand, which is in operation since October 2006.

(ii) 500 MW Jaypee Bina Thermal Power Plant in Distt. Sagar (M.P.) consisting of two units of 250 MW each, First unit had been in operation since August 2012 and second unit since April 2013. (iii) 1320 MW Jaypee Nigrie Super-critical Thermal Power Plant (JNSTPP) in Distt. Singrauli (M.P.) consisting of two units of 660 MW each, First unit had been in operation since September 2014 and second unit since February 2015.

(iv) Cement Grinding facility at Nigrie called Jaypee Nigrie Cement Grinding Unit with an installed capacity of 2 MTPA.

(v) Amelia (North) Coal Mine in Distt. Singrauli, Madhya Pradesh, which was acquired through e-auction in2015 with annual capacity of 2.80 MTPA. Entire coal produced by the said coal mine is being utilized for Power Generation at JNSTPP. The Plant availability, Plant load factor and net saleable energy generation of Hydro and Thermal Power Plants for the Financial Year 2019 - 20 were as under:

Plant Plant Availability (%) Plant Load Factor (%) Net Saleable Energy Generation (MU)
Jaypee Vishnuprayag Hydro Power Plant (400 MW) 99.33% 56.88% 1735.77
Jaypee Bina Thermal Power Plant [500 MW - Phase I (of 1200 MW)] 84.91% 56.49% 2259.99
Jaypee Nigrie Supercritical Thermal Power Plant (1320 MW) 86.02% 54.44% 5806.44

The saleable energy generation for the year has been 9802.20 MUs as compared to 10656.28 MUs during previous year i.e. lower by 854.08 MUs.

The performance of various plants in operation is given as under:

400 MW Jaypee Vishnuprayag Hydro Power Plant

400 MW Jaypee Vishnuprayag Hydro Power Plant is located at District Chamoli, Uttarakhand. The main equipment for the project was supplied by Alstom (France). JPVL has a PPA with

Uttar Pradesh Power Corporation Limited to supply 88% of net power generated and the remaining 12% is supplied free of cost to Uttarakhand Power Corporation Limited for delivery to the Government of Uttarakhand. The performance of Vishnuprayag Hydro Power Plant during the Financial Year 2019-20 has been very good. Actual energy generated during the year was more than the Design Energy. The total generation of energy during the Financial Year 2019-20 was 1998.59 MUs and net saleable energy was 1735.77 MUs as against the generation of 1932.02 MUs and net saleable energy of 1676.52 MUs, during the previous year, respectively. The difference between the last year and current year generation being attributable to hydrology.

500 MW (Phase I of 1200 MW) Jaypee Bina Thermal Power Plant

Jaypee Bina Thermal Power Plant (JBTPP) located at Village Sirchopi, District Sagar, Madhya Pradesh, is a coal based thermal power plant having an installed capacity of 500 MW (2X250 MW).

JPVL has executed a Power Purchase Agreement (PPA) with Madhya Pradesh Power Management Company Ltd. (MPPMCL) to supply 65% of installed capacity at tariff determined by MPERC guidelines and with Government of Madhya Pradesh (GoMP) to supply 5% of actual generation at variable cost which is also to be supplied to MPPCL on behalf of (GoMP). Thus the Plant supplies 70% of the installed capacity on long-term basis to MPPMCL in terms of the Power Purchase Agreements executed with them and balance of installed capacity is to be sold as merchant power.

MPPMCL had restricted off-take to 70%/60% of the contracted capacity due to low demand of power in the State. However, MPPMCL is not adhering to the above restriction of 70%/60% of the contracted capacity and is giving despatch schedules of 3-5 hours per day only or schedule very low off take, which is technically not feasible to run the Plant optimally, forcing Company to sell balance power to power exchanges at unremunerative prices. During the year 2019-20, a total of 1673.18 MUs power could be sold through power exchange, out of which 27.15 MUs were at the remunerative rate, 68.04 MUs were on Bilateralbasis and balance 1577.99 MUs were to meet technical minimum requirement of the plant.

The gross energy generation of JBTPP was 2480.94 MUs during the year 2019 -20 as compared to 2503.87 MUs during the previous year, thus was lower by 22.93 MUs.

