COMPILATION OF REPORTING UNDER

COMPANIES (AUDITOR’S REPORT)

ORDER, 2020
CA. Vishal Doshi, Vadodara
Compilation of Reporting under Companies (Auditor’s
Report) Order, 2020
Contents
List of Companies Covered ...................................................................................................... 2
Paragraph 3(i): Property, Plant and Equipment ....................................................................... 3
Paragraph 3(ii): Inventory ..................................................................................................... 22
Paragraph 3(iii): Loans, Investments, Guarantees given (commercial aspects) ....................... 30
Paragraph 3(iv): Loans, Investments, Guarantees given (legal compliances) .......................... 46
Paragraph 3(v): Public Deposits ............................................................................................ 49
Paragraph 3(vi): Cost Records ............................................................................................... 52
Paragraph 3(vii): Statutory Dues ........................................................................................... 55
Paragraph 3(viii): Undisclosed Income Under Income Tax Act................................................ 74
Paragraph 3(ix): Loans, Borrowings ....................................................................................... 77
Paragraph 3(x): Initial Public Offer, Further Public Offer ........................................................ 93
Paragraph 3(xi): Fraud .......................................................................................................... 99
Paragraph 3(xii): Nidhi Companies .......................................................................................107
Paragraph 3(xiii): Related Party Transactions .......................................................................109
Paragraph 3(xiv): Internal Audit ...........................................................................................112
Paragraph 3(xv): Non-Cash Transactions ..............................................................................116
Paragraph 3(xvi): RBI Act .....................................................................................................119
Paragraph 3(xvii): Cash Losses .............................................................................................128
Paragraph 3(xviii): Auditor’s Resignation .............................................................................130
Paragraph 3(xix): Material Uncertainty in Payment of Liabilities ..........................................132
Paragraph 3(xx): Corporate Social Responsibility..................................................................138
Paragraph 3(xxi): CARO Reports of Components ..................................................................144
List of Companies Covered Compilation of CARO, 2020

List of Companies Covered

• Asian Paints Limited
• Bajaj Finserv Limited
• Bajaj Finance Limited
• Bharti Airtel Limited
• Dr. Reddy’s Laboratories Limited
• HCL Technologies Limited
• Housing Development Finance Corporation Limited
• Hindustan Unilever Limited
• Indian Oil Corporation Limited
• Infosys Limited
• ITC Limited
• Larsen & Toubro Limited
• Mahindra & Mahindra Limited
• Tata Steel Limited
• Tata Consultancy Services Limited
• Titan Company Limited
• Ultratech Cement Limited
• Wipro Limited

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

Paragraph 3(i): Property, Plant and Equipment

Paragraph 3(i)(a)(A)
Whether the company is maintaining proper records showing full particulars, including quantitative
details and situation of Property, Plant and Equipment; [Paragraph 3(i)(a)(A)]

ASIAN PAINTS LIMITED

• The Company has maintained proper records showing full particulars, including quantitative
details and situation of Property, Plant and Equipment and relevant details of right-of-use assets.

BAJAJ FINSERVE LIMITED

• The Company has maintained proper records showing full particulars including quantitative details
and situation of property, plant, and equipment ('PPE').

BAJAJ FINANCE LIMITED

• The Company has maintained proper records showing full particulars, including quantitative
details and situation of Property, Plant and Equipment and relevant details of right-of-use assets.

BHARTI AIRTEL LIMITED

• The Company has maintained proper records showing full particulars, including quantitative
details and situation of Property, Plant and Equipment, capital work-in-progress and relevant
details of right of use assets except in the case of certain Plant and Machinery, where the Company
is in the process of updating the records for situation of these assets.

DR. REDDY'S LABORATORIES LIMITED

• The Company has maintained proper records showing full particulars, including quantitative
details and situation of fixed assets.

HCL TECHNOLOGIES LIMITED

• The Company has maintained proper records showing full particulars, including quantitative detail
and situation of Property, Plant and Equipment.

HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED

• The Corporation has maintained proper records showing full particulars, including quantitative
details and situation of Property, Plant and Equipment and Investment Property.

HINDUSTAN UNILEVER LIMITED

• The Company has maintained proper records showing full particulars, including quantitative
details and situation of Property, Plant and Equipment.

INDIAN OIL CORPORATION LIMITED

• The Company has generally maintained proper records showing full particulars including
quantitative details and situation of Property, Plant and Equipment.

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

INFOSYS LIMITED

• The Company has maintained proper records showing full particulars, including quantitative
details and situation of Property, Plant and Equipment and relevant details of right-of-use assets.

ITC LIMITED

• The Company has maintained proper records showing full particulars, including quantitative
details and situation of Property, Plant and Equipment.

LARSEN & TOUBRO LIMITED

• The Company has maintained proper records showing full particulars, including quantitative
details and situation of Property, Plant and Equipment, capital work-in progress, investment
properties and relevant details of right-of-use assets.

MAHINDRA & MAHINDRA LIMITED

• The Company has maintained proper records showing full particulars, including quantitative
details and situation of Property, Plant and Equipment.

TATA STEEL LIMITED

• The Company is maintaining proper records showing full particulars, including quantitative details
and situation, of Property, Plant and Equipment.

TATA CONSULTANCY SERVICES LIMITED

• The Company has maintained proper records showing full particulars, including quantitative
details and situation of Property, plant, and equipment.

TITAN COMPANY LIMITED

• The Company has maintained proper records showing full particulars, including quantitative
details and situation of Property, Plant and Equipment.

ULTRATECH CEMENT LIMITED

• The Company has maintained proper records showing full particulars, including quantitative
details and situation of Property, Plant and Equipment.

WIPRO LIMITED

• The Company has maintained proper records showing full particulars, including quantitative
details and situation of Property, Plant and Equipment and relevant details of right-of-use assets.

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

Paragraph 3(i)(a)(B)
Whether the company is maintaining proper records showing full particulars of intangible assets;
[Paragraph 3(i)(a)(B)]

ASIAN PAINTS LIMITED

• The Company has maintained proper records showing full particulars of intangible assets.

BAJAJ FINSERVE LIMITED

• The Company Is maintaining proper records showing full particulars of intangible assets.

BAJAJ FINANCE LIMITED

• The Company has maintained proper records showing full particulars of intangible assets.

BHARTI AIRTEL LIMITED

• The Company has maintained proper records showing full particulars of intangible assets.

DR. REDDY'S LABORATORIES LIMITED

• The Company has maintained proper records showing full particulars of intangibles assets.

HCL TECHNOLOGIES LIMITED

• The Company has maintained proper records showing full particulars of intangible assets.

HOUSING DEVELOPMENT FINANCE CORPORATION

• The Corporation has maintained proper records showing full particulars of the intangible assets
recognized in the standalone financial statements.

HINDUSTAN UNILEVER LIMITED

• The Company has maintained proper records showing full particulars of intangible assets.

INDIAN OIL CORPORATION LIMITED

• The Company has generally maintained proper records showing full particulars of intangible
assets.

INFOSYS LIMITED

• The Company has maintained proper records showing full particulars of intangible assets.

ITC LIMITED

• The Company has maintained proper records showing full particulars of intangibles assets.

LARSEN & TOUBRO LIMITED

• The Company has maintained proper records showing full particulars of intangible assets.

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

MAHINDRA & MAHINDRA LIMITED

• The Company has maintained proper records showing full particulars of intangible assets.

TATA STEEL LIMITED

• The Company is maintaining proper records showing full particulars of intangible assets.

TATA CONSULTANCY SERVICES LIMITED

• The Company has maintained proper records showing full particulars of Intangible assets.

TITAN COMPANY LIMITED

• The Company has maintained proper records showing full particulars of intangible assets.

ULTRATECH CEMENT LIMITED

• The Company has maintained proper records showing full particulars of intangible assets.

WIPRO LIMITED

• The Company has maintained proper records showing full particulars of intangible assets.

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

Paragraph 3(i)(b)
Whether these Property, Plant and Equipment have been physically verified by the management at
reasonable intervals; whether any material discrepancies were noticed on such verification and if so,
whether the same have been properly dealt with in the books of account; [Paragraph 3(i)(b)]

ASIAN PAINTS LIMITED

• The Company has a program of verification to cover all the items of Property, Plant and Equipment
in a phased manner over a period of 3 years which, in our opinion, is reasonable having regard to
the size of the Company and the nature of its assets. Pursuant to the program, certain Property,
Plant and Equipment were physically verified by the management during the year. According to
the information and explanations given to us, no material discrepancies were noticed on such
verification.

BAJAJ FINSERVE LIMITED

• The Company has a regular programme of physical verification of its PPE by which all PPE are
verified on annual basis. Pursuant to the programme all PPE were physically verified by the
Management during the year. In our opinion and according to the information and explanations
given to us no material discrepancies were noticed on such verification.

BAJAJ FINANCE LIMITED

• The property, plant, and equipment were physically verified during the year by the Management,
in accordance with a regular programme of verification which in our opinion, provides for physical
verification of all the property, plant and equipment at reasonable intervals. No material
discrepancies were noticed on such verification.

BHARTI AIRTEL LIMITED

• The Company, except for customer premises equipment, bandwidth, and certain assets which due
to their nature or location are not verifiable, has a program of verification of property, plant and
equipment, capital work in-progress, and right-of-use assets so to cover all the items once every 3
years which, in our opinion, is reasonable having regard to the size of the Company and the nature
of its assets. Pursuant to the program, certain Property, Plant and Equipment, capital work-in
progress and right of use assets were due for verification during the year and were physically
verified by the Management during the year. According to the information and explanations given
to us, no material discrepancies were noticed on such verification.

DR. REDDY'S LABORATORIES LIMITED

• All Property, Plant and Equipment have not been physically verified ed by the management during
the year but there is a regular programme of verify cation which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets. No material discrepancies
were noticed on such verification.

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the record the Company, the Company has a regular programme of physical verification of its
Property, Plant and Equipment by which all property, plant and equipment are verified in a phased

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

manner over a period of 3 years. In accordance with this programme, certain property, plant, and
equipment were verified during the year. In our opinion, this periodicity of physical verification is
reasonable having regard to the size of the Company and the nature of its assets. As informed to
us, no material discrepancies were noticed on such verification.

HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED

• The management of the Corporation has physically verified Property, Plant and Equipment
(including right of use assets) during the year and no material discrepancies were identified on
such verification.

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has a regular program of physical verification of its
Property, Plant and Equipment by which all property, plant and equipment are verified in a phased
manner over a period of two years. In accordance with this program, certain property, plant, and
equipment were verified during the year. In our opinion, this periodicity of physical verification is
reasonable having regard to the size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification.

INDIAN OIL CORPORATION LIMITED

• There is a regular programme of physical verification of all Property, Plant and Equipment, other
than LPG cylinders and pressure regulators with customers, over a period of three years which, in
our opinion, is reasonable having regard to the size of the Company and the nature of its Property,
Plant and Equipment. In our opinion and as per the information given by the Management, the
discrepancies observed were not material and have been appropriately accounted for in the books.

INFOSYS LIMITED

• The Company has a program of physical verification of Property, Plant and Equipment and right-
of-use assets so to cover all the assets once every three years which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets. Pursuant to the program,
certain Property, Plant and Equipment were due for verification during the year and were
physically verified by the Management during the year. According to the information and
explanations given to us, no material discrepancies were noticed on such verification.

ITC LIMITED

• The property, plant and equipment were physically verified during the year by the management in
accordance with a regular programme of verification which, in our opinion, provides for physical
verification of all the property, plant and equipment at reasonable intervals. According to the
information and explanations given to us, no material discrepancies were noticed on such
verification.

LARSEN & TOUBRO LIMITED

• The Company has a program of physical verification of its property, plant and equipment and
investment properties so to cover all the items in a phased manner over a period of 3 years which,
in our opinion, is reasonable having regard to the size of the Company and the nature of its assets.

