12thApril, 2021

National Stock Exchange of India Limited, BSE Limited "Exchange Plaza", C-1, Block G, 25th Floor, New Trading Ring, Bandra Kurla Complex, Rotunda Building, PJ Towers, Bandra (East), Dalal Street, Fort, Mumbai-400051 Mumbai-400001

Script Code: 532873 Security Symbol: HDIL

Subject: Intimation under Regulation 30 and 33 of Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015 regarding Outcome of the Meeting and submission of Standalone Audited Financial Results for the quarter and financial year ended 31st March, 2020.

Dear Sir,

This is in continuation to our letter dated 2ndApril, 2021 and 6th April 2021regarding the intimation of date of meeting of Directors for consideration and approval of and confirmation of the Standalone Audited Financial Results for the financial year ended 31st March, 2020 of the Company.

As your good self is already aware that Housing Development and Infrastructure Limited ('the Company') is undergoing Corporate Insolvency Resolution Process ('CIRP') vide Hon'ble National Company Law Tribunal, Mumbai Bench order dated 20 August, 2019 ('Order'), in terms of the provisions of Insolvency and Bankruptcy Code, 2016 ('IBC') and the regulations framed thereunder. Pursuant to the said Order and in accordance with the provisions of IBC, the powers of the Board of Directors and responsibility for managing the affairs of the Company is vested in Mr. Abhay Narayan Manudhane, in the capacity of the Resolution Professional ('RP').

This is to inform you that the Resolution Professional has considered and approved the Financial Results of the Company for the quarter and financial year ended 31st March, 2020. In accordance with Regulation 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI LODR Regulations'), Standalone Audited Financial Results for the financial year ended 31st March, 2020 along with reports submitted by the Statutory Auditors' of the Company thereon are enclosed herewith.

These financial statements have been signed by the RP while exercising the powers of the Board of Directors of the Corporate Debtor, which has been conferred upon him in terms of the provisions of Section 17 of the Code. The RP has signed these financial statements in good faith, solely for the purpose of compliance and discharging his duty under the Code, and subject to the following disclaimers:

(i) The RP has furnished and signed the report in good faith and accordingly, no suit, prosecution or other legal proceeding shall lie against the RP in terms of Section 233 of the Code. The financial results and statement of assets and liabilities enclosed herewith is accepted by the RP in his fiduciary capacity without accepting any personal liability and is only in compliance with the statutory requirement under Regulation 15(2A) of SEBI LODR Regulation and accordingly, no suit, prosecution or other legal proceeding shall lie against the RP. The RP is not liable for any error or misstatement of facts and figures, if any, in the accounts and/ or any disclosure or non-disclosure in the accounts.
(ii) No statement, fact, information (whether current or historical) or opinion contained herein should be construed as a representation or warranty, express or implied, of the RP including, his authorized representatives and advisors;

(iii)The RP, in review of the financial results and while signing this statement of financial results, has

relied upon the assistance provided by the available Officers of the Corporate Debtor. The statement of financial results of the Corporate Debtor has been taken on record by the RP solely on the basis of and relying on the statement of the management of the Corporate Debtor. For all such information and data, the RP has assumed that such information and data are in the conformity with the Companies Act. 2013 and other applicable laws with respect to the preparation of the financial statements and that they give true and fair view of the position of the Corporate Debtor as on the date and period indicated therein. Accordingly, the RP is not making any representations regarding accuracy, veracity or completeness of the data or information in the financial statements.

(iv) In terms of the provisions of the Code, the RP is required to undertake a review of certain transactions. Such review has been initiated and the RP may be required to accordingly act on the results of such review in terms of the provisions of the Code.

Regulation 33(3)(b) of the SEBI LODR Regulations, 2015 provides that in case the listed entity has Subsidiaries, in addition to the requirement at clause (a) of sub-regulation (3), the listed entity shall also submit quarterly/year-to-date consolidated financial results. There are 5 (Five) Subsidiaries of the Corporate Debtor. The RP is not in a position to provide the consolidated financial results, as the Subsidiaries of the Corporate Debtor are separate legal entities and the RP is facing huge difficulty in obtaining relevant data from the said Subsidiaries. In view of the above, the RP is constrained to submit the standalone financial results.

Further as required the Statement on impact of Disclaimer of Opinion for the year ended 31 March 2020 is enclosed herewith as Annexure 1.

The report of the Resolution Professional is enclosed herewith as Annexure 2.

The meeting was commenced at 3 p.m. and concluded at 8.15 p.m.

Kindly consider the same for your records.

Thanking you,

For Housing Development and Infrastructure Limited

Abhay Narayan Manudhane Resolution Professional

**Encl :**As above

REPORT OF THE RESOLUTION PROFESSIONAL

I, Abhay N. Manudhane, have been appointed as an Interim Resolution Professional (IRP) by Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench for conduct of Corporate Insolvency Resolution Process (CIRP) of M/s Housing Development and Infrastructure Ltd (Corporate Debtor) vide Order no. CP (IB) -27/I&BP/MB/2019 dated 20th August, 2019. Thereafter, the Committee of Creditors (CoC) of the Corporate Debtor appointed the undersigned as Resolution Professional for the Corporate Debtor ("RP").

As per the requirements of Insolvency and Bankruptcy Code, 2016, (Code) the IRP/RP has to ensure that the Corporate Debtor remains going concern during CIRP. As the Corporate Debtor is a listed Company and is required to prepare and submit financial results in respect of the last quarter along-with the results for the entire financial year as per Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR Regulation), the RP ensured preparation and submission of standalone financial results and statement of assets and liabilities in respect of the last quarter along-with the results for the entire financial year ended 31st March, 2020. The standalone financial results and statement of assets and liabilities in respect of the last quarter along-with the results for the entire financial year ended 31st March, 2020 enclosed herewith have been drawn as per accounting practices followed by the Corporate Debtor and records available with the Corporate Debtor.