1320 MW Jaypee Nigrie Supercritical Thermal Power Plant

1320 MW (2x660 MW) Coal based Jaypee Nigrie Supercritical Thermal Power Plant is located in Nigrie village, Tehsil Sarai in Singrauli district of Madhya Pradesh. Steam Generator and Steam Turbine Generator have been procured from L&T-MHI and Larsen & Toubro Limited respectively.

The Plant has long term PPAs with MPPMCL to supply 30% of installed capacity at tariff determined by MPERC guidelines and with GoMP to supply 7.5% of actual generation at variable cost which is also to be supplied to MPPMCL on behalf of GoMP. Part of Energy generation is also sold on merchant basis through bilateral arrangements and through Indian Energy Exchange & Power Exchange of India Limited. The operations have been adversely affected due to non-availability of long term PPA(s) and non-availability of coal for the part capacity of the plant.

The gross energy generation of the Plant was 6312.59 MUs during the year 2019-20 as compared to 7330.44 MUs in the previous year, which was lower by 1017.85 MUs. During the year 2019 -20, 2554.86 MUs power was sold as merchant sales. . The Company achieved a PLF of 54.44 % as compared to 63.39 % in the previous year.

Amelia (North) Coal Mine Block

JPVL has a captive coal mine, Amelia (North), with an annual drawing capacity of 2.8 MTPA. The Coal production from the mine commenced w.e.f. 26th May, 2015. The coal production during the financial year 2019-20 was 2.8 Million Tonne i.e.

Peak rated capacity of the plant.

Jaypee Nigrie Cement Grinding Unit at Nigrie

2 MTPA Jaypee Nigrie Cement Grinding Unit at Nigrie, Distt. Singrauli in Madhya Pradesh, started commercial operations w.e.f. 3rd June 2015. Its total production of Cement during FY 2019-20 was Nil as against 48,561 MT in FY 2018 -19 mainly because of non-availability of Clinker.

The financial position of JPVL for the financial year 2019-20 is as under: (Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue 3,358.37 3,874.09
2 Total Expenses 3,525.04 4,460.22
3 Exceptional items [gain/ (2,513.61) 52.68
(-) loss]
4 Profit before Tax (2,680.28) (533.45)
5 Profit after Tax (3,504.63) (377.88)
6 Total Comprehensive (3,505.05) (377.76)
Income
(B) ASSETS & LIABILITIES
1 Non Current Assets 16,407.59 19,635.76
2 Current Assets 1,288.33 4,332.81
3 Total Assets (1+2) 17,695.92 23,968.57
4 Equity Share Capital 6,840.45 5,996.00
4A Instrument entirely equity in nature 3,805.53 -
5 Other Equity (414.81) 2,991.70
6 Non Current Liabilities 5,454.96 7,811.37
7 Current Liabilities 2,009.79 7,169.50
8 Total Equity & Liabilities 17,695.92 23,968.57
(4 + 7)

1.2 JAYPEE POWERGRID LIMITED (JPL)

Jaypee Powergrid Limited (JPL) is a joint venture company of JPVL with Power Grid Corporation of India Limited and has set up Transmission System comprising of 400 kV Quad Bundle Conductor Double Circuit Line from Karcham Wangtoo HEP Pothead yard at Wangtoo to Abdullapur (219.80 KM) which has been in commercial operation w.e.f. 1st April 2012 and another LILO of Baspa-Nathpa-Jhakri Transmission Line (4 KM) has been in commercial operation w.e.f. 1st June 2011. The total capital expenditure on the project has been Rs. 1004.47 crore as on 31.03.2020. The System is operating satisfactorily with cumulative availability of transmission system for FY 2019-20 at 99.53%. Total revenue of Rs.164.58 crore was earned from the system during FY 2019-20.

The financial position of JPL for the financial year 2019-

20 is as under:

(Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue 163.50 164.85
2 Total Expenses 96.59 100.53
3 E x c e p t i o n a l / E x t r a - - -
ordinary items
4 Profit before Tax 66.91 64.32
5 Profit after Tax 57.28 52.61
6 Total Comprehensive 57.27 52.62
Income
(B) ASSETS & LIABILITIES
1 Non Current Assets 653.04 704.92
2 Current Assets 75.13 105.82
2A Regulatory Deferral 27.73 37.75
Account Balances
3 Total Assets (1+2+2A) 755.90 848.49
4 Equity Share Capital 300.00 300.00
5 Other Equity 132.54 95.16
6 Non Current Liabilities 224.94 316.71
7 Current Liabilities 98.42 136.62
8 Total Equity & 755.90 848.49
Liabilities (4+5+6+7)

1.3 JAYPEE ARUNACHAL POWER LIMITED (JAPL)

Jaypee Arunachal Power Limited (JAPL) was incorporated by JPVL as its wholly owned subsidiary to set up 2700 MW Lower Siang and 500 MW Hirong H.E. Projects in the State of Arunachal Pradesh. JPVL alongwith its Associates will ultimately hold 89% of the Equity of JAPL and the balance 11% will be held by the Government of Arunachal Pradesh.