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

Pursuant to the program, certain assets were due for verification during the year and were
physically verified by the Management during the year. No material discrepancies were noticed on
such verification.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has a regular programme of physical verification of its
Property, Plant and Equipment by which all property, plant and equipment are verified once in
three years. In accordance with this programme, all property, plant, and equipment were verified
during the year. In our opinion, this periodicity of physical verification is reasonable having regard
to the size of the Company and the nature of its assets. No material discrepancies were noticed on
such verification.

TATA STEEL LIMITED

• The Property, Plant and Equipment are physically verified by the Management according to a
phased programme designed to cover all the items over a period of three years which, in our
opinion, is reasonable having regard to the size of the Company and the nature of its assets.
Pursuant to the programme, a portion of the Property, Plant and Equipment has been physically
verified by the Management during the year and no material discrepancies have been noticed on
such verification.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has a regular programme of physical verification of its
property, plant, and equipment by which all Property, plant and equipment are verified in a phased
manner over a period of three years. In accordance with this programme, certain Property, plant,
and equipment were verified during the year. In our opinion, this periodicity of physical verification
is reasonable having regard to the size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification.

TITAN COMPANY LIMITED

• According to the information and explanation given to us and on the basis of our examination of
the records of the Company, the Company has a regular programme of physical verification of its
property, plant, and equipment, by which all property, plant and equipment are verified in a
phased manner over a period of three years. In accordance with this programme, certain property,
plant, and equipment were verified during the year. In our opinion, this periodicity of physical
verification is reasonable having regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such verification.

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us, the Company has a regular programme
of physical verification of its property, plant, and equipment by which all property, plant and
equipment are verified in a phased manner over a period of three years. In accordance with this
programme, certain property, plant, and equipment were verified during the year. In our opinion,
this periodicity of physical verification is reasonable having regard to the size of the Company and

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

the nature of its assets. Certain discrepancies noticed on such verification were not material and
have been properly dealt with in the books of account.

WIPRO LIMITED

• The Company has a program of physical verification of Property, Plant and Equipment and right-
of-use assets so to cover all the assets once every three years which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets. Pursuant to the program,
certain Property, Plant and Equipment and right-of- use assets were due for verification during the
year and were physically verified by the Management during the year. According to the
information and explanations given to us, no material discrepancies were noticed on such
verification.

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

Paragraph 3(i)(c)
Whether the title deeds of all the immovable properties (other than properties where the company is
the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the financial
statements are held in the name of the company, if not, provide the details thereof in the format below:
- [Paragraph 3(i)(c)]

ASIAN PAINTS LIMITED

• Based on the examination of the registered sale deed / transfer deed / conveyance deed provided
to us, we report that, the title deeds, of all the immovable properties (other than immovable
properties where the Company is the lessee, and the lease agreements are duly executed in favour
of the Company) disclosed in the financial statements included in Property, Plant and Equipment
are held in the name of the Company as at the balance sheet date.

BAJAJ FINSERVE LIMITED

• In our opinion and according to the information and explanations given to us and on the basis of
our examination of the records of the company the title deeds of all the immovable properties
(other than properties where the company is the lessee, and the lease agreements are duly
executed in favour of the lessee) disclosed in the financial statements are held in the name of the
company.

BAJAJ FINANCE LIMITED

• Based on our examination of the documents provided to us, we report that, the title deeds of all
the immovable properties, (other than immovable properties where the Company is the lessee,
and the lease agreements are duly executed in favour of the Company) disclosed in the financial
statements included in property, plant and equipment are held in the name of the Company as at
the balance sheet date.

BHARTI AIRTEL LIMITED

• With respect to immovable properties (other than properties where the Company is the lessee
and the lease agreements are duly executed in favour of the Company) disclosed in the financial
statements included in property, plant and equipment and capital work-in progress and according
to the information and explanations given to us and based on the examination of the property tax
receipts, utility bills for building constructed, registered sale deed / transfer deed / conveyance
deed or court orders approving schemes of arrangements / amalgamations provided to us, we

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

report that, the title deeds of such immovable properties are held in the name of the Company as
at the balance sheet date, except for as provided below:

In respect of immovable properties that have been taken on lease and disclosed in the financial
statements as right of use assets as at the balance sheet date, the lease agreements are duly
executed in favour of the Company, except for as provided below:

DR. REDDY'S LABORATORIES LIMITED

• The title deeds of all the immovable properties (other than properties where the Company is the
lessee, and the lease agreements are duly executed in favour of the lessee) are held in the name
of the company.

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the title deeds of immovable properties (other than immovable
properties where the Company is the lessee, and the leases agreements are duly executed in
favour of the lessee) disclosed in the standalone financial statements are held in the name of the
Company.

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED

• Based on test check examination of the records and sale deeds/ transfer deeds/ lease deeds/
conveyance deeds/ property tax receipts and such other documents provided to us, the title deeds
of all the immovable properties (other than properties where the Corporation is the lessee, and
the lease agreements are duly executed in favour of the lessee) are held in the name of the
Corporation. In certain Immovable Properties located at Village Mehrauli Tehsil Hauz Khas New
Delhi and Plot No. 4 Echelon Institutional Sector 32 Gurgaon, having aggregate gross carrying cost
of ₹ 114.10 crores, the Corporation is in the process of execution and registration of sale deed. The
execution of these documents has got delayed due to legal process as detailed in note 13.5 to the
standalone financial statements. The acquisition of these properties was in the normal course of
business and none of the promoters, directors, or their relatives are associated with these
transactions in any manner.

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the title deeds of immovable properties (other than immovable
properties where the Company is the lessee and the lease agreements are duly executed in favour
of the lessee) disclosed in the standalone financial statements are held in the name of the
Company, except for the following which are not held in the name of the Company:

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us and on the basis of our examination of
records of the Company, the title/ lease deeds of all the immovable properties (other than
properties where the Company is the lessee, and the lease agreements are duly executed in favour
of the lessee) disclosed in the financial statements are held in the name of the Company. The
details of exceptions are given in “Appendix A” to this report.

INFOSYS LIMITED

• Based on our examination of the property tax receipts and lease agreement for land on which
building is constructed, registered sale deed / transfer deed / conveyance deed provided to us, we
report that, the title in respect of self-constructed buildings and title deeds of all other immovable
properties (other than properties where the company is the lessee and the lease agreements are

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

duly executed in favour of the lessee), disclosed in the financial statements included under
Property, Plant and Equipment are held in the name of the Company as at the balance sheet date.

ITC LIMITED

• According to the information and explanations given by the management, the title deeds of all the
immovable properties (other than properties where the Company is the lessee, and the lease
agreements are duly executed in favour of the lessee) are held in the name of the Company.

LARSEN & TOUBRO LIMITED

• With respect to immovable properties (other than properties where the Company is the lessee
and the lease agreements are duly executed in favour of the Company) disclosed in the financial
statements as a part of property, plant and equipment, capital work-in progress and investment
property and based on the examination of the registered sale deed / transfer deed / conveyance
deed provided to us, we report that, the title deeds of such immovable properties are held in the
name of the Company as at the balance sheet date, except for the following:

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the title deeds of immovable properties (other than immovable
properties where the Company is the lessee, and the leases agreements are duly executed in
favour of the lessee) disclosed in the standalone financial statements are held in the name of the
Company.

TATA STEEL LIMITED

• The title deeds of all the immovable properties (other than properties where the Company is the
lessee and the lease agreements are duly executed in favour of the lessee), as disclosed in Note 3
on Property, plant and equipment and Note 4 on Right-of-use assets to the standalone financial
statements, are held in the name of the Company, except for the following:

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

#In case of immovable properties acquired from Tata Steel BSL Limited which got merged with the
Company pursuant to National Company Law Tribunal Order dated October 29, 2021, dates have
been considered with effect from the merger set out in Note 44 to the standalone financial
statements.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the title deeds of immovable properties (other than immovable
properties where the Company is the lessee, and the lease agreements are duly executed in favour
of the lessee) disclosed in the standalone financial statements are held in the name of the
Company.

TITAN COMPANY LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the title deeds of all the immovable properties (other than properties
where the company is the lessee, and the lease agreements are duly executed in favour of the
lessee) disclosed in the financial statements are held in the name of the Company.

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the title deeds of immovable properties (other than immovable
properties where the Company is the lessee and the leases agreements are duly executed in favour
of the lessee) disclosed in the standalone financial statements are held in the name of the
Company, except for the following which are not held in the name of the Company:

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

WIPRO LIMITED

• Based on the examination of the sale deed / transfer deed / conveyance deed / the property tax
receipts and lease agreement for land on which building is constructed provided to us, we report
that, the title deeds, of all immovable properties (other than properties where the company is the
lessee and the lease agreements are duly executed in favour of the lessee), disclosed in the
financial statements included under Property, Plant and Equipment are held in the name of the
Company as at the balance sheet date except for a freehold land with a carrying amount of ` 404
million, for which the title deed has not been executed in the name of the Company pending
fulfilment of certain conditions.

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

Paragraph 3(i)(d)
Whether the company has revalued its Property, Plant and Equipment (including Right of Use assets) or
intangible assets or both during the year and, if so, whether the revaluation is based on the valuation
by a Registered Valuer; specify the amount of change, if change is 10% or more in the aggregate of the
net carrying value of each class of Property, Plant and Equipment or intangible assets; [Paragraph 3(i)(d)]

ASIAN PAINTS LIMITED

• The Company has not revalued its Property, Plant and Equipment (including Right-of-Use assets)
and intangible assets during the year.

BAJAJ FINSERVE LIMITED

• In our opinion and according to the information and explanations given to us the Company has not
revalued its PPE (including Right of Use assets) or intangible assets or both during the year.

BAJAJ FINANCE LIMITED

• The Company has not revalued its property, plant, and equipment (including right of use assets)
or intangible assets or both during the year. Accordingly, paragraph 3(i)(d), of the Order is not
applicable.

BHARTI AIRTEL LIMITED

• The Company has not revalued any of its property, plant, and equipment, right of use assets and
intangible assets during the year.

DR. REDDY'S LABORATORIES LIMITED

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

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not revalued its Property, Plant and Equipment
(including Right of Use assets) or intangible assets during the year.

HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED

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

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not revalued its Property, Plant and Equipment
(including Right of Use assets) or intangible assets or both during the year.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, the Company has not revalued any of
its Property, Plant and Equipment (including Right of Use assets) or intangible assets during the
year.

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

INFOSYS LIMITED

• The Company has not revalued any of its Property, Plant and Equipment (including right-of-use
assets) and intangible assets during the year.

ITC LIMITED

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

LARSEN & TOUBRO LIMITED

• The Company has not revalued any of its property, plant, and equipment (including Right of Use
assets) and intangible assets during the year.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not revalued its Property, Plant and Equipment
(including Right of Use assets) or intangible assets or both during the year.

TATA STEEL LIMITED

• The Company has not revalued its Property, Plant and Equipment (including Right-of-use assets)
or intangible assets during the year. Accordingly, the reporting under Clause 3(i)(d) of the Order is
not applicable to the Company.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not revalued its property, plant, and equipment
(including Right-of-use assets) or Intangible assets or both during the year.

TITAN COMPANY LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not revalued its property, plant, and equipment
(including right-of-use assets) or intangible or both during the year.

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not revalued its Property, Plant and Equipment
(including Right of Use assets) and intangible assets during the year.

WIPRO LIMITED

• The Company has not revalued any of its Property, Plant and Equipment (including right-of-use
assets) and intangible assets during the year.

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

Paragraph 3(i)(e)
Whether any proceedings have been initiated or are pending against the company for holding any
benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made
thereunder, if so, whether the company has appropriately disclosed the details in its financial
statements; [Paragraph 3(i)(e)]

ASIAN PAINTS LIMITED

• No proceedings have been initiated or are pending against the Company as at 31st March 2022 for
holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended
in 2016) and rules made thereunder.