Out of the 6 Directors on the suspended Board of Corporate Debtor, 4 Non-Executive Independent Directors had tendered resignation, which CoC has not accepted and Executive Chairman and Vice Chairman & Managing Director are in Judicial Custody and are not available. The Chief Financial Officer and Company Secretary had also resigned which was also not accepted by the CoC. In the absence of the Chief Financial Officer, Company Secretary and other officials who were primarily responsible for closure of accounts and financial reporting, the RP has made all practical and reasonable efforts from time to time to gather details to prepare these financial statements, despite various challenges and complex circumstances, has tried to put in best possible efforts to provide information required by the Auditors for the purpose of carrying out the limited review/audit of the financial statements of the Corporate Debtor.

The RP presumed that the records made available to him are genuine and are properly maintained by the previous management, comprising of Board of Directors andsuch information and data are in the conformity with the Companies Act, 2013 and other applicable laws with respect to the preparation of the financial results and that they give true and fair view of the position of the Corporate Debtor as of the dates and period indicated therein. The RP, in review of financial results and signing this financial statement has relied upon the assistance provided by the available Officers of the Corporate Debtor.

(i) The RP has furnished and signed the report in good faith and accordingly, no suit, prosecution or other legal proceeding shall lie against the RP in terms of Section 233 of the Code. The financial results and statement of assets and liabilities enclosed herewith is accepted by the RP in his fiduciary capacity without accepting any personal liability and is only in compliance with the statutory requirement under Regulation 15(2A) of SEBI LODR Regulation and accordingly, no suit, prosecution or other legal proceeding shall lie against the RP. The RP is not liable for any error or misstatement of facts and figures, if any, in the accounts and/ or any disclosure or non-disclosure in the accounts.
(ii) No statement, fact, information (whether current or historical) or opinion contained herein should be construed as a representation or warranty, express or implied, of the RP including, his authorized representatives and advisors;
(iii) The RP, in review of the financial results and while signing this statement of financial results, has relied upon the assistance provided by the available Officers of the Corporate Debtor. The statement of financial results of the Corporate Debtor for the of the last quarter along-with the results for the entire financial year ended 31st March, 2020 has been taken on record by the RP solely on the basis of and relying on the statement of the management of the Corporate Debtor. For all such information and data, the RP has assumed that such information and data are in the conformity with the Companies Act. 2013 and other applicable laws with respect to the preparation of the financial statements and that they give true and fair view of the position of the Corporate Debtor as on the date and period indicated therein. Accordingly, the RP is not making any representations regarding accuracy, veracity or completeness of the data or information in the financial statements.
(iv)In terms of the provisions of the Code, the RP is required to undertake a review of certain transactions. Such review has been initiated and the RP may be required to accordingly act on the results of such review in terms of the provisions of the Code.

For Housing Development and Infrastructure Limited

MÃ wmed Ę IRRIAD! Abhay N Manudhane /10129 Resolution Professional ERSSIO Date: 12th April 2021 Place: Mumbai

ANNEXURE I

Statement on Impact of Audit Qualifications (for audit report with Modified opinion) submitted along with Annual Audited Financial Results - Standalone

Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2020.[See Regulation 33 of the SEBI (LODR) (Amendment) Regulations, 2016]
L	Sr.No.	Particulars	AuditedFigures (asreportedbeforeadjusting forqualifications)(Rs Crores)	Adjusted Figures (auditedfigures after adjusting forqualifications)(Rs)Crores)
	$\mathbf{1}$	Turnover /Total income	424.60
	$\overline{c}$	Total Expenditure including exceptionalitem	14,421.22
	3	Net Profit/(Loss) after tax	(13,967.31)
	$\overline{4}$	Earnings Per Share	Rs. (296.75)
	5	Total Assets	3,974.92	Not Determinable
	6	Total Liabilities	6,214.98
	$\overline{\tau}$	Net Worth	(2,240.05)
	8	Any other financial item(s) (as feltappropriate by the management)	---

II. Audit Qualification:

A. Details of Audit Qualification: Qualification are as per Paragraphs for 'Basis for Disclaimer of Opinion' (Point 1 to 26), "Material Uncertainty Related to Going Concern", "Other Matters" and "Report on Other Legal and Regulatory Requirements" of the Audit Report.

B. Type of Audit Qualification: Disclaimer of Opinion.

C. Frequency of Qualification: First time

D. For Audit Qualification(s) where the impact is quantified by the auditor, Management's View: Not Applicable

E. For Audit Qualification(s) where the impact is not quantified by the auditor:

(i) Management's estimation on the impact of audit qualification: Not determinable.

(ii) If management is unable to estimate the impact, reasons for the same:

Impact is notascertainable as the Hon'ble NCLT vide its order dated August 20, 2019 had directed thecommencement of Corporate Insolvency Resolution Process (CIRP) in respect of the Company under the provisions of Insolvency and Bankruptcy Code, 2016. The Results for the year endedMarch 31, 2020 pertain to the period wherein the powers of supervising and directing theaffairs of the

Company were mostly vested with the Board of Directors comprising of Mr. Rakesh Kumar Wadhawan (Executive Chairman), Mr. Sarang Wadhawan (Managing Director), Mr. Raj Kumar Aggarwal (Non-Executive - Independent Director), Mr. Lalit Mohan Mehta (Non-Executive Independent Director), Hazari Lal (Non-Executive - Independent Director) and Ms. Sandhya Baliga (Non-Executive - Independent Director) and to whom any significant exceptions/adjustments in the results are solely attributable. The said results have been signed and taken on record by the Resolution Professional solely for the purpose of compliances with applicable laws.

(iii) Auditors' Comments on (i) or (ii) above: Refer our report containing disclaimer of opinion.

RAYAN M

REG. NO.:

/10128

$-001$ /TP. 200054/2017-18

IBBI/IF

III. Signatories:

For and on behalf of Housing Development and Infrastructure Limited

Abhay Narayan Manudhane

OFESSION! As Resolution Professional of Housing Development and Infrastructure IBBI Registration No: IBBI/IPA-001/IP-P00054/2017-2018/10128 For Dayal & Lohia Chartered Accountants

Digitally signed ANIL by ANIL LOHIA Date: 2021.04.12 LOHIA 16:54:34 +05'30'

Anil Lohia (Partner) M. No. 31626

Place: Mumbai Date: 12th April 2021

Independent Auditors Report on Quarterly and Yearly Audited Standalone Financial Results of Housing Development & Infrastructure Limited Pursuant to the Regulation of the SEBI (Listing Obligati ons and Disclosure Requirements) Regulations, 2015

To

The Resolution Professional, Housing Development & Infrastructure Limited Mumbai.