For the 2700 MW Lower Siang Hydro Electric Project,

Central Electricity Authority (CEA) concurrence for Detailed Project Report (DPR) was obtained in February, 2010 and the concurrence had been extended by CEA. Based on the recommendations of State Government, Regional unit of MOEF, GOI is processing the forest clearance, forest clearance case is under scrutiny with Nodal officer, Itanagar. Draft Rehabilitation & Resettlement Plan is submitted to State Govt. for its approval. Power Purchase Agreements are to be submitted for final approval.The details submitted to

CEA for getting concurrence of Detailed Project Report revalidated. The cases of land acquisition, extension of validity of ToR for EIA/ EMP reports are being pursued with State Government. More field surveys have been carried out.

For 500 MW Hirong Hydro Electric Project, CEA concurrence for the DPR has been obtained. The Company has requested CEA for extension of Validity of TEC. In view of the Cumulative Impact studies of Siang Basin, the same is under consideration. Public hearing had been conducted and the final EIA & EMP report has been submitted to Ministry of Environment & Forest for environment clearance. MoEF has asked for additional Cumulative Impact studies of Siang Basin. The impact of Cumulative Impact studies of Siang Basin has been studied and submitted. After its review by MoEF, extension of validity of concurrence for the DPR will be accorded. Based on the recommendations of State Government, Regional unit of MoEF, GOI is processing the forest clearance.

An amount of approx. Rs.228.30 crore has been incurred in respect of the aforesaid projects upto 31st March, 2020.

The financial position of JAPL for the financial year

2019-20 is as under:

(Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue - -
2 Total Expenses 0.18 0.39
3 Exceptional/Extra- ordinary items - -
4 Profit before Tax (0.18) (0.39)
5 Profit after Tax (0.18) (0.39)
6 Total Comprehensive Income (0.18) (0.39)
(B) ASSETS & LIABILITIES
1 Non Current Assets 226.26 226.37
2 Current Assets 0.16 0.11
3 Total Assets (1+2) 226.42 226.48
4 Equity Share Capital 228.62 228.52
5 Other Equity (3.86) (3.68)
6 Non Current Liabilities - -
7 Current Liabilities 1.66 1.64
8 Total Equity & 226.42 226.48
Liabilities (4+5+6+7)

1.4 SANGAM POWER GENERATION COMPANY LIMITED

(SPGCL)

Sangam Power Generation Company Limited (SPGCL) was acquired by JPVL from Uttar Pradesh Power Corporation Limited (UPPCL) through competitive bidding process, for the implementation of 1320 MW (2 x 660 MW) Thermal Power Project (with permission to add one additional unit at 660 MW) in Tehsil Karchana of District Allahabad, Uttar Pradesh.

SPGCL executed Deed of Conveyance with Uttar Pradesh Power Corporation Limited (UPPCL) but the District Administration could not hand over physical possession of land to SPGCL due to local villagers' agitation. As such, no physical activity could be started on the ground. SPGCL has written to UPPCL and all procurers that the Power Purchase Agreement is rendered void and cannot be enforced. As such, it was, inter-alia, requested that Company's claims be settled amicably for closing the agreement(s). Due to abnormal delay in resolving the matter by UPPCL, SPGCL has withdrawn all its undertakings given to UPPCL and lodged a claim of Rs. 1157.22 Crore on them vide its letter no. SPGCL/NOIDA/2018/01 dated 13.03.2018.

Further SPGCL has filed a petition with Hon'ble Uttar

Pradesh Electricity Regulatory Commission (UPERC) for release of performance bank guarantee and payment of certain claims.