BAJAJ FINSERVE LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the company no proceedings have been initiated or are pending against the
Company for holding any benami property under the Benami Transactions (Prohibition) Act 1988
(45 of 1988) and rules made there under.

BAJAJ FINANCE LIMITED

• No proceedings have been initiated during the year or are pending against the Company as at 31
March 2022 for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (as amended in 2016) and rules made thereunder.

BHARTI AIRTEL LIMITED

• No proceedings have been initiated during the year or are pending against the Company as at
March 31, 2022, for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (as amended in 2016) and rules made thereunder.

DR. REDDY'S LABORATORIES LIMITED

• There are no proceedings initiated or are pending against the Company for holding any benami
property under the Prohibition of Benami Property Transactions Act, 1988 and rules made
thereunder.

HCL TECHNOLOGIES LIMITED

• According to information and explanations given to us and on the basis of our examination of the
records of the Company, there are no proceedings initiated or pending against the Company for
holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and
rules made thereunder.

HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED

• There are no proceedings initiated during the year or are pending against the Corporation as at
March 31, 2022, for holding any benami property under the Prohibition of Benami Property
Transactions Act, 1988 (as amended) and rules made thereunder.

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

HINDUSTAN UNILEVER LIMITED

• According to information and explanations given to us and on the basis of our examination of the
records of the Company, there are no proceedings initiated or pending against the Company for
holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and
rules made thereunder.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, no proceeding has been initiated or is
pending against the Company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

INFOSYS LIMITED

• No proceedings have been initiated during the year or are pending against the Company as at
March 31, 2022, for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (as amended in 2016) and rules made thereunder.

ITC LIMITED

• There are no proceedings initiated or are pending against the Company for holding any benami
property under the Prohibition of Benami Property Transactions Act, 1988 and rules made
thereunder.

LARSEN & TOUBRO LIMITED

• No proceedings have been initiated or is pending against the company as at March 31, 2022, for
holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)
and rules made thereunder.

MAHINDRA & MAHINDRA LIMITED

• According to information and explanations given to us and on the basis of our examination of the
records of the Company, there are no proceedings initiated or pending against the Company for
holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and
rules made thereunder.

TATA STEEL LIMITED

• Based on the information and explanations furnished to us, no proceedings have been initiated on
or are pending against the Company for holding benami property under the Prohibition of Benami
Property Transactions Act, 1988 (as amended in 2016) (formerly the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder, and therefore the question of
our commenting on whether the Company has appropriately disclosed the details in its standalone
financial statements does not arise.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, there are no proceedings initiated or pending against the Company

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Paragraph 3(i): Property, Plant and Equipment Compilation of CARO, 2020

for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988
and rules made thereunder.

TITAN COMPANY LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, there are no proceedings initiated or pending against the Company
for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988
and rules made thereunder.

ULTRATECH CEMENT LIMITED

• According to information and explanations given to us and on the basis of our examination of the
records of the Company, there are no proceedings initiated or pending against the Company for
holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and
rules made thereunder.

WIPRO LIMITED

• No proceedings have been initiated during the year or are pending against the Company as at
March 31, 2022, for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (as amended in 2016) and rules made thereunder.

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Paragraph 3(ii): Inventory Compilation of CARO, 2020

Paragraph 3(ii): Inventory

Paragraph 3(ii)(a)
Whether physical verification of inventory has been conducted at reasonable intervals by the
management and whether, in the opinion of the auditor, the coverage and procedure of such verification
by the management is appropriate; whether any discrepancies of 10% or more in the aggregate for each
class of inventory were noticed and if so, whether they have been properly dealt with in the books of
account; [Paragraph 3(ii)(a)]

ASIAN PAINTS LIMITED

• The inventories, except goods-in-transit and stocks lying with third parties, have been physically
verified by the management during the year. In our opinion and based on information and
explanations given to us, the coverage and procedure of such verification by the management is
appropriate having regard to the size of the Company and the nature of its operations. For stocks
held with third parties at the year-end, written confirmations have been obtained. No
discrepancies of 10% or more in the aggregate for each class of inventories were noticed on such
physical verification of inventories.

BAJAJ FINSERVE LIMITED

• The Company's business does not involve inventories. Accordingly, the provision of clause 3(ii)(a)
of the order is not applicable to it.

BAJAJ FINANCE LIMITED

• The Company is engaged primarily in lending activities and consequently does not hold any
physical inventories. Accordingly, paragraph 3(ii)(a) of the Order is not applicable.

BHARTI AIRTEL LIMITED

• The inventories, except for those lying with third parties, were physically verified during the year
by the Management at reasonable intervals. In our opinion and according to the information and
explanations given to us, the coverage and procedure of such verification by the Management is
appropriate having regard to the size of the Company and the nature of its operations. No
discrepancies of 10% or more in the aggregate for each class of inventories were noticed on such
physical verification of inventories when compared with books of account.

DR. REDDY'S LABORATORIES LIMITED

• The inventory has been physically verified by the management during the year. In our opinion, the
frequency of verification by the management is reasonable and the coverage and procedure for
such verification is appropriate. Inventories lying with third parties have been confirmed by them
as at 31 March 2022. There were no discrepancies of 10% or more in aggregate for each class of
Inventory.

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the inventory has been physically verified by the management during
the year. In our opinion, the frequency of such verification is reasonable, and procedures and
coverage as followed by management were appropriate. As informed to us, no discrepancies were

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Paragraph 3(ii): Inventory Compilation of CARO, 2020

noticed on verification between the physical stocks and the book records that were more than
10% in the aggregate of each class of inventory.

HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED

• The Corporation’s business does not require maintenance of inventories and, accordingly, the
requirement to report on clause 3(ii)(a) of the Order is not applicable to the Corporation.

HINDUSTAN UNILEVER LIMITED

• The inventory, except goods-in-transit and stocks lying with third parties, has been physically
verified by the management during the year. For stocks lying with third parties at the year-end,
written confirmations have been obtained and for goods-in-transit subsequent evidence of
receipts has been linked with inventory records. In our opinion, the frequency of such verification
is reasonable, and procedures and coverage as followed by management were appropriate. No
discrepancies were noticed on verification between the physical stocks and the book records that
were more than 10% in the aggregate of each class of inventory.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, the inventory (excluding inventory lying
with third parties, inventory under joint operations and material in transit) has been physically
verified by the management during the year and in our opinion, the frequency of verification is
reasonable. As explained to us, no discrepancy of 10% or more in the aggregate for each class of
inventory was noticed on physical verification of inventories as compared to the book records.

INFOSYS LIMITED

• The Company does not have any inventory and hence reporting under clause 3(ii)(a) of the Order
is not applicable.

ITC LIMITED

• The inventory has been physically verified by the management during the year. In our opinion, the
frequency of verification by the management is reasonable and the coverage and procedure for
such verification is appropriate. Inventories lying with third parties have substantially been
confirmed by them as at year end. No discrepancies of 10% or more in aggregate for each class of
inventory (including inventories lying with third parties) were noticed.

LARSEN & TOUBRO LIMITED

• The inventories except for goods in transit, were physically verified during the year by the
Management at reasonable intervals. In case of real estate inventory wherein, having regard to
the nature of inventory, the physical verification by way of verification of title deeds, site visits by
the Management and certification to the extent of work completion by competent persons, are at
reasonable intervals. In our opinion, the coverage and procedure of such verification by the
Management is appropriate having regard to the size of the Company and the nature of its
operations. In respect of goods in transit, the goods have been received subsequent to the year
end. No discrepancies of 10% or more in the aggregate for each class of inventories were noticed
on such physical verification of inventories when compared with books of account.

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Paragraph 3(ii): Inventory Compilation of CARO, 2020

MAHINDRA & MAHINDRA LIMITED

• The inventory, except goods-in-transit has been physically verified by the management during the
year. For goods-in-transit subsequent evidence of receipts has been linked with inventory records.
In our opinion, the frequency of such verification is reasonable, and procedures and coverage as
followed by management were appropriate. No discrepancies were noticed on verification
between the physical stocks and the book records that were more than 10% in the aggregate of
each class of inventory.

TATA STEEL LIMITED

• The physical verification of inventory (excluding stocks with third parties) has been conducted at
reasonable intervals by the Management during the year and, in our opinion, the coverage and
procedures of such verification by Management is appropriate. In respect of inventory lying with
third parties, these have substantially been confirmed by them. In respect of inventories of stores
and spares, the Management has a verification programme designed to cover the items over a
period of three years. The discrepancies noticed on physical verification of inventory as compared
to book records were not 10% or more in aggregate for each class of inventory.

TATA CONSULTANCY SERVICES LIMITED

• The inventory has been physically verified by the management during the year. In our opinion, the
frequency of such verification is reasonable, and procedures and coverage as followed by
management were appropriate. No discrepancies were noticed on verification between the
physical stocks and the book records that were 10% or more in the aggregate for each class of
inventory.

TITAN COMPANY LIMITED

• The inventory, except goods-in-transit and stocks lying with third parties, has been physically
verified by the management during the year. For stocks lying with third parties at the yearend,
written confirmations have been obtained and for goods-in-transit subsequent evidence of
receipts has been linked with inventory records. In our opinion, the frequency of such verification
is reasonable, and procedures and coverage as followed by the Management were appropriate.
No discrepancies were noticed on verification between the physical stocks and the book records
that were more than 10% in the aggregate of each class of inventory.

ULTRATECH CEMENT LIMITED

• The inventory, except goods-in-transit and stocks lying with third parties, has been physically
verified by the management during the year. For stocks lying with third parties at the year-end,
written confirmations have been obtained and for goods-in-transit subsequent evidence of
receipts has been linked with inventory records. In our opinion, the frequency of such verification
is reasonable, and procedures and coverage as followed by management were appropriate. No
discrepancies were noticed on verification between the physical stocks and the book records that
were more than 10% in the aggregate of each class of inventory.

WIPRO LIMITED

• The inventories were physically verified during the year by the Management at reasonable
intervals. The coverage and procedure of such verification by the Management is appropriate

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Paragraph 3(ii): Inventory Compilation of CARO, 2020

having regard to the size of the Company and the nature of its operations. No discrepancies of 10%
or more in the aggregate for each class of inventories were noticed on such physical verification
of inventories when compared with books of account.

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Paragraph 3(ii): Inventory Compilation of CARO, 2020

Paragraph 3(ii)(b)
Whether during any point of time of the year, the company has been sanctioned working capital limits
in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security
of current assets; whether the quarterly returns or statements filed by the company with such banks or
financial institutions are in agreement with the books of account of the Company, if not, give details;
[Paragraph 3(ii)(b)]

ASIAN PAINTS LIMITED

• According to the information and explanations given to us, the Company has been sanctioned
working capital limits in excess of ` 5 crores, in aggregate, at points of time during the year, from
bank on the basis of security of current assets. In our opinion and according to the information
and explanations given to us, the quarterly statements filed by the Company with the bank are in
agreement with the audited books of account of the Company of the respective quarters.

BAJAJ FINSERVE LIMITED

• In our opinion and according to the information and explanations given to us the Company does
not have sanctioned working capital limits from banks or financial institutions which are secured
on the basis of security. Accordingly, the provision of clause 3(ii)(b) of the Order is not applicable
to it.

BAJAJ FINANCE LIMITED

• As stated in note no. 52, the Company has been sanctioned working capital limits in excess of five
crore rupees, in aggregate, by banks or financial institutions on the basis of security of loans
(assets) during the year. We have observed differences/reconciliation items in the quarterly
returns or statements filed by the Company with such banks or financial institutions as compared
to the books of account maintained by the Company. However, we have not carried out a specific
audit of such statements. The details of such differences/reconciliation items are given in note no.
52 of the standalone financial statements of the Company.