1. We have reviewed the accompanying statement of audited standalone financial results of Housing Development & nfrastructure Limited ('he Companý) for the quarter and year ended 31s March. 2020, attached hereith, being submited by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obigations and Discbsure Require ments) Regulatons, 2015 (the Regulaton ) as amended, read with SEBI Circular No. CIR/CFD/CMDI44/2019 dated 29th March. 2019 (the Crcular).
1. The Company was admitted under the Insolvency and Bankuptey Code, 2016 ("1BC") on 20"h August 2019 vide the order of Hon ble NCLT (Mumbai Bench). Howe ver, the Interim Resolution Professional IRP) bok charge of the Corporate Debtor on 26 August 2019. The Commitee of Creditors (CoC) confimed the appointment of Shri. Abhay Narayan Manudhane as the Resolution Profession al ("RP") (BBI Regn No: 1BBIAPA-001/P-PO0054/2017-18/10128) in their meeting hekd on 08 January 2020.
1. The preparaton of the State ment in accordance with the recognition and measu rement principle s laid down in Indian Accounting Standard 34 (Ind AS 34), "Interim Financial Reporting' prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rulesissued hereunder and other accounting principles generally acce pted in India, read with the Circular, is the responsibility of the RP. Our responsibility is to express a conclusion on the Statement based on our review.
1. We conducted our review of the State ment in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Infomation Perfomed by the Independent Auditor of the Entity issued by the Institute of Chartered Accountants of India. This stand ard requires that we plan and perform he review to obtain moderate assurance as to whether the Statement is free of material misstate ment. A review is limted primarily to inquiries of company personnel and an alytical procedures applied to financial data and thus provides less assurance than an audit. We have not perfomed an audit and accordingly, we do not express an audit opinion.

BASIS FOR DISCLAIMER OF CONCLUSION

Following, amongst others, are some of the important reasons because of which we were not able to obtain suficient and appropriate audit evidence in order to form a conclusion:

401, sheetal enclave, bh. tangent furniture mall, chinchol bunder, off. link road, malad (w), mumbai 400 064 phones: c.c. dayal 9820053124 ag. bhia 9820044529 e-mail: dayaland [email protected] GSTIN 27AAA FD1548C1ZY

1. Note from the Resolution Professional ("RP")

a. The RP faced several operational problems while compiling details and finalising accounts due to exodus of critical employees in finance, accounts, banking, secretarial and other departments. No information could be gathered from the management as promoter directors were taken into judicial custody within a month of taking charge by the IRP. Some of the key officials / KMP resorted to non-cooperation which compelled the RP to file an application u/s 19(2) of IBC with the Hon'ble NCLT, Mumbai Bench. At the same time, the investigation by various investigating authorities were going on and the Company officials were engaged in providing details to them on priority. In the intervening period, the previous statutory auditor tendered her resignation due to ill health and could not provide critical information relating to the accounts for previous year(s) wherein she acted as the statutory auditor. The matter further worsened due to nationwide lockdown on account of Covid-19.
b. Ultimately with available skeleton staff, efforts were made by the RP and his team with the help of externally hired accounting agency to complete the accounts on the basis of whatever information was available on best effort basis. Several serious irregularities were noticed by the RP as also by the transaction cum forensic auditors appointed by the RP which hampered the finalisation of accounts. In addition, due to the reasons mentioned in the notes below, RP was unable to compile true and fair accounts of the Company for the quarter ending on 31st March 2020.
c. The quarterly results are prepared and published only for the purpose of meeting the compliances as per SEBI (LODR) Regulations, 2015 and comparative figures of the earlier periods have been taken as published by the earlier management and have not been verified by us.

2. Opening Balances

a. Due to absence of information including the backup papers and calculations as also due to nonavailability of the erstwhile management and key managerial staff, prior period's closing balances i.e., opening balances for the period under review could not be reconciled with the audited financial statements.
b. As required by SA 510, "Initial Audit Engagements Opening Balances", the auditor is required to obtain sufficient appropriate audit evidence about whether:
- opening balances contain misstatements that materially affect the current period's financial statements; and
- appropriate accounting policies reflected in the opening balances have been consistently $\bullet$ applied in the current period's financial statements, or changes thereto are properly accounted for and adequately presented and disclosed in accordance with the applicable financial reporting framework.

In this regard, as stated in the above-mentioned note, due to lack of sufficient and appropriate evidence, we are unable to comment on the closing balances of the prior period.

3. Non-Current Assets - Property, Plant & Equipment

a. As per Para 9 of Ind AS 36 states that, "An entity shall assess at the end of each reporting period whether there is any indication that an asset may be impaired. If any such indication exists, the entity shall estimate the recoverable amount of the asset."

In view of the uncertainty of resumption of the Company's operations, the management is required to make an assessment of impairment to the carrying value of its assets. Pending resolution of Corporate Insolvency Resolution Process ("CIRP) at the year end, we have been informed that the management has not been able to perform any assessment to determine any impairment to the carrying value of these assets. Consequently, we are unable to conclude if any impairment needs to be recognized to the carrying value of these assets and its consequential effects.

b. The RP has been unable to amortize the intangible assets due to absence of vital information such as cost of acquisition and useful life.
c. The opening balances of the fixed assets as per audited financial statements and books of accounts do not match. Since no reconciliation or information is available, we are unable to comment on the same.

4. Investment Property

a. For the quarter ending 31st March, 2020, due to absence of sufficient information, the Company has not assessed any of the investments for impairment as per Para 9 of Ind AS 36 given at sr. no. 3a above.
b. The Company has not valued the said investments at Fair Value as per the requirements of the Indian Accounting Standards.
c. Para 36 of Ind AS 17 states that, "Lessors shall recognise assets held under a finance lease in their balance sheets and present them as a receivable at an amount equal to the net investment in the lease."