Hon'ble UPERC has concluded the hearing and vide order dated 28th June, 2019 has directed UPPCL as under: a) The Power Purchase Agreement dated 17th October, 2008 and Share Purchase Agreement dated 23rd July, 2009 would stand terminated. As a consequence of termination of Share Purchase Agreement, the Respondant (UPPCL) shall become the owner of SPGCL. b) Allowed reimbursement of actual expenses of Rs. 251.37 crores and allowed simple interest @9% on Rs. 149.25 crores which include expenditure on Land, Advances and Admin. Expenses. c) The Respondent will immediately release the Bank Guarantee provided by the Petitioner (SPGCL).

UPPCL has filed reserved. SPGCL has also filed a counter appeal with APTEL.

An amount of Rs. 549.22 crore has been spent on the Project up to 31st March, 2020.

The financial position of SPGCL for the financial year

2019-20 is as under:

(Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue 0.25 0.27
2 Total Expenses 2.24 3.62
3 Exceptional/Extra- - -
ordinary items (loss)
4 Profit before Tax (1.99) (3.35)
5 Profit after Tax (2.60) (7.31)
6 Total Comprehensive (2.55) (7.31)
Income
(B) ASSETS & LIABILITIES
1 Non Current Assets 228.77 228.75
2 Current Assets 4.78 4.61
3 Total Assets (1+2) 233.55 233.36
4 Equity Share Capital 551.98 551.98
5 Other Equity (326.44) (323.83)
6 Non Current Liabilities - -
7 Current Liabilities 8.01 5.21
8 Total Equity & Liabilities 233.55 233.36
(4+5+6+7)

1.5 JAYPEE MEGHALAYA POWER LIMITED (JMPL)

Jaypee Meghalaya Power Limited (JMPL) was incorporated by JPVL as its wholly owned subsidiary to implement 270 MW Umngot HE Project in the Umngot River Basin of Meghalaya and 450 MW Kynshi-II HE Project in the Kynshi River Basin on BOOT (Build, Own, Operate and Transfer) basis. JPVL alongwith its associates will ultimately hold 74% of the equity of JMPL and the balance 26% will be held by the Government of Meghalaya.

There has not been any change in the progress status as reported in the last year's Annual Report.

An aggregate amount of approx. Rs. 8.50 crores has been spent on the above said two projects upto March, 2020.

The financial position of JPML for the financial year

2019-20 is as under:

(Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue - -
2 Total Expenses 0.02 0.11
3 Exceptional/Extra-ordinary items -
4 Profit before Tax (0.02) (0.11)
5 Profit after Tax (0.02) (0.11)
6 Total Comprehensive (0.02) (0.11)
Income
(B) ASSETS & LIABILITIES
1 Non Current Assets 8.10 8.12
2 Current Assets 0.13 0.14
3 Total Assets (1+2) 8.23 8.26
4 Equity Share Capital 8.41 8.41
5 Other Equity (0.29) (0.26)
6 Non Current Liabilities - -
7 Current Liabilities 0.11 0.11
8 Total Equity & Liabilities 8.23 8.26
(4+5+6+7)

1.6 BINA POWER SUPPLY LIMITED (BPSL)

(Formerly known as Himachal Karcham Power Company Limited/ HKPCL)

Himachal Karcham Power Company Limited (HKPCL) was incorporated as a subsidiary company of JPVL on 14th March 2014. The name of HKPCL was subsequently changed to Bina Power Supply Limited (BPSL) w.e.f. 28th September 2015. Presently it is not carrying on any operations.

A Securities Purchase Agreement (SPA) was entered into between JPVL and JSW Energy Limited (JSWEL) for purchase of 100% shareholding of BPSL and thus transfer of 500 MW Bina Project from JPVL to its subsidiary, BPSL. Consequent to termination of the said SPA (which was extended upto 31st December 2017), the Scheme of Arrangement for transfer of 500 MW Bina Project from JPVL to BPSL would not be implemented.