BHARTI AIRTEL LIMITED

• According to the information and explanations given to us, at any point of time of the year, the
Company has not been sanctioned any working capital facility from banks or financial institutions
on the basis of security of current assets, and hence reporting under clause (ii)(b) of the Order is
not applicable.

DR. REDDY'S LABORATORIES LIMITED

• The Company has not been sanctioned working capital limits in excess of ₹ five crores in aggregate
from banks or financial institutions during any point of time of the year on the basis of security of
current assets. Accordingly, the requirement to report on clause 3(ii)(b) of the Order is not
applicable to the Company.

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not been sanctioned any working capital limits in
excess of five crore rupees in aggregate from banks and financial institutions on the basis of

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Paragraph 3(ii): Inventory Compilation of CARO, 2020

security of current assets at any point of time of the year. Accordingly, clause 3(ii) (b) of the Order
is not applicable to the Company.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The Corporation has been sanctioned working capital limits in excess of ` 5 crores in aggregate by
banks or financial institutions. However, such loans are either unsecured or secured by way of
negative lien over assets of the Corporation. Accordingly, the requirement to report on clause
3(ii)(b) of the Order is not applicable to the Corporation.

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not been sanctioned any working capital limits in
excess of five crore rupees in aggregate from banks and financial institutions on the basis of
security of current assets at any point of time of the year. Accordingly, clause 3(ii)(b) of the Order
is not applicable to the Company.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, the Company has been sanctioned
working capital limits in excess of five crore rupees, in aggregate, from banks and financial
institutions on the basis of security of current assets. Also, the quarterly returns/statements filed
by the Company with such banks and financial institutions are in agreement with the books of
account of the Company.

INFOSYS LIMITED

• The Company has not been sanctioned working capital limits in excess of ₹ 5 crore, in aggregate,
at any points of time during the year, from banks or financial institutions on the basis of security
of current assets and hence reporting under clause 3(ii)(b) of the Order is not applicable.

ITC LIMITED

• As disclosed in note 8 to the financial statements, the Company has been sanctioned working
capital limits in excess of ` 5 Crores in aggregate from banks during the year on the basis of security
of inventories of the Company. Based on the records examined by us in the normal course of audit
of the financial statements, the quarterly returns / statements filed by the Company with such
banks are in agreement with the books of accounts of the Company.

LARSEN & TOUBRO LIMITED

• The Company has been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, at
points of time during the year, from banks or financial institutions on the basis of security of
current assets. In our opinion, the quarterly returns filed by the Company with such banks or
financial institutions are in agreement with the unaudited books of account of the Company of the
respective quarters and no material discrepancies have been observed.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has been sanctioned working capital limits in excess of

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Paragraph 3(ii): Inventory Compilation of CARO, 2020

five crore rupees, in aggregate, from banks or financial institutions on the basis of security of
current assets. In our opinion, the quarterly returns or statements filed by the Company with such
banks or financial institutions are in agreement with the books of account of the Company.

TATA STEEL LIMITED

• During the year, the Company has been sanctioned working capital limits in excess of ₹ 5 crores,
in aggregate, from banks on the basis of security of current assets. The Company has filed quarterly
returns or statements with such banks, which are in agreement with the books of account other
than those as set out below:

Note: Pari-passu charge on the Company's entire current assets namely stock of raw materials,
finished goods, stocks in- process, consumables stores and spares and book debts at its plant sites
or anywhere else, in favour of the Bank, by way of hypothecation. Also refer Note 19(iv) to the
standalone financial statements.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has been sanctioned working capital limits in excess of
five crore rupees, in aggregate, from banks on the basis of security of current assets. In our opinion,
the quarterly returns or statements filed by the Company with such banks are in agreement with
the books of account of the Company.

TITAN COMPANY LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not been sanctioned any working capital limits in
excess of five crore rupees in aggregate from banks and financial institutions on the basis of

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Paragraph 3(ii): Inventory Compilation of CARO, 2020

security of current assets at any point of time of the year. Accordingly, clause 3(ii)(b) of the Order
is not applicable to the Company.

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not been sanctioned any working capital limits in
excess of five crore rupees in aggregate from banks and financial institutions on the basis of
security of current assets at any point of time of the year. Accordingly, clause 3(ii)(b) of the Order
is not applicable to the Company.

WIPRO LIMITED

• The Company has not been sanctioned working capital limits in excess of ₹ 5 crores, in aggregate,
at any point of time during the year, from banks or financial institutions on the basis of security of
current assets. Hence, reporting on the quarterly returns or statements filed by the Company with
such banks or financial institutions is not applicable.

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Paragraph 3(iii): Loans, Investments, Guarantees given (commercial aspects) Compilation of CARO, 2020

Paragraph 3(iii): Loans, Investments, Guarantees given (commercial

aspects)
Paragraph 3(iii)
Whether during the year the company has made investments in, provided any guarantee or security, or
granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited
Liability Partnerships, or any other parties, If so,

a) whether during the year the company has provided loans or provided advances in the nature of
loans, or stood guarantee, or provided security to any other entity [not applicable to companies
whose principal business is to give loans], if so, indicate -
(A) the aggregate amount during the year, and balance outstanding at the balance sheet date
with respect to such loans or advances and guarantees or security to subsidiaries, joint
ventures, and associates;
(B) the aggregate amount during the year, and balance outstanding at the balance sheet date
with respect to such loans or advances and guarantees or security to parties other than
subsidiaries, joint ventures, and associates;
b) whether the investments made, guarantees provided, security given and the terms and
conditions of the grant of all loans and advances in the nature of loans and guarantees provided
are not prejudicial to the company’s interest;
c) in respect of loans and advances in the nature of loans, whether the schedule of repayment of
principal and payment of interest has been stipulated and whether the repayments or receipts
are regular;
d) if the amount is overdue, state the total amount overdue for more than ninety days, and
whether reasonable steps have been taken by the company for recovery of the principal and
interest;
e) whether any loan or advance in the nature of loan granted which has fallen due during the year,
has been renewed or extended or fresh loans granted to settle the overdue of existing loans
given to the same parties, if so, specify the aggregate amount of such dues renewed or extended
or settled by fresh loans and the percentage of the aggregate to the total loans or advances in
the nature of loans granted during the year [not applicable to companies whose principal
business is to give loans];
f) whether the company has granted any loans or advances in the nature of loans either repayable
on demand or without specifying any terms or period of repayment, if so, specify the aggregate
amount, percentage thereof to the total loans granted, aggregate amount of loans granted to
Promoters, related parties as defined in clause (76) of section 2 of the Companies Act, 2013;
Paragraph 3(iii)

ASIAN PAINTS LIMITED

a) The Company has not provided any guarantee or security or granted any loans or advances in the
nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any
other parties during the year, and hence sub-clauses iii (a), (d), (e), (f) under clause (iii) of the Order
are not applicable.
b) The investments made, during the year are, prima facie, not prejudicial to the Company’s interest.
c) In respect of loans granted by the Company, the schedule of repayment of principal and payment
of interest has been stipulated and the repayments of principal amounts and receipts of interest
are regular as per stipulation.

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Paragraph 3(iii): Loans, Investments, Guarantees given (commercial aspects) Compilation of CARO, 2020

BAJAJ FINSERVE LIMITED

• In our opinion and according to the information and explanations given to us the Company has not
made investment in the nature of loan or provided any guarantee or security or granted any loans
or advances in the nature of loans secured or unsecured to companies, firms, Limited liability
partnerships or any other parties during the year Accordingly paragraph 3(iii)(a) to (f) of the Order
is not applicable to the Company.

BAJAJ FINANCE LIMITED

• As explained in note no. 1 to the financial statements, the Company is a Deposit-taking Non-
Banking Financial Company ('NBFC') registered with the Reserve Bank of India ('RBI') and as a part
of its business activities is engaged in the business of lending across various types of loans.
• During the year, in the ordinary course of its business, the Company has made investments in,
provided guarantee/security to, and granted loans and advances in the nature of loans, secured
and unsecured, to companies, firms, limited liability partnerships and other parties. With respect
to such investments, guarantees/security and loans and advances:
a) The provisions of paragraph 3(iii)(a) of the Order are not applicable to the Company as its
principal business is to give loans.
b) In our opinion, having regard to the nature of the Company’s business, the investments made,
guarantees provided, security given and the terms and conditions of the grant of all loans and
advances in the nature of loans and guarantees provided are not prejudicial to the Company’s
interest.
c) In respect of loans and advances in the nature of loans (together referred to as 'loan assets'),
the schedule of repayment of principal and payment of interest has been stipulated. Note no.
3.4 to the standalone financial statements explains the Company’s accounting policy relating
to impairment of financial assets which include loan assets. In accordance with that policy,
loan assets with balance as at 31 March 2022, aggregating ₹ 2,987.14 crore were categorised
as credit impaired ('Stage 3') and ₹ 3,256.94 crore were categorised as those where the credit
risk has increased significantly since initial recognition ('Stage 2'). Disclosures in respect of such
loans have been provided in note no. 9 to the standalone financial statements. Additionally,
out of loans and advances in the nature of loans with balances as at the yearend aggregating
₹ 141,969.01 crore, where credit risk has not significantly increased since initial recognition
(categorised as 'Stage 1'), delinquencies in the repayment of principal and payment of interest
aggregating ₹ 1.57 crore were also identified, albeit of less than 2 days. In all other cases, the
repayment of principal and interest is regular. Having regard to the nature of the Company’s
business and the volume of information involved, it is not practicable to provide an itemised
list of loan assets where delinquencies in the repayment of principal and interest have been
identified.
d) The total amount overdue for more than ninety days, in respect of loans and advances in the
nature of loans, as at the year-end is ₹ 909.90 crore. Reasonable steps are being taken by the
Company for recovery of the principal and interest.
e) The provisions of paragraph 3(iii)(e) of the Order are not applicable to the Company as its
principal business is to give loans.
f) The Company has not granted any loans or advances in the nature of loans that were either
repayable on demand or without specifying any terms or period of repayment.

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Paragraph 3(iii): Loans, Investments, Guarantees given (commercial aspects) Compilation of CARO, 2020

BHARTI AIRTEL LIMITED

• The Company has made investments in, provided guarantee, and granted loans or advance in
nature of loan (including receivable in the nature of loan), unsecured, to companies or any other
parties during the year, in respect of which:
a) The Company has provided loans (excluding loans to employees), advance in the nature of
loan (including receivable in the nature of loan) and guarantees during the year and details of
which are given below:

b) The investments made, guarantees provided and the terms and conditions of the grant of all
the above-mentioned loans and advance in the nature of loan (including receivable in nature
of loan), during the year are, in our opinion, prima facie, not prejudicial to the Company’s
interest.
c) The Company has granted loans and advance in the nature of loan (including receivable in the
nature of loan) which are payable on demand. During the year the Company has not
demanded such loans. Having regard to the fact that the repayment of principal or payment
of interest, wherever applicable, has not been demanded by the Company, in our opinion the
repayments of principal amounts and receipts of interest are regular (Refer reporting under
clause (iii)(f) below).
d) According to information and explanations given to us and based on the audit procedures
performed, in respect of loans and advance in the nature of loan (including receivable in the
nature of loan) provided by the Company, there is no overdue amount remaining outstanding
as at the balance sheet date as the Company has not demanded such loans and advance in
nature of loan (including receivable in nature of loan).
e) None of the loans granted and advances in the nature of loans (including receivable in the
nature of loan) by the Company have fallen due during the year as the Company has not
demanded such loans and advance in nature of loan (including receivable in nature of loan).

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f) Above mentioned loans and advance in the nature of loan (including receivable in the nature
of loan) in clause (iii) (a) granted by the Company are repayable on demand.