However, for the quarter ending 31st March, 2020, the Company has not carried out such calculations or presentation for the adjustments required to be made under Ind AS 17.

5. Non-Current Investments

a. We have not been provided with any details, ownership documents or any supporting information with respect to the investments in subsidiaries and shares.
b. For the quarter ending 31st March, 2020, due to absence of sufficient information, the Company has not assessed any of the above investments for impairment as per Para 9 of Ind AS 36 given at sr. no. 3a above.
c. The Company has not valued the said investments at Fair Value as per the requirements of the Indian Accounting Standards.

Page 3 of 8

d. Guruashish Construction Private Limited, a wholly owned subsidiary of the Company has been ordered to be liquidated under the Insolvency and Bankruptcy Code, 2016 by the Hon'ble National Company Law Tribunal. Accordingly, the fair value of the investment as on 31st March, 2020 stands at nil. However, the Company has provided for the same only at the end of the year.
e. Due to the non-availability of audited financial statements of the subsidiaries and associates of the Company, the Company has been unable to prepare the consolidated financial statements of the group for the quarter and year ending 31et March, 2020.

6. Other Non-Current Financial Assets

a. Details and documents relating to guarantee obligation commission were not provided to us for verification and therefore we cannot comment on the same.

7. Inventories

a. RP has stated that physical verification of the inventory has been carried out at the time of taking charge of the Company and the discrepancies, to the extent ascertained, have been adjusted in the books by making appropriate provisions.

8. Current Investments

a. We have not been provided with any details, ownership documents or any supporting information with respect to investments made by the Company in partnership firms.
b. For the quarter ending 31st March, 2020, due to absence of sufficient information, the Company has not assessed any of the above investments for impairment as per Para 9 of Ind AS 36 given at sr. no. 3a above.
c. The Company has not valued the said investments at Fair Value as per the requirements of the Indian Accounting Standards.
d. Due to the non-availability of audited financial statements of the partnership firms, the Company has been unable to prepare the consolidated financial statements of the group for the quarter and year ending 31st March, 2020.

9. Trade receivables

a. Given the on-going resolution process and the ageing of trade receivables outstanding in the books of accounts, the recoverability of such debtors is in question. Provisions have been created for the same by the Company as on 31.03.2020.

10. Cash and Cash Equivalents

a. Physical cash balance verification for petty cash book was carried out by the RP on 29th July. 2020 wherein the physical cash was found short by INR 0.29 lakhs. Further, no physical cash was available against the book balances in the Main Cash Book and Imprest Cash to Employees. The reason for the discrepancies could not be ascertained and therefore, no effect of the same

Page 4 of 8

has been given in the accounts. No cash balance verification has been done for quarter ending 31st March, 2020 due to which we are unable to comment on the same.

b. Balance confirmations from the banks could not be obtained for any of the accounts maintained in the name of the Company.
c. All bank accounts could not be reconciled with the bank statements due to non-availability of details
d. Owing to the above limitations, we are unable to express an opinion on cash & cash equivalents and the receipts and payments transactions during the period under review.

11. Other Bank Balances

a. Fixed Deposits amounting to INR 11,888.86 lakhs have been encashed on 19th August, 2019 i.e., just a day before the commencement of the CIRP process by the erstwhile promoters. The remaining deposits are seized by various government authorities. We were not provided with any documentation in relation to the encashed fixed deposits and therefore, we cannot comment on the same.
b. Due to lack of relevant information, the Company has not been able to estimate and thereby account for the interest accrued on the deposits for quarter ending 31st March, 2020.

12. Other Financial Assets

a. Proper documentation or balance confirmations from the parties regarding loans given by the Company to its subsidiaries were not available for verification. The Company has provided for such loans as at the year end.

13. Other Current Assets

a. The Company has given advances to vendors and towards land purchase / tenancy / claims / development rights. However, proper documentation or balance confirmations from the parties were not available for verification. The Company has provided for such loans as at the year end.

14. Reserves and Surplus

a. We refer to Debenture Redemption Reserve (DRR) being reflected in the books at INR 22,489.52 lakhs at the beginning of the financial year. On the first day of the financial year (April 01, 2019), the entire amount has been nullified and transferred to General Reserves. Consequently, the balance of DRR as on 31st March, 2020 is NIL.

As per Section 71 of Companies Act, 2013, "Where debentures are issued by a company under this section, the company shall create a debenture redemption reserve account out of the profits of the company available for payment of dividend and the amount credited to such account shall not be utilised by the company except for the redemption of debentures."

Page 5 of 8

However, the company has reversed the entire balance of the said Reserve but the debentures have not been redeemed. No reasoning or documents for such adjustment was made available to us. Therefore, no comment is being made on the same.

15. Non-Current Provisions

a. As per Para 66 of Ind AS 19 - "Employee Benefits",

In order to measure the present value of the post-employment benefit obligations and the related current service cost, it is necessary:

(a) to apply an actuarial valuation method;

(b) to attribute benefit to periods of service; and

However, during the quarter, due to lack of appropriate information, the Company has not been able to obtain an actuarial valuation as required under the provisions of Ind AS 19. Hence, the provisions have been made based on the estimates of last year.

16. Current Borrowings - Term Loans and Debentures

a. As statutorily required, the IRP made a public announcement on 29th August 2019 inviting claims from creditors of the Company. In response to the public announcement, the IRP received claims of INR 7,97,536.02 lakhs from financial creditors (including INR 1,06,877.21 lakhs from home buyers), INR 1,31,900.00 lakhs from operational creditors and INR 1,160.14 lakhs from the employees.
b. In case of Non-Convertible Debentures, cheques towards repayment were issued on the last day of every financial year, thereby showing payment and nullifying the liability. The said cheques were reversed on the very next day, i.e., on the first day of the next financial year, thereby reinstating the liability again. Neither the debenture statement nor a satisfactory explanation for such transactions could be obtained from the erstwhile management/concerned officers.
c. For the quarter ending on 30th June, 2019, Ind AS adjustments relating to unwinding of finance cost amounting to INR 23.26 lakhs have been made in the books of accounts. However, the relevant documents and calculations could not be obtained from the erstwhile management. Hence similar adjustment, if any, has not been made for subsequent period.