The financial position of BPSL for the financial year 2019-20 is as under:

(Rs. in Crore)
Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue - -
2 Total Expenses - -
3 Exceptional/Extra- ordinary items - -
4 Profit before Tax - -
5 Profit after Tax - -
6 Total Comprehensive Income - -
(B) ASSETS & LIABILITIES
1 Non Current Assets - -
2 Current Assets 0.03 0.03
3 Total Assets (1+2) 0.03 0.03
4 Equity Share Capital 0.05 0.05
5 Other Equity (0.02) (0.02)
6 Non Current Liabilities - -
7 Current Liabilities - -
8 Total Equity & Liabilities (4+5+6+7) 0.03 0.03

1.7 NOTE ON ERSTWHILE SUBSIDIARY OF JPVL VIZ. PRAYAGRAJ POWER GENERATION COMPANY

LIMITED (PPGCL):

Prayagraj Power Generation Company Limited (PPGCL), acquired by JPVL from Uttar Pradesh Power Corporation Limited through competitive bidding process, had implemented 1980 MW (3x660 MW) Thermal Power Project in Tehsil Bara of District Allahabad, Uttar Pradesh and all the three units were in operation. Since the operations of PPGCL were not satisfactory due to paucity of working capital/ limited resource of the Company, thus resulting in losses. As such, the Company was not being able to pay interest regularly from February, 2017 onwards. The lenders in the JLF meeting held on 20th November, 2017 decided to invoke the entire pledge of shares of Company's holding in PPGCL pledged as collateral security for financing of PPGCL and on 18.12.2017

SBICAP Trustee Company Limited (SBICAP) transferred the entire shareholding of Company in PPGCL (equivalent to 89.47% of total capital of PPGCL) in its name on behalf of the Lender(s). SBICAP vide letter dated 19th December, 2018 had further informed that the Lenders had further decided to change the ownership of PPGCL by way of transfer of the Pledged Equity Shares and Pledged Preference Shares under a Resolution Plan in accordance with the extant guidelines and regulations of the Reserve Bank of India.

A Share Purchase Agreement (SPA) was entered into on 13th November, 2018 by and amongst the Banks and Financial Institutions (as the Lenders), Resurgent Power Ventures Pte. Ltd., Singapore (as the Investor), Renascent Power Ventures Private Limited, Mumbai (as the Purchaser), PPGCL (as the Company) and SBICAP Trustee Company Limited (as the Seller), to sell to the Purchaser, on the completion of commencement date, the Equity Shares and the Preference Shares, together with all rights, benefits and entitlements attaching thereto, free and clear of any Encumbrances, for the consideration in accordance with this Agreement. For approval of change in Management of PPGCL, SBI approached to UPPCL, who asked SBI to approach to UPERC for their approval. UPERC in its order dated 29th March, 2019, has approved the change of Management subject to Resurgent Power reducing fixed capacity charges by Rs. 0.14 per unit in each year for the remaining terms of the PPA starting from

01.04.2020 and also withdraw all the cases filed by

PPGCL against UPPCL in UPERC. Against the order of

UPERC, Resurgent Power filed Appeal in APTEL. APTEL vide its order dated the 27th September, 2019 upheld the approvals/waiver/ relaxation granted by UPERC but without any reduction of adopted tariff.

SBICAP Trustee vide its letter dated 2nd December, 2019 had informed that all the equity shares and preference shares would be transferred to new entity viz. Renascent Power Ventures Private Limited w.e.f. 4th December, 2019. The shares held by JPVL in PPGCL, have since been transferred to Renascent Power Ventures Private Limited and all the existing directors of PPGCL had resigned from the Board of PPGCL w.e.f. 4th December, 2019.

2. MADHYA PRADESH JAYPEE MINERALS LIMITED (MPJML)

Incorporated on 21st February 2006, MPJML is a JV Associate of JAL.The JV Partner of this company is Madhya Pradesh State Mining Corporation Limited (MPSMCL). 49% of its share capital is held by JAL and

51% by MPSMCL.

Amelia (North) Coal Mine was allotted to Madhya Pradesh State Mining Corporation Limited (MPSMCL) by Ministry of Coal in the year 2005. MPSMCL decided to develop the Coal Mine through JV route and selected Jaiprakash Associates Limited as JV partner through competitive bidding. MPJML was incorporated for production and supply of coal to Jaiprakash Power Venture Limited (JPVL), for its 2 X 660 MW Nigrie Thermal Power Plant. MPJML after obtaining necessary approvals and permissions from statutory authorities including permission to open the mine started production in December 2013 with coal production of 4600 tonne in the year 2013-14. The production in Amelia (North) coal block was enhanced synchronizing the same with commissioning of Unit I (I X 660MW) of Nigrie Thermal Power Plant in the month of September 2014.