DR. REDDY'S LABORATORIES LIMITED

a) During the year the Company has not provided loans, advances in the nature of loans, stood
guarantee or provided security to companies, firms, Limited Liability Partnerships or any other
parties. Accordingly, the requirement to report on clause 3(iii)(a) of the Order is not applicable to
the Company.
b) During the year the investments made, guarantees provided, security given and the terms and
conditions of the grant of all loans and advances in the nature of loans, investments and
guarantees to companies, firms, Limited Liability Partnerships, or any other parties are not
prejudicial to the Company’s interest.
c) The Company has outstanding loans from subsidiary companies during the year where the
schedule of repayment of principal and payment of interest has been stipulated and the
repayment or receipts are regular.
d) There are no amounts of loans and advances in the nature of loans granted to companies, fi rms,
limited liability partnerships or any other parties which are overdue for more than ninety days.
e) There were no loans or advance in the nature of loan granted to companies, firms, Limited Liability
Partnerships, or any other parties which had fallen due during the year. Accordingly, the
requirement to report on clause 3(iii)(e) of the Order is not applicable to the Company.
f) The Company has not granted any loans or advances in the nature of loans, either repayable on
demand or without specifying any terms or period of repayment to companies, firms, Limited
Liability Partnerships, or any other parties. Accordingly, the requirement to report on clause 3(iii)(f)
of the Order is not applicable to the Company.

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not provided any guarantee or security or granted
advances in the nature of loans, secured or unsecured to companies, firms, limited liability
partnership or any other parties during the year. The Company has made investments in one
Company and has granted loans in the nature of intercorporate deposits in respect of which the
requisite information is stated in sub-clause (a) below. The Company has not made any
investments in firms, limited liability partnership or any other parties.
a) (A) Based on the audit procedures carried on by us and as per the information and
explanations given to us, the Company has not granted any loans to subsidiaries.

(B) Based on the audit procedures carried on by us and as per the information and explanations
given to us, the Company has granted loans in the nature of intercorporate deposits to parties
other than subsidiaries as below:

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b) According to the information and explanations given to us and based on the audit procedures
conducted by us, we are of the opinion that the investment made and the terms and conditions
of the grant of loans in the nature of intercorporate deposits are, prima facie, not prejudicial
to the interest of the company.
c) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, in the case of loans given in the nature of intercorporate
deposits, the repayment of principal and payment of interest has been stipulated and the
repayments or receipts have been regular. Further, the Company has not given any advance
in the nature of loan to any party during the year.
d) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, there is no overdue amount for more than ninety days in
respect of loans given in the nature of intercorporate deposits. Further, the Company has not
given any advances in the nature of loans to any party during the year.
e) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, there is no loan in the nature of intercompany deposits falling
due during the year, which has been renewed or extended or fresh loans in the nature of
intercompany deposits granted to settle the overdue of existing loans given in the nature of
intercompany deposits to same parties.
f) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, the Company has not granted any loans or advances in the
nature of loans either repayable on demand or without specifying any terms or period of
repayment.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

a) Since the principal business of the Corporation is to give loans, the requirement to report on clause
3(iii)(a) of the Order is not applicable to the Corporation.
b) During the year the investments made, guarantees provided, security given and the terms and
conditions of the grant of all loans and advances in the nature of loans and guarantees to
companies or any other parties are not prejudicial to the Corporation’s interest.
c) In respect of loans and advances in the nature of loans, granted by the Corporation as part of its
business of providing housing finance and loans against property to individual customers as well
as providing corporate finance, construction finance, etc. to non-individual customers, the
schedule of repayment of principal and payment of interest has been stipulated by the
Corporation. Having regard to the voluminous nature of loan transactions, it is not practicable to
furnish entity-wise details of amount, due date for repayment or receipt and the extent of delay
in this report (as suggested in the Guidance Note on CARO 2020, issued by the Institute of
Chartered Accountants of India for reporting under this clause), in respect of loans and advances
which were not repaid / paid when they were due or were repaid / paid with a delay, in the normal
course of lending business. Further, except for loans where there are delays or defaults in
repayment of principal and / or payment of interest as at the balance sheet date, in respect of
which the Corporation has disclosed asset classification / staging in note 9.4 to the standalone
financial statements in accordance with Indian Accounting Standards (Ind AS) and the guidelines
issued by the Reserve Bank of India, the parties are repaying the principal amounts, as stipulated,
and are also regular in payment of interest, as applicable.
d) In respect of loans and advances in the nature of loans, the total amount overdue for more than
ninety days as at March 31, 2022, and the details of the number of such cases, are disclosed in

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note 9.4 to the standalone financial statements. In such instances, in our opinion, reasonable steps
have been taken by the Corporation for recovery of the overdue amount of principal and interest.
e) Since, the principal business of the Corporation is to give loans, the requirement to report on
clause 3(iii)(e) of the Order is not applicable to the Corporation.
f) The Corporation has not granted any loans or advances in the nature of loans, either repayable on
demand or without specifying any terms or period of repayment to companies, firms, Limited
Liability Partnerships, or any other parties. Accordingly, the requirement to report on clause 3(iii)(f)
of the Order is not applicable to the Corporation.

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not provided any guarantee or security or granted
any advances in the nature of loans, secured or unsecured, to companies, firms, limited liability
partnership or any other parties during the year. The Company has made investments in
companies and granted secured and unsecured loans to companies and other parties, in respect
of which the requisite information is as below. The Company has not made any investments in or
granted any loans, secured or unsecured, to firms and limited liability partnership.

a) Based on the audit procedures carried on by us and as per the information and explanations
given to us, the Company has provided loans to any other entity as below:

b) According to the information and explanations given to us and based on the audit procedures
conducted by us, in our opinion the investments made and the terms and conditions of the
grant of secured and unsecured loans are, prima facie, not prejudicial to the interest of the
Company.
c) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, in the case of secured and unsecured loans given, in our
opinion the repayment of principal and payment of interest has been stipulated and the
repayments or receipts have been regular. Further, the Company has not given any advance
in the nature of loan to any party during the year.
d) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, there is no overdue amount for more than ninety days in
respect of secured and unsecured loans given. Further, the Company has not given any
advances in the nature of loans to any party during the year.
e) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, there is no loan granted falling due during the year, which has
been renewed or extended or fresh loans granted to settle the overdue of existing loans given
to same parties. Further, the Company has not given any advances in the nature of loans to
any party.

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f) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, the Company has not granted any loans or advances in the
nature of loans either repayable on demand or without specifying any terms or period of
repayment.

INDIAN OIL CORPORATION LIMITED

a) In our opinion and according to the information and explanations given to us, the Company has
granted loans or provided advances in the nature of loans, or stood guarantee, or provided security
during the year to the following entities:

b) In our opinion and according to the information and explanations given to us, the investments
made, guarantees provided, security given and the terms and conditions of the grant of all loans
and advances in the nature of loans and guarantees provided are not prejudicial to the Company’s
interest.
c) In our opinion and according to the information and explanations given to us, the schedule of
repayment of principal and payment of interest with respect to loans and advances in the nature
of loans, has been stipulated and the repayments or receipts are regular.
d) In our opinion and according to the information and explanations given to us, the total amount
overdue for more than 90 days is Nil.
e) According to the information and explanations given to us, two cases were found where the loan
or advance in the nature of loan granted which have fallen due during the year, have been renewed
or extended or fresh loans granted to settle the overdues of existing loans given to the same
parties which are as follows:

f) In our opinion and according to the information and explanations given to us, no such cases are
found where the Company has granted any loans or advances in the nature of loans either
repayable on demand or without specifying any terms or period of repayment.

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INFOSYS LIMITED

• The Company has made investments in, companies, firms, Limited Liability Partnerships, and
granted unsecured loans to other parties, during the year, in respect of which:
a) The Company has not provided any loans or advances in the nature of loans or stood guarantee
or provided security to any other entity during the year, and hence reporting under clause
3(iii)(a) of the Order is not applicable.
b) In our opinion, the investments made and the terms and conditions of the grant of loans,
during the year are, prima facie, not prejudicial to the Company’s interest.
c) In respect of loans granted by the Company, the schedule of repayment of principal and
payment of interest has been stipulated and the repayments of principal amounts and receipts
of interest have generally been regular as per stipulation.
d) In respect of loans granted by the Company, there is no overdue amount remaining
outstanding as at the balance sheet date.
e) No loan granted by the Company which has fallen due during the year, has been renewed or
extended or fresh loans granted to settle the overdue of existing loans given to the same
parties.
f) The Company has not granted any loans or advances in the nature of loans either repayable
on demand or without specifying any terms or period of repayment during the year. Hence,
reporting under clause 3(iii)(f) is not applicable.
• The Company has not provided any guarantee or security or granted any advances in the nature
of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships, or any other
parties.

ITC LIMITED

a) During the year the Company has not provided loans, advances in the nature of loans, stood
guarantee or provided security to companies, firms, Limited Liability Partnerships or any other
parties. Accordingly, the requirement to report on clause 3(iii)(a) of the Order is not applicable to
the Company.
b) During the year the investments made by the Company is not prejudicial to the Company’s
interest. The Company has not provided guarantees or security and has not granted loans and
advances in the nature of loans to companies, firms, Limited Liability Partnerships, or any other
parties and hence not commented upon.
c) The Company has not granted loans and advances in the nature of loans to companies, firms,
Limited Liability Partnerships, or any other parties. Accordingly, the requirement to report on
clause 3(iii)(c) to 3(iii)(f) of the Order is not applicable to the Company and hence not commented
upon.

LARSEN & TOUBRO LIMITED

• The Company has made investments in, provided guarantee, and granted loans, secured or
unsecured, to companies or any other parties during the year, in respect of which:
a) The Company has provided loans and stood guarantee during the year and details of which are
given below:

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The Company has not provided any advances in the nature of loans to any other entity during
the year.
b) The investments made, guarantees provided and the terms and conditions of the grant of all
the above-mentioned loans and guarantees provided, during the year are, in our opinion,
prima facie, not prejudicial to the Company’s interest.
c) In respect of loans granted by the Company, the schedule of repayment of principal and
payment of interest has been stipulated and the repayments of principal amounts and receipts
of interest are regular as per stipulation, except for the following:

d) In respect of loans granted by the Company, there is no amount overdue for more than 90
days at the balance sheet date.
e) During the year loans aggregating to R 193.14 crore fell due from certain parties have been
renewed. The details of such loans that fell due and were renewed during the year are stated
below:

f) The Company has not granted any loans either repayable on demand or without specifying
any terms or period of repayment during the year. Hence, reporting under clause (iii)(f) is not
applicable.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not given any security or advance in nature of loans

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in companies, firms, limited liability partnership or any other parties. The Company has made
investments, provided guarantee, and granted loans, to companies and other parties in respect of
which the requisite information is as below.
a) Based on the audit procedures carried on by us and as per the information and explanations
given to us, the Company has provided loans, or stood guarantee to any other entity as below:

b) According to the information and explanations given to us and based on the audit procedures
conducted by us, in our opinion the investments made, guarantees provided and the terms
and conditions of the grant of loans and guarantees provided during the year are, prima facie,
not prejudicial to the interest of the Company.
c) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, in the case of loans given, in our opinion the repayment of
principal and payment of interest has been stipulated and the repayments or receipts have
been regular. Further, the Company has not given any advance in the nature of loan to any
party during the year.
d) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, there is no overdue amount for more than ninety days in
respect of loans given. Further, the Company has not given any advances in the nature of loans
to any party during the year.
e) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, in our opinion following instances of loans falling due during
the year were renewed or extended or settled by fresh loans:

f) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, the Company has not granted any loans or advances in the
nature of loans either repayable on demand or without specifying any terms or period of
repayment.