17. Trade Payables

a. Some of the Expenses have been accounted for but the same have not been credited to the respective vendor's personal accounts. They are reflected in the control accounts maintained by the Company.

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18. Other Current Liabilities

a. We have not received any workings, calculations or statements quantifying the liabilities of any statutory dues, including Service Tax, VAT, Tax Deducted at Source (TDS) Tax Collected at Source (TCS), Provident Fund, ESIC, Profession Tax and Goods & Services Tax (GST) for quarter ending 31st March, 2020.

19. Revenue and Other Income:

a. As per the Accounting Policy mentioned in the audited financials for F.Y. 2018-2019, the Company stated that it follows "Project Completion Method" which is a deviation from the requirement of Ind AS 18. Ind AS 18 prescribes the "percentage of completion method" for recognition of revenue. However, in absence of complete information about the on-going projects of the Company and the total estimated costs, the same could not be followed.
b. The Company has not made any adjustments for IND AS recognition of Lease revenue for quarter ending 31st March, 2020.

20. Expenses:

a. Cost of Sales includes credits relating to "Settlement Cost of Projects" for which we have not received any explanation or documents from the Company.
b. Due to non-availability of complete information, cost of material consumed is not calculated from changes in work in progress. The said figure is arrived at based on the figures appearing in the books of accounts.

21. Ongoing investigations:

a. The Company is faced with certain on-going investigations initiated by governmental authorities such as Enforcement Directorate (ED), Economic Offences Wing (EOW), Serious Fraud Investigation Office (SFIO) and Central Bureau of Investigation (CBI). However, the outcome of such investigations and its effect on the financial statements cannot be ascertained.

22. Comparative figures:

a. Comparative figures of the earlier periods have been taken as published by the earlier management and have not been verified by us.

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MATERIAL UNCERTAINTY RELATING TO GOING CONCERN

The Company has been referred to National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016 (the Code), and there is considerable decline in level of operations of the Company and it continues to incur losses. The Company is a co-obligor and has received demand notices in respect of borrowings of other obligors / borrowers. Since Corporate Insolvency Resolution Process (CIRP) is currently in progress, as per the Code, it is required that the Company be managed as a going concern during CIRP. Accordingly, the results are continued to be prepared on going concern basis. However, there exists a material uncertainty about the ability of the Company to continue as a "Going Concern". The same is dependent upon the resolution plan to be approved by the Hon'ble National Company Law Tribunal. The appropriateness of the preparation of the results on going concern basis is critically dependent upon CIRP as specified in the Code. Necessary adjustments required on the carrying amount of assets and liabilities are not ascertainable at this stage.

DISCLAIMER OF CONCLUSION

Because of the significance of the matters described under the "Basis for disclaimer of conclusion" para, we have not been able to obtain sufficient appropriate evidence as to whether the Statement has been prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India or state whether the Statement has disclosed the information required to be disclosed in terms of the Regulation, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Dayal and Lohia Chartered Accountants Firm Regn. No. 102200W

AND MUMBAI Anil Lohia (Partner) M. No. 31626

UDIN: 21031626AAAAEQ9909 Place: Mumbai, Date: 12th April, 2021

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AUDITED FINANCIAL RESULTS For the Quarter & Year ended 31st March 2020

	PART I					(Rs. In lakhs)
Sr.		Ouarter Ended			Year Ended
No	Particulars	31st March 2020	2019	31st December 31st March 2019	31st March 2020 31st March 2019
		$\overline{1}$	$\overline{2}$	$\overline{\mathbf{3}}$	$\overline{\mathbf{4}}$	5
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
1.	Net Sales/Income from Operations	180.96	180.98	2,909.00	41,419.23	58,376.30
$\overline{2}$	Other Income	96.97	138.49	473.00	1,040.42	1,744.13
$\overline{3}$	Total Income	277.93	319.46	3,382.00	42,459.65	60,120.43
$\overline{4}$	Total Expenditure
	(a) Cost of Raw Materials Consumed	1.593.14	305.71	10,238.00	43.544.86	22.882.45
	(c) Changes in inventories of finished goods,work-in-progress and stock-in-trade		÷,	(12,358.00)	43,223.36	1,224.01
	(d) Employees benefit expenses	336.15	492.86	529.00	1,863.37	2,230.44
	(f) Finance Cost		0.20	3,556.00	11,094.58	19,186.67
	(g) Depreciation	116.51	113.25	131.00	861.23	539.43
	(h) Other Expenditure	405.27	121.23	363.00	1,163.07	2,269.81
	(i) Total Expenses	2,451.07	1,033.24	2,459.00	1,01,750.46	48,332.81
5	Profit from operations before exceptional items	(2, 173.14)	(713.78)	923.00	(59, 290.81)	11,787.62
	and extra ordinary items (3-4)
6	Exceptional items	13,40,038.30			13,40,371.81
$\overline{7}$	Profit before extra ordinary items (5-6)	(13, 42, 211.44)	(713.78)	923.00	(13,99,662.62)	11,787.62
8	Extraordinary items
9	Profit before Tax (7-8)	(13, 42, 211, 44)	(713.78)	923.00	(13,99,662.62)	11,787.62
	10 Provision for Taxation
	i) Income Tax			174.00		2,246.13
	ii) Deferred Tax	(2,932.09)		(7.00)	(2,932.09)	(76.63)
	iii) Tax for Earlier Years
	Total Tax Expenses	(2,932,09)		167.00	(2,932,09)	2,169.50
	11 Profit for the period $(9-10)$	(13, 39, 279, 35)	(713.78)	756.00	(13, 96, 730.53)	9,618.12
	12 Other Comprehensive Income (OCI)
	Items that will not be reclassified to Profit or Loss
	i) Remeasurement gain/(loss) on defined benefit			24.00		(46.00)
	plan			24.00		(46.00)
	Total Other Comprehensive Income (OCI) net of tax		(713.78)	780.00	(13,96,730.53)	9,572.12
	13 Total Comprehensive Income (11-12)	(13.39.279.35)47,400.40	47,400.40	45,400.40	47,400.40	45,400.00
	14 Paid Up Equity Share Capital
	(Face Value of Rs. 10/- Per Share)	Ξ	×	¥	(2,71,405.83)	11,26,171.56
	15 Reserves Excluding Revaluation
	16 Earning Per Share (EPS) in Rs.a) Basic EPS (not annualised)	(284.55)	(0.15)	0.17	(296.75)	2.11
		(284.55)	(0.15)	0.16	(296.75)	2.11
	b) Diluted EPS (not annualised)

