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which are companies incorporated in India whose financial statements have been audited under the Act have represented to us that, as disclosed in note 44 to the consolidated financial statements, to the best of its knowledge and belief, no funds have been received by the respective Holding Company or any of such subsidiaries from any persons or entities, including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Holding Company or any of such subsidiaries shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us of the subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act, nothing has come to our or other auditor’s notice that has caused us or the other auditors to believe that the representations under sub-clause (a) and (b) contain any material mis-statement.
v. The final dividend paid by the Holding Company during the year in respect of the same declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.
As stated in note 43 to the consolidated financial statements, the Board of Directors of the Holding Company have proposed final dividend and one-time special dividend for the year which is subject to the approval of the members at the respective ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.
vi. The Group has migrated to SAP Application software from legacy Farvision software for
maintaining its books of account during the year. Based on our examination of books of account of the Holding Company and subsidiaries incorporated in India which included test checks, Holding Company and subsidiaries has used accounting software SAP, for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software except that audit trail feature is not enabled for direct changes to data when using certain access rights as explained in note 42 to the consolidated financial statements. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with in respect of the SAP Application accounting software.
In respect of legacy software Farvision, which was operated by third-party service provider, in the absence of Service Organization Controls report we are unable to comment on whether audit trail feature of the said software was enabled and operated throughout the period for all relevant transactions recorded in the software or whether there were any instances of the audit trail feature being tampered with.
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
______________________________
per Sukrut Mehta
Partner
Membership Number: 101974 UDIN: 24101974BKERSG2212 Place of Signature: Ahmedabad Date: May 06, 2024
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