TATA STEEL LIMITED

a) The Company has, during the year, made investments in seven companies and twenty-two mutual
fund schemes, granted unsecured loans to eight companies and seventy employees, stood
guarantee for one company, and provided security of certain current assets to eighteen banks
against working capital facilities from the banks (including securities in place in respect of working
capital facilities rolled over/renewed during the year). The aggregate amount during the year, and
balance outstanding at the balance sheet date with respect to such loans, guarantees and

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securities to subsidiaries, joint ventures, and associates and to parties other than subsidiaries, joint
ventures and associates are as per the table given below:

The above amounts are included in Note 8 on Loans, note 19(ii)(b) on Borrowings and Note 36(B)
on Commitments to the standalone financial statements.

b) In respect of the aforesaid investments, guarantees, securities and loans, the terms, and conditions
under which such investments were made, guarantees provided, securities provided, and loans
were granted are not prejudicial to the Company’s interest, based on the information and
explanations provided by the Company.
c) In respect of the loans outstanding as on the balance sheet date, the schedule of repayment of
principal and payment of interest has been stipulated by the Company except for one loan
aggregating ₹2.00 crores (fully provided in books) where no schedule of repayment of principal
and payment of interest has been stipulated. Except for the aforesaid instances (where in the
absence of stipulation of repayment/payment terms, we are unable to comment on the regularity
of repayment of principal and payment of interest) and the following instances, the parties are
repaying the principal amounts, as stipulated, and are also regular in payment of interest as
applicable.

d) In respect of the following loans, the total amount overdue for more than ninety days as at March
31, 2022, is ₹ 640.25 crores. Based on the information and explanations given to us, the entities
are under corporate insolvency resolution process/ liquidated and accordingly, the Company is not
taking any further steps for the recovery of the principal and interest amounts, other than those
mentioned in clause (iii)(c) above against Tayo Rolls Limited.

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e) Following loans were granted to same parties, which has fallen due during the year and were
renewed/extended. Further, no fresh loans were granted to same parties to settle the existing
overdue loans/advances in nature of loan.

The above amounts are included in Note 8 on Loans to the standalone financial statements.

f) The loans granted during the year, including to related parties had stipulated the scheduled
repayment of principal and payment of interest and the same were not repayable on demand. No
loans were granted during the year to promoters.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not made any investments, provided guarantee or
security, or granted any advances in the nature of loans, secured or unsecured, to companies,
firms, limited liability partnerships or any other parties during the year. The Company has granted
loans to one company during the year, details of the loan is stated in sub-clause (a) below. The
Company has not granted any loans, secured or unsecured, to firms, limited liability partnerships
or any other parties during the year.
a) A. Based on the audit procedures carried on by us and as per the information and
explanations given to us, the Company has not granted any loans to subsidiaries.

B. Based on the audit procedures carried on by us and as per the information and
explanations given to us, the Company has granted loans to a party other than
subsidiaries as below:

b) According to the information and explanations given to us and based on the audit
procedures conducted by us, we are of the opinion that the terms and conditions of the
loans given are, prima facie, not prejudicial to the interest of the Company.

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c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, in the case of loans given, the repayment of
principal and payment of interest has been stipulated and the repayments or receipts have
been regular.
d) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there is no overdue amount for more than
ninety days in respect of loans given.
e) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there is no loan given falling due during the
year, which has been renewed or extended or fresh loans given to settle the overdues of
existing loans given to the same party.
f) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not given any loans either
repayable on demand or without specifying any terms or period of repayment.

TITAN COMPANY LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not provided any security or granted any advances
in the nature of loans, secured or unsecured, to companies, firms, limited liability partnership or
any other parties during the year. The Company has made investments, provided guarantees, and
has granted unsecured loans to companies and other parties, in respect of which the requisite
information is given below. The Company has not made any investments, given guarantees or
granted any loans, secured or unsecured, to firms and limited liability partnership.
a) Based on the audit procedures carried out by us and as per the information and
explanation given to us, the Company has provided loans or stood guarantees as
mentioned below:

b) According to the information and explanations provided to us and based on the audit
procedures conducted by us, we are of the opinion that the investments made, guarantees

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provided and the terms and conditions of the grant of loans are prima facie, not prejudicial
to the interest of the Company.
c) According to the information and explanation given to us and on the basis of the
examination of the records of the Company, in case of the loans given, the repayment of
principal and payment of interest has been stipulated and the repayments of the principal
and interest are regular. Further, the Company has not given any advance in the nature of
loan to any party during the year.
d) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there is no overdue amount for more than
ninety days in respect of loans given. Further, the Company has not given any advances in
the nature of loans to any party during the year.
e) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there is no loan or advance in the nature of
loan granted falling due during the year, which has been renewed or extended or fresh
loans granted to settle the overdues of existing loans given to same parties.
f) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not granted any loans or
advances in the nature of loans either repayable on demand or without specifying any
terms or period of repayment.

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has made investments in companies and has not made
any investments in firms, limited liability partnership or any other parties. The Company has
provided guarantee and security and has granted loans and advances in the nature of loans to
Companies during the year, in respect of which the requisite information is as below. The Company
has not provided any guarantee or security, granted any loans or advances in the nature of loans,
secured or unsecured, to firms, limited liability partnership or any other parties during the year.
a) Based on the audit procedures carried on by us and as per the information and
explanations given to us, the Company has provided loans or provided advances in the
nature of loans, or stood guarantee, or provided security to any other entity as below:

b) According to the information and explanations given to us and based on the audit
procedures conducted by us, in our opinion the investments made, guarantees provided,
security given during the year and the terms and conditions of the grant of loans and
advances in the nature of loans and guarantees provided during the year are, prima facie,
not prejudicial to the interest of the Company.

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c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, in the case of loans given, in our opinion the
repayment of principal and payment of interest has been stipulated and the repayments
or receipts have been regular except for the loan of ` 2,566.76 crores given to UltraTech
Nathdwara Cement Limited which is repayable on demand. There has been no default on
the part of the party to whom the money has been lent. The payment of interest has been
regular. Further, the Company has not given any advance in the nature of loan to any party
during the year.
d) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there is no overdue amount for more than
ninety days in respect of loans given. Further, the Company has not given any advances in
the nature of loans to any party during the year.
e) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there is no loan or advance in the nature of
loan granted falling due during the year, which has been renewed or extended or fresh
loans granted to settle the overdues of existing loans given to same parties.
f) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, in our opinion the Company has not granted
any loans or advances in the nature of loans either repayable on demand or without
specifying any terms or period of repayment except for the following loans or advances in
the nature of loans to its Promoters and related parties as defined in Clause (76) of Section
2 of the Companies Act, 2013 (“the Act”):

WIPRO LIMITED

• The Company has made investments in, companies, firms, limited liability partnerships, and
granted unsecured loans to other parties, during the year, in respect of which:
a) The Company has provided loans and, stood guarantee during the year and details of
which are given below:

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b) The investments made, and guarantees provided, and the terms and conditions of the
grant of all the above-mentioned loans and guarantees provided, during the year are, in
our opinion, prima facie, not prejudicial to the Company’s interest.
c) In respect of loans granted by the Company, the schedule of repayment of principal and
payment of interest has been stipulated, and repayments of principal amounts and
receipts of interest are regular as per stipulation.
d) Based on the audit procedures performed, in respect of loans granted by the Company,
there is no overdue amount remaining outstanding as at the balance sheet date.
e) During the year loans aggregating to Rs. 33,664 million fell due from certain subsidiaries,
of which Loans aggregating Rs. 18,782 million has been renewed or extended during the
year. There were no fresh loans granted to settle the overdue of existing loans given to
the same parties.

f)
Based on the audit procedures performed, the Company has not granted any loans either
repayable on demand or without specifying any terms or period of repayment during the
year. Hence, reporting under clause 3 (iii)(f) of the Order is not applicable.
• The Company has not provided advances in the nature of loans or provided security during the
year.

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Paragraph 3(iv): Loans, Investments, Guarantees given (legal compliances) Compilation of CARO, 2020

Paragraph 3(iv): Loans, Investments, Guarantees given (legal

compliances)
Paragraph 3(iv)
In respect of loans, investments, guarantees, and security, whether provisions of section 185 and 186 of
the Companies Act have been complied with, if not, provide the details thereof; [Paragraph 3(iv)]

ASIAN PAINTS LIMITED

• The Company has complied with the provisions of Sections 185 and 186 of the Companies Act,
2013 in respect of grant of loans, making investments and providing guarantees and securities, as
applicable.

BAJAJ FINSERVE LIMITED

• In our opinion and according to the information and explanations given to us the Company has not
granted any loans covered made any investments or provided any guarantees and securities under
section 185 of the Act. In our opinion and according to the information and explanations given to
us provision of section 186 of the Act in respect of investment made have been complied with by
the company.

BAJAJ FINANCE LIMITED

• The Company has not advanced loans or made investments in or provided guaranty or security to
parties covered by section 185 and section 186 is not applicable to the Company. Hence reporting
under paragraph 3(iv) of the Order is not applicable.

BHARTI AIRTEL LIMITED

• The Company has complied with the provisions of Sections 185 and 186 of the Companies Act,
2013 in respect of grant of loans, making investments and providing guarantees and securities, as
applicable.

DR. REDDY'S LABORATORIES LIMITED

• In our opinion and according to the information and explanations given to us, the Company has
not advanced loans to directors / to a company in which the Director is interested to which
provisions of section 185 of the Act apply and hence not commented upon. In our opinion and
according to the information and explanations given to us, the Company has made investments
and given guarantees/ provided security which is in compliance with the provisions of section 186
of the Act.

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
records, the Company has not given any loans, or provided guarantees or securities, as specified
under section 185 of the Companies Act, 2013. Further, the Company has complied with the
provisions of Section 186 of the Companies Act, 2013 in relation to investments made, loans in the
nature of intercorporate deposits and guarantees given. The Company has not provided security
as specified under section 186 of the Companies Act, 2013.

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Paragraph 3(iv): Loans, Investments, Guarantees given (legal compliances) Compilation of CARO, 2020

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• Loans in respect of which provisions of section 185 of the Act are applicable have been complied
with by the Corporation. There are no loans, investments, guarantees, and security in respect of
which provisions of section 186 of the Act are applicable and hence not commented upon.

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us and on the basis of our examination of
records of the Company, the Company has not provided any guarantee or security as specified
under Sections 185 and 186 of the Act. In respect of the investments made and loans given by the
Company, in our opinion the provisions of Sections 185 and 186 of the Act have been complied
with.

INDIAN OIL CORPORATION LIMITED

• In our opinion and according to the information and explanations given to us, the Company is
exempted from the provisions of section 186 of the Act (except section 186(1) of the Act) as it is
engaged in the business of providing infrastructure facilities as provided under Schedule-VI of the
Act. The provisions of section 186(1) of the Act are not applicable to the Company. The Company
has complied with the provisions of Section 185 of the Act.

INFOSYS LIMITED

• The Company has complied with the provisions of Sections 185 and 186 of the Companies Act,
2013 in respect of loans granted, investments made and guarantees, and securities provided, as
applicable.

ITC LIMITED

• In our opinion and according to the information and explanations given to us, provisions of Section
185 and 186 of the Companies Act 2013 in respect of loans to directors including entities in which
they are interested and in respect of loans and advances given, investments made and guarantees,
and securities given have been complied with by the Company.

LARSEN & TOUBRO LIMITED

• The Company has complied with the provisions of Sections 185 and 186 of the Act, to the extent
applicable, in respect of grant of loans, making investments and providing guarantees and
securities during the year, as applicable.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us and on the basis of our examination of
records of the Company, in respect of investments made and loans, guarantees given by the
Company, in our opinion the provisions of Section 185 and 186 of the Companies Act, 2013 (“the
Act”) have been complied with.

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Paragraph 3(iv): Loans, Investments, Guarantees given (legal compliances) Compilation of CARO, 2020

TATA STEEL LIMITED

• In our opinion, and according to the information and explanations given to us, the Company has
complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of the
loans and investments made, and guarantees and security provided by it, as applicable.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records, the Company has not given any loans, or provided any guarantee or security as
specified under Section 185 of the Companies Act, 2013 and the Company has not provided any
guarantee or security as specified under Section 186 of the Companies Act, 2013. Further, the
Company has complied with the provisions of Section 186 of the Companies Act, 2013 in relation
to loans given and investments made.