Hon'ble Supreme Court of India through its judgment dated 24th September 2014 cancelled 204 Coal Mines allocated between 1993 and 2011. Amelia (North) Coal Mine was amongst 204 Coal Mines cancelled by Hon'ble Supreme Court of India. Subsequent to cancellation of the Coal Block by Hon'ble Supreme Court of India during FY 2014-15, the said coal block was allocated to new allottee (JPVL) by the Ministry of Coal, Government of India. In terms of The Coal Mines (Special Provisions) Act 2015, the new allottee was to pay to the prior allottee, a fixed amount for the value of Land and Mine

Infrastructure, cost of preparation of geological report borne by the prior allottee, cost of obtaining all statutory licenses, permits, permissions, approvals, clearances or consents relevant to mining operations borne by the prior allottee and the transaction expenses.

The Ministry of Coal (MOC) had admitted an amount of Rs.136.58 crores (including transaction expenses of Rs.16.85 Lacs) to MPJML, as a compensation for land and mine infrastructure.

After cancellation of Amelia (North) Coal Mine, MPJML is left with no business operation to do. Therefore, MPSMCL, the holding Company of MPJML, is seeking legal advice for initiating action for winding up the Company. JAL has already given its approval for winding up of MPJML.

The financial position of MPJML for the financial year

2019-20 is as under:

(Rs. in Crore)

Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue 0.29 1.47
2 Total Expenses 0.04 0.04
3 Exceptional/Extra- - -
ordinary items
4 Profit before Tax 0.25 1.43
5 Profit after Tax 0.21 1.03
6 Total Comprehensive 0.21 1.03
Income
(Rs. in Crore)
Year ended 31/03/2020 Year ended 31/03/2019
(B) ASSETS & LIABILITIES
1 Non Current Assets 7.11 6.87
2 Current Assets 5.38 5.40
3 Total Assets (1+2) 12.49 12.27
4 Equity Share Capital 61.22 61.22
5 Other Equity (148.43) (148.64)
6 Non Current Liabilities 98.99 98.99
7 Current Liabilities 0.71 0.70
8 Total Equity & Liabilities 12.49 12.27
(4+5+6+7)

3. MP JAYPEE COAL LIMITED (MPJPCL)

Incorporated on 14th May 2009, MPJPCL is a JV Associate of JAL. The JV Partner of this company is Madhya Pradesh State Mining Corporation Limited (MPSMCL). 49% of its share capital is held by JAL and 51% by MPSMCL.

Dongri Tal-II Coal Mine was allocated to Madhya Pradesh State Mining Corporation Limited (MPSMCL) by Ministry of Coal in the year 2008. MPSMCL decided to develop the Coal Mine through JV route and selected Jaiprakash Associates Limited as JV partner through competitive bidding. MPJPCL was incorporated as a special purpose vehicle for producing and supplying coal from Dongri Tal II to Jaiprakash Power Ventures Limited (JPVL), for its 2 X 660 MW Nigrie Super Thermal Power Plant. MPJPCL had made substantial progress in obtaining approvals and permissions from statutory authorities and had developed the Coal Mine and was about to start production of Coal. In the meantime, on 24th September 2014, the Supreme Court of India through its judgment cancelled 204 Coal Mines allocated between 1993 and 2011. Dongri Tal-II Mine was amongst 204 Coal Mines cancelled by the Supreme Court of India. Subsequent to cancellation of Coal Blocks, the Ministry of Coal through the Nominated Authority had started the process for electronic auction of Coal Mines. However, Dongri Tal-II is yet to be allocated to a new party. The new allottee will pay to the company (MPJPCL), a fixed amount for the value of land and Mine Infrastructure etc. In view of this, till the auction of Coal Block and its reallocation to a new party and receipt of compensation amount, MPJPCLneeds to continue its operations for protection of its rights, maintenance of infrastructure, etc.

The financial position of MPJPCL for the financial year

2019-20 is as under:

(Rs. in Crore)
Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue 0.01 0.02
2 Total Expenses 2.73 3.29
3 Exceptional/Extra- ordinary items - -
4 Profit before Tax (2.72) (3.27)
5 Profit after Tax (2.72) (3.27)
6 Total Comprehensive Income (2.72) (3.27)
(B) LIABILITIES & ASSETS
1 Non Current Assets 82.71 82.75
2 Current Assets 0.35 0.31
3 Total Assets (1+2) 83.06 83.06
4 Equity Share Capital 10.00 10.00
5 Other Equity (44.86) (42.13)
6 Non Current Liabilities - -
7 Current Liabilities 117.92 115.19
8 Total Equity & Liabilities 83.06 83.06
(4+5+6+7)

4. MP JAYPEE COAL FIELDS LIMITED (MPJPCFL)

Incorporated on 4th January 2010, MPJCFL is a JV Associate of JAL. The JV Partner of this company is Madhya Pradesh State Mining Corporation Limited (MPSMCL). 49% of its share capital is held by JAL and

51% by MPSMCL.