					(RS. In lakns)
		Ouarter Ended			Year Ended
SN	Particulars	31st March 2020	31st December2019	31st March 2019	31st March 2020	31st March 2019
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
	Segment revenue
	Construction Business	180.96	180.98	2,909.00	41,419.23	58,376.30

	Net sales / Income from operations	180.96	180.98	2,909.00	41,419.23	58,376.30

	2 Segment result
	Profit after depreciation but before
	interest and taxation
	Construction Business	(2, 173.14)	(713.58)	4,479.00	(48, 196, 24)	30,974.29
	Total	(2, 173, 14)	(713.58)	4,479.00	(48, 196, 24)	30,974.29
	Less:
	i) Interest		0.20	3,556.00	11,094.58	19,186.67
	ii) Other un- allocable expenses - net
	Profit before Tax & Exceptional item	(2,173,14)	(713.78)	923.00	(59, 290.81)	11,787.62
	Exceptional item	13,40,038.30			13,40,371.81
	Profit before tax	(13, 42, 211, 44)	(713.78)	923.00	(13,99,662.62)	11,787.62
3 1	Capital employed
	(Segment Assets-Segment Liabilities)
	Construction Business	(2,24,005.43)	11,20,060.00	11,75,457.14	(2,24,005.43)	11,75,457.14

Segmentwise revenue, results and capital employed under Clause 41 of the Listing Agreement

Notes:

$\bf{1}$

The Company was admitted under the Insolvency and Bankruptcy Code, 2016 ("IBC") on 20th August 2019 vide the order of Hon'ble NCLT (Mumbai Bench). However, the Interim Resolution Professional ("IRP") took charge of the Corporate Debtor on 26th August 2019. The Committee of Creditors (CoC) confirmed the appointment of Shri. Abhay Narayan Manudhane as the Resolution Professional ("RP") in their meeting held on 08th January 2020.

The RP faced several operational problems while compiling details and finalising accounts due to exodus of critical employees in finance, accounts, banking, secretarial and other departments. No information could be gathered from the management as promoter directors were taken into judicial custody within a month of taking charge by the IRP. Some of the key officials / KMP resorted to non-cooperation which compelled the RP to file an application u/s 19(2) of IBC with the Hon'ble NCLT, Mumbai Bench. At the same time, the investigation by various investigating authorities were going on and the Company officials were engaged in providing details to them on priority. In the intervening period, the previous statutory auditor tendered her resignation due to ill health and could not provide critical information relating to the accounts for previous year(s) wherein she acted as the statutory auditor. The matter further worsened due to nationwide lockdown on account of Covid-19.

Ultimately with available skeleton staff, efforts were made by the RP and his team with the help of externally hired accounting agency to complete the accounts on the basis of whatever information was available on best effort basis. Several serious irregularities were noticed by the RP as also by the transaction cum forensic auditors appointed by the RP which hampered the finalisation of accounts. In addition, due to the reasons mentioned in the notes below, RP was unable to compile true and fair accounts of the Company.

The quarterly results are prepared and published only for the purpose of meeting the compliances as per SEBI (LODR) Regulations, 2015 and comparative figures of the earlier periods have been taken as published by the earlier management and have not been verified by us.

Due to non-availability of sufficient information, RP has not been able to re-group and re-state the figures for the previous quarter / half year / year.

Due to absence of information including the backup papers and calculations as also due to non-availability of the erstwhile management and key managerial staff, prior period's closing balances i.e., opening balances for the year under review could not be reconciled with the audited financial statements.

As reported by the transaction cum forensic auditors, there were numerous misstatements and errors in the classification and presentation of information in the financial statements of the prior years. However, due to non-availability of complete information, the said misstatements and errors could not be rectified.

