Page 255 - KRCL ENglish

opinion and to the best of our information and according to the explanations given to
us:

i. The consolidated nancial statements disclose the impact of pending litigations
on its consolidated nancial position of the Holding Company and its associate
company statements – Refer Note No. 40 to the consolidated nancial
statements.

ii. The Holding Company and its associate company did not have any long-term
contracts including derivative contracts for which there were any material
foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Holding Company and its Associate
Company incorporated in India.

(i) With respect to the matter to be included in the Auditors' Report under section 197(16)
of the Act, as amended:

i. In respect of the Holding company
As per notication No. G.S.R. 463 (E). dated 5th June' 2015 issued by Ministry of
Corporate Affairs, Provisions of section 197 of Companies Act 2013 is not applicable,
being a Government Company. Accordingly, the section 197(16) of the Act is not
applicable to the Holding Company. The Ministry of Corporate Affairs has not
prescribed other details under Section 197(16) which are required to be commented
upon by us.

ii. In respect of the Associate company:
As per the opinion of auditor of the associate company and to the best of their
information and according to the explanation given to them, the remuneration paid by
the company to its directors during the year is in accordance with the provisions of
section 197 of the Act.
For V. K. Surana & Co.
Chartered Accountants
Firm Reg No.110634W
Sd/-
CA. Sudhir Surana
Partner
Nagpur, July 30, 2020 Membership No. 43414
253
UDIN-20043414AAAACG4527