Mandla (South) Coal Mine was allotted to Madhya Pradesh State Mining Corporation Limited (MPSMCL) by the Ministry of Coal in the year 2007. MPSMCL decided to develop the Coal Mine through the JV route and MPJCFL was incorporated for mining and sale of coal produced from Mandla (South) Coal Mine.

While the mining activities, including the process of obtaining necessary approvals and permissions, were in progress, the Supreme Court of India vide its judgement dated 24th September 2014, cancelled 204 Coal Blocks allocated between 1993 and 2011. Mandla (South) Coal Mine was amongst the Mines cancelled by the Supreme Court. Subsequent to the Supreme Court judgment, the Ministry of Coal through the process of e-auctioning had allocated Mandla (South) Coal Block to Jaypee Cement Corporation Limited (JCCL), a wholly-owned subsidiary of JAL in March 2015. MPJPCFL had incurred an expenditure of approx. Rs.

26.90 crore on the Mandla (South) Coal Mine. MPJCFL accordingly preferred a claim with the Nominated Authority, Ministry of Coal as per procedure. As against the claim of Rs. 26.90 crore, the Ministry has admitted an amount of Rs.22.91 crore as compensation for the expenditure incurred by MPJCFL on creating ‘Mining Infrastructure'.

After cancellation of Mandla (South) Coal Block, MPJCFL is left with no business operation to do. Therefore, the Board of MPJCFL had decided to obtain consent of its promoters viz. JALand MPSMCL for initiating the process for voluntary winding up of MPJCFL. Consent of JAL has since been received while consent of MPSMCL is being awaited.

The financial position of MPJPCFL for the financial year 2019-20 is as under:

(Rs. in Crore)
Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue 0.02 0.02
2 Total Expenses 0.01 0.01
3 Exceptional/Extra- ordinary items - -
4 Profit before Tax 0.01 0.01
5 Profit after Tax 0.01 0.01
6 Total Comprehensive Income 0.01 0.01
(B) ASSETS & LIABILITIES
1 Non Current Assets - -
2 Current Assets 0.40 0.38
3 Total Assets (1+2) 0.40 0.38
4 Equity Share Capital 10.00 10.00
5 Other Equity (9.61) (9.62)
6 Non Current Liabilities - -
7 Current Liabilities 0.01 -
8 Total Equity & 0.40 0.38
Liabilities (4+5+6+7)

5. RPJ MINERALS PRIVATE LIMITED (RPJM)

RPJM did not undertake any operational activity during the year 2019-20 pertaining to its business of mining of minerals, etc. JAL holds 43.83% of its Equity share capital. RPJM has two wholly-owned subsidiaries viz. Sarveshwari Stone Products Private Limited (SSPPL) and Rock Solid Cement Limited (RSCL) which are also engaged in similar lines of business activities. The Government of Madhya Pradesh has granted Prospecting License for limestone to both these companies in Distt. Satna in Madhya Pradesh. RSCL has carried on detailed geological investigation and application for Mining Lease has been submitted to the Government of Madhya Pradesh (GOMP). For SSPPL,

detailed geological investigation is on and it shall submit, in due course, necessary application for Mining Lease to GOMP.

The financial position of RPJM for the Financial Year 2019-20 is as under:

(Rs. in Crore)
Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue (from other income) 0.05 0.05
2 Total Expenses 0.17 0.35
3 Profit before Tax (0.12) (0.29)
4 Profit after Tax (0.12) (0.29)
5 Total Comprehensive Income (0.12) (0.29)
(B) ASSETS & LIABILITIES
1 Non Current Assets 12.65 12.67
2 Current Assets 3.02 3.14
3 Total Assets (1+2) 15.67 15.81
4 Equity Share Capital 1.68 1.68
5 Other Equity 5.55 5.67
6 Non Current Liabilities - -
7 Current Liabilities 8.44 8.46
8 Total Equity & Liabilities (4+5+6+7) 15.67 15.81