As per the Accounting Policy mentioned in the audited financials for F.Y. 2018-2019, the Company stated that it follows "Project Completion $\overline{3}$ Method" which is a deviation from the requirement of Ind AS 18. Ind AS 18 prescribes the "percentage of completion method" for recognition of revenue. However, in absence of complete information about the on-going projects of the Company and the total estimated costs, the same could not be followed.
Total Net Sales of INR 41,419.23 lakhs includes lease rental of INR 735.01 lakhs, INR 11.20 lakhs pertains to Lease rental Ind AS adjustment made $\overline{4}$ during the quarter ended June 30, 2019, which is not an operating income but merely an Ind AS adjustment.
Total Other Income of INR 1,040.42 lakhs includes Interest Received of INR 507.46 lakhs, INR 41.88 lakhs pertains to Interest Received Ind AS 5 adjustment made in during the financial year, which is not an income but merely an Ind AS adjustment.
Cost of material consumed includes credits of INR 9,106.08 lakhs relating to "Settlement Cost of Projects". No information or explanation is 6 available for the same.
Due to non-availability of complete information, cost of material consumed is not calculated from changes in work in progress. The said figure is $\overline{7}$ arrived at based on the figures appearing in the books of accounts.
The Company has created Employee's Group Gratuity Fund with Life Insurance Corporation of India, and obtained Group Gratuity Assurance Policy 8 from LIC for the benefit of employees.
Total Finance Cost of INR 11,094.58 lakhs includes Project specific interest expenses of INR 11,094.58 lakhs in which INR 25.33 lakhs pertains to 9 Finance Expenses Ind AS adjustment, which is not interest expense but merely an Ind AS adjustment.
10 In absense of availability of Information & details, we have considered the amount of deffered tax during the previous quarters the same has been calculated at 31.03.2020 in Annual Financial Statement.
11 In absense of availability of information / details, Fourth quarter results has been prepared by deducting amount of Nine Monthly results from Annual Financial Statement.
12 Due to absence of information Investments are not valued at Fair Value as per the requirements of the Indian Accounting Standards.
13 Guruashish Construction Private Limited, a wholly owned subsidiary of the Company has been ordered to be liquidated under the Insolvency and Bankruptcy Code, 2016 by the Hon'ble National Company Law Tribunal. Accordingly, the fair value of the investment as on 31st March 2020 stands at nil.
14 Due to the non-availability of audited financial statements of the subsidiaries and associates of the Company, the Company has been unable to prepare the consolidated financial statements of the group for the quarter and year ending on 31st March 2020
15 RP has carried out physical verification of the inventory at the time of taking charge of the Company and the discrepancies, to the extent ascertained, have been adjusted in the books by making appropriate provisions at the year end. Total provision made as on 31st March 2020 is amounting to INR 8.33.933.26 lakhs
16 Due to absence of sufficient information, investments in partnership firm are not assessed for impairment, if any.
17 The Company has provided trade receivables of INR 1,78,051.08 lakhs during year ended March, 2020 as impairment loss on best judgement assessment. Such estimation was done based on non-receipt of confirmations, internal assessment by Company Officers or where information such as tax identification numbers, correspondence or billing addresses, contact person details, email IDs and other relevant details were not available in customer master maintained in the accounting system nor with the Officers.
18 Physical cash balance verification for petty cash book was carried out by the RP on 29th July, 2020 wherein the physical cash was found short by INR 0.29 lakhs. Further, No physical cash was available against the book balances in the Main Cash Book and Imprest Cash to Employees. The reason for the discrepancies could not be ascertained and therefore, no effect of the same has been given in the accounts. No cash balance verification has been done for year ending 31st March, 2020 due to which we are unable to comment on the same.
19 All bank accounts could not be reconciled with the bank statements due to non-availability of details
20 Fixed Deposits amounting to INR 11,888.86 lakhs have been encashed on 19th August, 2019 i.e. just a day before the commencement of the CIRP process by the erstwhile promoters. The remaining deposits are seized by various government authorities.
21 Due to lack of relevant information, the Company has not been able to estimate and thereby account for the interest accrued on the deposits for year ended 31st March 2020.
22 Debenture Redemption Reserve (DRR) being reflected in the books at INR 22,489.52 lakhs at the beginning of the financial year. On the first day of the financial year (April 01, 2019), the entire amount has been nullified and transferred to General Reserves. Consequently, the balance of DRR as on 31st March, 2020 is NIL but the debentures have not been redeemed.
23 Due to lack of appropriate information, the Company has not been able to obtain an actuarial valuation as required under the provisions of Ind AS 19. Hence, the provisions have been made based on the estimates of last year
24 For the quarter ending on 30th June, 2019, Ind AS adjustments relating to unwinding of finance cost amounting to INR 23.26 lakhs have been made in the books of accounts. However, the relevant documents and calculations could not be obtained from the erstwhile management. Hence similar adjustment, if any, has not been made for subsequent period.

25 The Company has not made any adjustments for IND AS recognition of Lease revenue after the first quarter till the year ending 31st March 2020.

26 The Company is faced with certain on-going investigations initiated by governmental authorities such as Enforcement Directorate (ED), Economic Offences Wing (EOW), Serious Fraud Investigation Office (SFIO) and Central Bureau of Investigation (CBI). However, the outcome of such investigations and its effect on the financial statements cannot be ascertained.

27 The Fourth Quarter Results were approved on 12th April 2021.

As per my report as evendate For Housing Development and Infrastructure Limited

RAYAN MA OLVEN NO. IBBI/ID IBBL/IPA-001/IPP00054/2017-18 /10128 PESSION!

wrong

Abhay Manudhane Resolution Professional IBBI Regn No:IBBI/IPA-001/IP-P00054/2017-18/10128

Place: Mumbai Date: 12th April, 2021

Statement of Assets and Liabilities		(Rs. In lakhs)
Particulars	As at 31.03.2020	As at 31.03.2019

	(Audited)	(Audited)
ASSETS
Non-Current Assets
Property, plant and equipment	10,932.23	10,712.96
Investment Properties	10,350.67	10,488.69
Other Intangible Assets		2.90
Financial Assets:
i) Investments	48,936.24	78,884.99
ii) Other financial assets	854.74	846.72
Deferred Tax Assets (Net)	۰
Other Non Current Assets
Total Non-Current Assets	71,073.87	1,00,936.26
Current Assets
Inventories	2,83,744.04	12,03,307.79
Financial Assets:
i) Trade receivables	40,857.36	37,881.65
ii) Investments	101.58	101.58
iii) Cash and cash equivalents	376.11	523.21
iv) Bank balances other than above	145.61	12,855.68
$v)$ Others	1,095.48	6,616.77
Other current assets	98.19	2,46,203.67
Total Current Assets	3,26,418.36	15,07,490.35
TOTAL - ASSETS	3,97,492.23	16,08,426.61
EQUITY AND LIABILITIES
Equity
Equity share capital	47,400.40	45,400.00
Other equity	(2,71,405.83)	11,26,171.56
Minority Interest
Total Equity	(2,24,005.43)	11,71,571.56
Liabilities
Non-Current Liabilities
Financial Liabilities
Borrowings		309.00
Other Financial Liabilities		240.39
Deferred tax liabilities (Net)		2,932.09
Provisions		404.70
Total Non-Current Liabilities		3,886.18
Current Liabilities
Financial Liabilities:
i) Borrowings	2,47,711.72	1,50,096.14
ii) Trade payables	39,430.86	45,159.95
iii) Other financial liabilities	1,24,447.87	68,939.68
Other current liabilities	1,94,355.81	1,53,726.04
Provisions	944.50	371.18
Current tax liabilities (Net)	14,606.90	14,675.88
Total Current Liabilities	6,21,497.66	4,32,968.87
Total Liabilities	6,21,497.66	4,36,855.05
TOTAL - EQUITY AND LIABILITIES	3,97,492.23	16,08,426.61