TITAN COMPANY LIMITED

• In our opinion and according to the information and explanations given to us, the Company has
complied with the provisions of Section 186 of the Act, with respect to the loans given, investments
made, guarantees given and security provided. Further, there are no loans given, investments
made, guarantees given and security provided in respect of which provisions of Section 185 of the
Act are applicable.

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us and on the basis of our examination of
records of the Company, in respect of investments made and loans, guarantees and security given
by the Company, the provisions of section 185 and 186 of the Companies Act, 2013 (“the Act”)
have been complied with.

WIPRO LIMITED

• The Company has complied with the provisions of Sections 185 and 186 of the Companies Act,
2013 in respect of loans granted, investments made and guarantees, and securities provided, as
applicable.

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Paragraph 3(v): Public Deposits Compilation of CARO, 2020

Paragraph 3(v): Public Deposits

Paragraph 3(v)
In respect of deposits accepted by the company or amounts which are deemed to be deposits, whether
the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other
relevant provisions of the Companies Act and the rules made thereunder, where applicable, have been
complied with, if not, the nature of such contraventions be stated; if an order has been passed by
Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any
other tribunal, whether the same has been complied with or not; [Paragraph 3(v)]

ASIAN PAINTS LIMITED

• The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence,
reporting under clause (v) of the Order is not applicable.

BAJAJ FINSERVE LIMITED

• In our opinion and according to the information and explanations given to us the Company has not
Accepted any deposits or amounts which are deemed to be deposits from the public during the
year in terms of directives issued by the Reserve Bank of India or the provisions of Section 73 to
76 or any other relevant provisions of the Act and the rules framed there under. Accordingly,
paragraph 3(v) of the Order is not applicable to the Company.

BAJAJ FINANCE LIMITED

• In our opinion and according to the information and explanations given to us, the Company being
NBFC registered with RBI, provisions of sections 73 to 76 or any other relevant provisions of the
Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014, as amended, are
not applicable to the Company. We are informed by the Management that no order has been
passed by the Company Law Board, National Company Law Tribunal or Reserve Bank of India or
any Court or any other Tribunal against the Company in this regard.

BHARTI AIRTEL LIMITED

• The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence,
reporting under clause (v) of the Order is not applicable.

DR. REDDY'S LABORATORIES LIMITED

• The Company has neither accepted any deposits from the public nor accepted any amounts which
are deemed to be deposits within the meaning of sections 73 to 76 of the Act and the rules made
thereunder, to the extent applicable. Accordingly, the requirement to report on clause 3(v) of the
Order is not applicable to the Company.

HCL TECHNOLOGIES LIMITED

• The Company has not accepted any deposits or amounts which are deemed to be deposits from
the public. Accordingly, clause 3(v) of the Order is not applicable.

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Paragraph 3(v): Public Deposits Compilation of CARO, 2020

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The Corporation being a housing finance company registered with the National Housing Bank, the
directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other
relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 2014, as
amended, with regard to the deposits accepted are not applicable to the Corporation. We are
informed by the management that no order has been passed by the Company Law Board, National
Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal on the
Corporation in respect of the aforesaid deposits.

HINDUSTAN UNILEVER LIMITED

• The Company has not accepted any deposits or amounts which are deemed to be deposits from
the public. Accordingly, clause 3(v) of the Order is not applicable to the Company.

INFOSYS LIMITED

• The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence,
reporting under clause 3(v) of the Order is not applicable.

INDIAN OIL CORPORATION LIMITED

• In our opinion and according to the information and explanations given to us, during the year, the
Company has not accepted deposits from the public in terms of the provisions of sections 73 to 76
of the Act read with the Companies (Acceptance of Deposits) Rules,2014, as amended and other
relevant provisions of the Act or under the directives issued by the Reserve Bank of India and no
deposits are outstanding at the year-end except old cases under dispute aggregating to H 0.01
crore, where we are informed that the Company has complied with necessary directions.

ITC LIMITED

• According to the information and explanations given to us, the Company has not accepted any
deposit from the public nor accepted any amounts which are deemed to be deposits during the
year within the meaning of Sections 73 and 76 of the Companies Act, 2013. In respect of unclaimed
deposits, the Company has complied with the provisions of Sections 74 and 75 or any other
relevant provisions of the Companies Act, 2013. We are informed by the management that no
order has been passed by the Company Law Board, National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal.

LARSEN & TOUBRO LIMITED

• The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence,
reporting under clause (v) of the Order is not applicable.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us, the Company has not accepted any
deposit during the year and accordingly the compliance with Section 73 to 76 of the Act is not
applicable. In respect of unclaimed deposits, the Company has complied with the provisions of
Sections 73 to 76 or any other relevant provisions of the Act. According to the information and
explanations given to us, no order has been passed by the Company Law Board or the National

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Paragraph 3(v): Public Deposits Compilation of CARO, 2020

Company Law Tribunal or the Reserve Bank of India or any Court or any other tribunal on the
Company.

TATA STEEL LIMITED

• The Company has not accepted any deposits or amounts which are deemed to be deposits within
the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed there under to the
extent notified.

TATA CONSULTANCY SERVICES LIMITED

• The Company has not accepted any deposits or amounts which are deemed to be deposits from
the public. Accordingly, clause 3(v) of the Order is not applicable.

TITAN COMPANY LIMITED

• In our opinion, and according to the information and explanations given to us, the Company has
complied with the provisions of Sections 73 to 76 or other relevant provisions of the Companies
Act, 2013 and the rules framed thereunder where applicable and the directives issued by the
Reserve Bank of India as applicable, with regard to deposits or amounts which are deemed to be
deposits. As informed to us, there have been no proceedings before the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal in this
matter and no order has been passed by any of the aforesaid authorities in this regard.

ULTRATECH CEMENT LIMITED

• The Company has not accepted any deposits or amounts which are deemed to be deposits from
the public. Accordingly, clause 3(v) of the Order is not applicable.

WIPRO LIMITED

• The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence,
reporting under Clause (v) of the Order is not applicable.

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Paragraph 3(vi): Cost Records Compilation of CARO, 2020

Paragraph 3(vi): Cost Records

Paragraph 3(vi)
Whether maintenance of cost records has been specified by the Central Government under sub-section
(1) of section 148 of the Companies Act and whether such accounts and records have been so made and
maintained; [Paragraph 3(vi)]

ASIAN PAINTS LIMITED

• We have broadly reviewed the cost records maintained by the Company pursuant to the
Companies (Cost Records and Audit) Rules, 2014, as amended prescribed by the Central
Government under sub-section (1) of Section 148 of the Companies Act, 2013, and are of the
opinion that, prima facie, the prescribed cost records have been made and maintained.

BAJAJ FINSERVE LIMITED

• We have broadly reviewed the books of account maintained by the company pursuant to the rules
made by the Central Government fir maintenance of cost records under sub-section (1) section
148 of the Act, related to generation of power through wind turbines and are of the opinion that
prima facie, the specified accounts and records have been made and maintained. We have not
however made a detailed examination of the same.

BAJAJ FINANCE LIMITED

• The maintenance of cost records has not been specified by the Central Government under section
148(1) of the Companies Act, 2013, for the business activities carried out by the Company. Hence
reporting under paragraph 3 (vi) of the Order is not applicable.

BHARTI AIRTEL LIMITED

• The maintenance of cost records has been specified by the Central Government under section
148(1) of the Companies Act, 2013. We have broadly reviewed the books of account maintained
by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended,
prescribed by the Central Government for maintenance of cost records under Section 148(1) of
the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records
have been made and maintained by the Company. We have, however, not made a detailed
examination of the cost records with a view to determine whether they are accurate or complete.

DR. REDDY'S LABORATORIES LIMITED

• We have broadly reviewed the books of account maintained by the Company pursuant to the rules
made by the Central Government for the maintenance of cost records under section 148(1) of the
Act, and are of the opinion that prima facie, the specified ed accounts and records have been made
and maintained. We have not, however, made a detailed examination of the same.

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us, the Central Government has not
prescribed the maintenance of cost records under Section 148(1) of the Companies Act, 2013 for
any of the services rendered by the company. Accordingly, clause 3(vi) of the Order is not
applicable.

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Paragraph 3(vi): Cost Records Compilation of CARO, 2020

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The Central Government has not specified the maintenance of cost records under Section 148(1)
of the Act, for the products/services of the Corporation.

HINDUSTAN UNILEVER LIMITED

• We have broadly reviewed the books of accounts maintained by the Company pursuant to the
rules prescribed by the Central Government for maintenance of cost records under Section 148(1)
of the Act in respect of its manufactured goods by the Company and are of the opinion that prima
facie, the prescribed accounts and records have been made and maintained. However, we have
not carried out a detailed examination of the records with a view to determine whether these are
accurate or complete.

INDIAN OIL CORPORATION LIMITED

• We have broadly reviewed the accounts and records maintained by the Company pursuant to the
Rules made by the Central Government for the maintenance of cost records under sub-section (1)
of Section 148 of the Act, read with Companies (Cost Records & Audit) Rules, 2014, as amended
and we are of the opinion that prima facie the prescribed accounts and records have been made
and maintained. We have not, however, made detailed examination of the records with a view to
determine whether they are accurate and complete.

INFOSYS LIMITED

• The maintenance of cost records has not been specified by the Central Government under sub-
section (1) of section 148 of the Companies Act, 2013 for the business activities carried out by the
Company. Hence, reporting under clause (vi) of the Order is not applicable to the Company.

ITC LIMITED

• We have broadly reviewed the books of account maintained by the Company pursuant to the rules
made by the Central Government for the maintenance of cost records under Section 148(1) of the
Companies Act, 2013, related to the manufacture of specified products of the Company and are of
the opinion that prima facie, the specified accounts and records have been made and maintained.
We have not, however, made a detailed examination of the same.

LARSEN & TOUBRO LIMITED

• The maintenance of cost records has been specified by the Central Government under section
148(1) of the Act. We have broadly reviewed the cost records maintained during the year by the
Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended and
prescribed by the Central Government under sub-section (1) of Section 148 of the Act, and are of
the opinion that, prima facie, the prescribed cost records have been made and maintained by the
company. We have, however, not made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.

MAHINDRA & MAHINDRA LIMITED

• We have broadly reviewed the books of accounts maintained by the Company pursuant to the
rules prescribed by the Central Government for the maintenance of cost records under Section
148(1) of the Act in respect of its manufactured goods and are of the opinion that prima facie, the

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Paragraph 3(vi): Cost Records Compilation of CARO, 2020

prescribed accounts and records have been made and maintained. However, we have not made a
detailed examination of the records with a view to determine whether they are accurate or
complete.

TATA STEEL LIMITED

• Pursuant to the rules made by the Central Government of India, the Company is required to
maintain cost records as specified under Section 148(1) of the Act in respect of its products. We
have broadly reviewed the same and are of the opinion that, prima facie, the prescribed accounts
and records have been made and maintained. We have not, however, made a detailed
examination of the records with a view to determine whether they are accurate or complete.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us, the Central Government has not
prescribed the maintenance of cost records under Section 148(1) of the Companies Act, 2013 for
the products manufactured by it (and/or services provided by it). Accordingly, clause 3(vi) of the
Order is not applicable.

TITAN COMPANY LIMITED

• According to the information and explanations given to us, the Central Government has not
prescribed the maintenance of cost records under Section 148(1) of the Act for any of the products
manufactured by the Company.

ULTRATECH CEMENT LIMITED

• We have broadly reviewed the books of accounts maintained by the Company pursuant to the
rules prescribed by the Central Government for maintenance of cost records under Section 148(1)
of the Act in respect of its manufactured goods and are of the opinion that prima facie, the
prescribed accounts and records have been made and maintained. However, we have not carried
out a detailed examination of the records with a view to determine whether these are accurate or
complete.