6. SONEBHADRA MINERALS PRIVATE LIMITED (SMPL)

SMPL did not undertake any operational activity during the year 2019-20 pertaining to its business of mining of minerals, etc. JAL holds 48.76% of its Equity share capital. The financial position of SMPL for the Financial Year

2019-20 is as under:

(Rs. Crores)
Year ended 31/03/2020 Year ended 31/03/2019
(A) PROFITABILITY
1 Gross Total Revenue - -
2 Total Expenses 0.03 0.01
3 Profit before Tax (0.03) (0.01)
4 Profit after Tax (0.03) (0.01)
5 Total Comprehensive Income (0.03) (0.01)
(B) ASSETS & LIABILITIES
1 Non Current Assets 0.23 0.25
2 Current Assets - -
3 Total Assets (1+2) 0.23 0.25
4 Equity Share Capital 0.48 0.48
5 Other Equity (0.54) (0.51)
6 Non Current Liabilities - -
7 Current Liabilities 0.29 0.28
8 Total Equity & Liabilities (4+5+6+7) 0.23 0.25

   

Connect with us :   
Globe
About us
Our Services
Milestones
Memberships
Core Values
Investor Relations
Product & Services
Broking
Institutional Broking
PMS
Clearing Services
Distribution
Research
Depository
Trade & Products
Globe Connect Pro
Globe Trade Smart
Globe Connect Mobile/Tablet
Globe News Connect
Mobile App Demo
ODIN User Manual
Client Reactivation
Segment activation
Back Office
Back Office
CMS
CMS-TM
KYC/KDC Status
Mutual Fund
CAMS
RMS Policy
Helpdesk
Download Forms
Useful Links
BSE
NSE
SEBI
RBI
MCX
NCDEX
Exchange Holidays
Exchange guidelines on margin collection
Anti-Money Laundering Policy
Policies, Procedures, Rights, Obligations and RDD
Additional Policy and Procedures
Scores

Funds Payout Policy

Shortages Obligation Arising Out Of Internal Netting of Trades

Policies of Globe Commodities Limited
Guidance Note on FATCA and CRS May 2016
Right and Obligation, RDD, Guidance Note in Vernacular Language - Equity | Commodity
Additional Risk Disclosure for Trading into Commodity options
In case of any grievances pleae write to
Investor_trading@globecapital.com /  igr@globecapital.com (For Trading)     globedp@globecapital.com (For DP)    Investor_pms@globecapital.com (For PMS)     
commigr@globecapital.com (For Commodities)
Equity SEBI Registration No INZ000177137, Exchange Registration Nos : NSE TM Code - 06637, Clearing No.- M50302|BSE Clearing No: 3179|MSEI TM Code - 1004 ,Clearing No.- 4| MCX TM No: 8091,Clearing No: 8090 | NCDEX TM No:1287, Clearing No: -M51085|ICEX TM ID-2084 | SEBI Registration for DP : IN-DP-NSDL-97-99, NSDL- DP ID: IN300966, CDSL DP ID: 12020600 | SEBI Research Analysts Registration No :INH100001187 | SEBI PMS Registration No:INP000002361 CMBPID NCL CM :- IN555502
* Through subsidiary Globe Commodities Ltd. --> Commodity SEBI Regn. No. - INZ000024939, Exchange Regn. Nos. - MCX CM ID: 8550 TM ID: 10735, NCDEX CM ID: M50011 TM ID: 00012, NMCE ID: CL0111, ICEX ID: 1009, NCDXSPOT-CR-07-10011,
** Through step in subsidiary Globe Comex International DMCC --> DGCX **TM Id.1064, CM Id.3064*
"We also do Pro-Account trading in Commodity Segment.."
"KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary."
Attention Investors:
"Prevent Unauthorised transactions in your account --> Update your mobile numbers/email IDs with your Stock Brokers. Receive information of your transactions directly from Exchange on your mobile/email at the end of the day .......... Issued in the interest of investors"
"Prevent Unauthorized Transactions in your demat account --> Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from NSDL/CDSL on the same day......................issued in the interest of investors."
"No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."
© 2013 Globe Capital Market Limited. All rights reserved
Designed, Developed and Content powered by CMOTS Infotech (ISO 9001:2015 Certified) Privacy Policy Disclaimer Terms and Conditions