Statement of Cash Flow for the Year ended 31.03.2020

		INR in lakhs
Particulars	For the year ended31st March, 2020	For the year ended31st March, 2019
A. CASH FLOW FROM OPERATING ACTIVITIES :	(Audited)	(Audited)
Net (Loss) / Profit before tax	(13,99,662.62)	11,787.63
Adjustments for :
Depreciation and amortisation expense	861.23	539.43
Interest expenses	11,094.58	19,186.67
Interest received	(507.46)	(1,056.63)
Dividend received	-	(5.25)
Remeasurements of the defined benefit plans Income	(53.08)	(46.00)
Loss on sale of fixed assets	-	(0.60)
Profit on sale of fixed assets	(1.10)	-
Non cash adjustments made during the year	554.44	-
	11,948.61	18,617.62
Operating (Loss) / Profit before working capital changes	(13,87,714.01)	30,405.25
Adjustment for changes in working capital
(Increase) / Decrease in working capital:
Decrease / (Increase) in inventory	85,630.49	23,175.36
Decrease / (Increase) in trade receivable	(1,81,026.79)	362.01
Decrease / (Increase) in other receivables	(64.28)	(39,258.30)
(Decrease) / Increase in financial liabilities	55,103.49	-
(Decrease) / Increase in other financial assets	(8.02)	-
Other Current Assets	(46,747.67)	(11,450.66)
Trade payables	(5,729.09)	-
Other Current Financial Liabilities	41,203.99	(17,516.35)
	(51,637.88)	(44,687.94)
Cash generated from Operations	(14,39,351.89)	(14,282.69)
Direct taxes paid	(2,810.12)	251.01
Net Cash generated from Operating activities before exceptional items	(14,42,162.01)	(14,533.70)
Exceptional item	13,40,371.81	-
Net Cash generated from / (used in) Operating activities	(1,01,790.20)	(14,533.70)
B. CASH FLOW FROM INVESTING ACTIVITIES :
Interest received	507.46	1,056.63
Maturity of Fixed Deposit	12,710.07	-
Dividend received	-	5.25
Sale / (Purchase) of fixed assets	-	(4.56)
Proceeds from sale of investment	-	29,435.56
Proceeds from sale of fixed asset	11.18	15.60
Net Cash generated from / (used in) Investing activities	13,228.71	30,508.48
C. CASH FLOW FROM FINANCING ACTIVITIES :
Repayment of borrowings	97,924.58	(13,021.21)
Proceeds from share warrants	-	16,120.00
Increase in share capital including share premium	-	-
Interest paid	(11,094.58)	(19,186.67)
Net Cash used in Financing activities	86,830.00	(16,087.88)
NET INCREASE IN CASH AND CASH EQUIVALENTS	(1,731.49)	(113.10)
Cash and Cash Equivalents - at the start of the year	2,227.71	2,340.81
Cash and Cash Equivalents - at the end of the Period	496.22	2,227.71

Note : The above Statement of Cash Flows has been prepared under the 'Indirect Method' as set out in Ind As 7, 'Statement of Cash Flows'

For Housing Development and Infrastructure Limited

Abhay Manudhane Place : Mumbai Resolution Professional Date : 12th April, 2021 IBBI Regn No:IBBI/IPA-001/IP-P00054/2017-18/10128

				(Rs. In Lakhs)
Particulars	Quarter31st March 2020	ending Year EndedMarch 2020	31st CorrespondingQuarter Ended 31st 31st March 2019March 2019	Year Ended
	(Audited)	(Audited)	(Audited)	(Audited)
Total Income from operations (net)	277.93	42,459.65	3,382.00	60,120.43
Net Profit / (Loss) for the period (before
Tax, Exceptional and/or Extra ordinaryitems)	$-2173.14$	$-59,290.81$	923.00	11,787.62
Net Profit / (Loss) for the period before
Tax (after Exceptional and/or Extraordinary items)	$-1342211.44$	$-1399662.62$	923.00	11787.62
Net Profit / (Loss) for the period after tax,
Exceptional and or extraordinary items)	$-1339279.35$	$-1396730.53$	756.00	9618.12
Total Comprehensive Income for theperiod [Comprising Profit/(Loss) for theotherand${ax}$(afterperiod		(13,96,730.53)	780.00	9,572.12
Comprehensive Income (after tax)]	(13, 39, 279.35)	47,400.40	45,400.40	45,400.00
Equity Share Capital	47,400.40
Reserves (Excluding Revaluation Reserveas shown in the Balance Sheet of previousvear	0.00	$-2, 71, 405.83$	0.00	11,26,171.56
	(As on 31.03.2020)	(As on 31.03.2020)	(As on 31.03.2019)	(As on 31.3.2019)
Earning Per Share (before extraordinaryitems) (of Rs. 10/- each)
$Basic - Rs.$	$-284.55$	$-296.75$	0.170.16	2.112.11
Diluted - Rs.	$-284.55$	$-296.75$
Earning Per Share (after extraordinaryitems) (of Rs. 10/- each)
Basic - Rs.	$-284.55$	$-296.75$	0.17	2.112.11
Diluted - Rs.	$-284.55$	$-296.75$	0.16

Extract of Audited Financial Results for the Quarter & Year ended 31st March 2020

For Housing Development and Infrastructure Limited

AN MA TRRI $100$ P000: $017 - 18$ /10128 Abhay Manudhane ESSION Resolution Professional IBBI Regn No:IBBI/IPA-001/IP-P00054/2017-18/10128

Place: Mumbai Date: 12th April, 2021

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Housing Development & Infrastructure Ltd Annual Report 2020