WIPRO LIMITED

• The maintenance of cost records has not been specified for the activities of the Company by the
Central Government under Section 148(1) of the Companies Act, 2013 for the business activities
carried out by the Company. Hence reporting under Clause 3(vi) of the Order is not applicable to
the Company.

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Paragraph 3(vii): Statutory Dues Compilation of CARO, 2020

Paragraph 3(vii): Statutory Dues

Paragraph 3(vii)(a)
Whether the company is regular in depositing undisputed statutory dues including Goods and Services
Tax, provident fund, employees’ state insurance, income-tax, sales-tax, service tax, duty of customs,
duty of excise, value added tax, cess and any other statutory dues to the appropriate authorities and if
not, the extent of the arrears of outstanding statutory dues as on the last day of the financial year
concerned for a period of more than six months from the date they became payable, shall be indicated;
[Paragraph 3(vii)(a)]

ASIAN PAINTS LIMITED

• Undisputed statutory dues, including Goods and Service tax, Provident Fund, Employees’ State
Insurance, Income-tax, Sales Tax, duty of Customs, duty of Excise, Value Added Tax, Cess, and other
material statutory dues applicable to the Company have been regularly deposited by it with the
appropriate authorities in all cases during the year.
• There were no undisputed amounts payable in respect of Goods and Services tax, Provident Fund,
Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value
Added Tax, Cess, and other material statutory dues in arrears as at 31st March 2022, for a period
of more than six months from the date they became payable.

BAJAJ FINSERVE LIMITED

• In our opinion and according to the information and explanations given to us amounts
deducted/accrued in the books of account in respect of undisputed statutory dues including goods
and services tax, provident fund, employee's state insurance income-tax, sales-tax, service-tax,
duty of customs, duty of excise, value added tax, cess and any other statutory dues have generally
been regularly deposited by the Company to the appropriate authorities in all cases during the
year.

BAJAJ FINANCE LIMITED

In respect of statutory dues:

• The Company has generally been regular in depositing undisputed statutory dues, including goods
and services tax, provident fund, employees’ state insurance, income tax, cess, and other material
statutory dues applicable to it, to the appropriate authorities. As explained to us, the Company
does not have any dues on account of sales tax, service tax, duty of customs, duty of excise and
value added tax.
• There were no undisputed amounts payable in respect of goods and services tax, provident fund,
employees’ state insurance, income tax, sales tax, service tax, duty of customs, duty of excise,
value added tax, cess, and any other material statutory dues in arrears as of 31 March 2022, for a
period of more than six months from the date they became payable.

BHARTI AIRTEL LIMITED

In respect of statutory dues:

• Undisputed statutory dues, including Goods and Service tax, Provident Fund, Employees’ State
Insurance, Income-tax, Duty of custom, cess, and other material statutory dues applicable to the

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Paragraph 3(vii): Statutory Dues Compilation of CARO, 2020

Company have been regularly deposited by it with the appropriate authorities in all cases during
the year.
• There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund,
Employees’ State Insurance, Income-tax, Duty of custom, cess, and other material statutory dues
in arrears as at March 31, 2022, for a period of more than six months from the date they became
payable.

DR. REDDY'S LABORATORIES LIMITED

• The Company is regular in depositing with appropriate authorities undisputed statutory dues
including goods and services tax, provident fund, employees’ state insurance, income-tax, sales-
tax, service tax, duty of customs, duty of excise, value added tax, cess, and other statutory dues
applicable to it. According to the information and explanations given to us and based on audit
procedures performed by us, no undisputed amounts payable in respect of these statutory dues
were outstanding, at the year end, for a period of more than six months from the date they became
payable.

HCL TECHNOLOGIES LIMITED

• The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and Value
added tax during the year since effective 1 July 2017, these statutory dues has been subsumed
into Goods and Services Tax (‘GST’).
• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, amounts deducted / accrued in the books of account in respect of
undisputed statutory dues including GST, Provident fund, Employees' State Insurance, Income-Tax,
Duty of Customs, Cess, and other statutory dues have generally been regularly deposited with the
appropriate authorities, though there have been slight delays in payment of duty of customs.
• According to the information and explanations given to us, no undisputed amounts payable in
respect of GST, Provident fund, Employees' State Insurance, Income Tax, Duty of Customs, Cess,
and other statutory dues were in arrears as at 31 March 2022 for a period of more than six months
from the date they became payable.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• Undisputed statutory dues including goods and services tax, provident fund, employees’ state
insurance, income-tax, sales-tax, service tax, duty of custom, duty of excise, value added tax, cess,
and other statutory dues, as applicable to the Corporation, have generally been regularly
deposited with the appropriate authorities though there has been a slight delay in a few Cases.
• According to the information and explanations given to us and based on audit procedures
performed by us, no undisputed amounts payable in respect of these statutory dues were
outstanding, at the year end, for a period of more than six months from the date they became
payable.

HINDUSTAN UNILEVER LIMITED

• The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and Value
added tax during the year since effective 1 July 2017, these statutory dues have been subsumed
into Goods and Services Tax.
• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, amounts deducted / accrued in the books of account in respect of

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Paragraph 3(vii): Statutory Dues Compilation of CARO, 2020

undisputed statutory dues including Goods and Services Tax, Provident fund, Employees’ State
Insurance, Income-Tax, Duty of Customs, Cess, and other statutory dues have been regularly
deposited by the Company with the appropriate authorities.
• According to the information and explanations given to us, no undisputed amounts payable in
respect of Goods and Services Tax, Provident fund, Employees’ State Insurance, Income-Tax, Duty
of Customs, Cess, and other statutory dues were in arrears as at 31 March 2022 for a period of
more than six months from the date they became payable.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, the Company has been regular in
depositing with appropriate authorities undisputed statutory dues, including provident fund,
employee’s state insurance, income-tax, value added tax, goods and services tax, excise duty, cess
and other statutory dues applicable to it. Further, no undisputed amounts payable in respect of
provident fund, employee’s state insurance, income tax, value added tax, goods and services tax,
cess and any other statutory dues were in arrears, as of March 31, 2022, for a period of more than
six months from the date they become payable.

INFOSYS LIMITED

In respect of statutory dues:

• In our opinion, the Company has generally been regular in depositing undisputed statutory dues,
including Goods and Services tax, Provident Fund, Employees’ State Insurance, Income Tax, Sales
Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess, and other material
statutory dues applicable to it with the appropriate authorities.
• There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund,
Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise,
Value Added Tax, Cess, and other material statutory dues in arrears as at March 31, 2022, for a
period of more than six months from the date they became payable.

ITC LIMITED

• The Company is regular in depositing with appropriate authorities undisputed statutory dues
including Goods and Services Tax, provident fund, employees’ state insurance, income-tax, duty
of custom, duty of excise, cess, and other statutory dues applicable to it.

LARSEN & TOUBRO LIMITED

• The Company has generally been regular in depositing undisputed statutory dues, including
Provident Fund, Employees’ State Insurance, Income-tax, Goods and Service Tax, Sales Tax, duty
of Custom, duty of Excise, Value Added Tax and corresponding cess and other material statutory
dues applicable to it to the appropriate authorities.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, amounts deducted / accrued in the books of account in respect of
undisputed statutory dues including Goods and Services Tax (‘GST’), Provident fund, Employees’
State Insurance, Income-Tax, Duty of Customs, Cess, and other statutory dues have been generally
regularly deposited by the Company with the appropriate authorities. According to the

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Paragraph 3(vii): Statutory Dues Compilation of CARO, 2020

information and explanations given to us and on the basis of our examination of the records of the
Company, no undisputed amounts payable in respect of Goods and Services Tax (‘GST’), Provident
fund, Employees’ State Insurance, Income-Tax, Duty of Customs, Cess, and other statutory dues
were in arrears as at 31 March 2022 for a period of more than six months from the date they
became payable.

TATA STEEL LIMITED

• According to the information and explanations given to us and the records of the Company
examined by us, in our opinion, the Company is generally regular in depositing undisputed
statutory dues in respect of provident fund, employees’ state insurance, income tax, goods and
services tax and labour welfare fund, though there has been a slight delay in a few cases, and is
regular in depositing undisputed statutory dues, including sales tax, service tax, duty of customs,
duty of excise, value added tax, cess and other material statutory dues, as applicable, with the
appropriate authorities. We are informed that the Company has applied for exemption from
operations of Employees' State Insurance Act at some locations. We are also informed that actions
taken by the authorities at some locations to bring the employees of the Company under the
Employees’ State Insurance Scheme has been contested by the Company and payment has not
been made of the contribution demanded.

TATA CONSULTANCY SERVICES LIMITED

• The Company does not have liability in respect of Sales tax, Service tax, Duty of excise and Value
added tax during the year since effective 1 July 2017, these statutory dues has been subsumed
into GST.
• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, amounts deducted/ accrued in the books of account in respect of
undisputed statutory dues including Goods and Services Tax (‘GST’), Provident fund, Employees’
State Insurance, Income-tax, Duty of Customs, Cess, and other material statutory dues have
generally been regularly deposited with the appropriate authorities.
• According to the information and explanations given to us, no undisputed amounts payable in
respect of GST, Provident fund, Employees’ State Insurance, Income-tax, Duty of Customs, Cess,
and other material statutory dues were in arrears as at 31 March 2022 for a period of more than
six months from the date they became payable.

TITAN COMPANY LIMITED

• The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and Value
added tax during the year since effective 1 July 2017, these statutory dues has been subsumed
into GST.
• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, amounts deducted/ accrued in the books of account in respect of
undisputed statutory dues including Goods and Services tax, Provident Fund, Employees’ State
Insurance, Income-tax, duty of Customs, Cess and other statutory dues have generally been
regularly deposited during the year by the Company with the appropriate authorities.
• According to the information and explanations given to us, no undisputed amounts payable in
respect of Goods and Services tax, Provident Fund, Employees’ State Insurance, Income-tax, duty
of Customs, Cess and other statutory dues were in arrears as at 31 March 2022, for a period of
more than six months from the date they became payable.

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Paragraph 3(vii): Statutory Dues Compilation of CARO, 2020

ULTRATECH CEMENT LIMITED

• The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and Value
added tax during the year since effective 1 July 2017, these statutory dues have been subsumed
into GST.
• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, in our opinion amounts deducted / accrued in the books of account
in respect of undisputed statutory dues including Goods and Services Tax (‘GST’), Provident fund,
Employees’ State Insurance, Income‑Tax, Duty of Customs, Cess and other statutory dues have
been regularly deposited by the Company with the appropriate authorities.
• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, no undisputed amounts payable in respect of GST, Provident fund,
Employees’ State Insurance, Income-Tax, Duty of Customs, Cess, and other statutory dues were in
arrears as at 31 March 2022 for a period of more than six months from the date they became
payable.

WIPRO LIMITED

In respect of statutory dues:

• In our opinion, undisputed statutory dues, including Goods and Service tax, Provident Fund,
Employees’ State Insurance, Income-tax, Sales Tax, Service tax, duty of Custom, duty of Excise,
Value Added Tax, cess, and any other material statutory dues applicable to the Company have
generally been regularly deposited by it with the appropriate authorities.
• There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund,
Income-tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, cess and other
material statutory dues in arrears as at March 31, 2022 for a period of more than six months from
the date they became payable.

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Paragraph 3(vii): Statutory Dues Compilation of CARO, 2020

Paragraph 3(vii)(b)
Where statutory dues referred to in sub-clause (a) have not been deposited on account of any dispute,
then the amounts involved and the forum where dispute is pending shall be mentioned (a mere
representation to the concerned Department shall not be treated as a dispute); [Paragraph 3(vii)(b)]

ASIAN PAINTS LIMITED

• Details of statutory dues referred to in sub clause (a) above which have not been deposited as on
31st March, 2022 on account of disputes are given below:

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Paragraph 3(vii): Statutory Dues Compilation of CARO, 2020

BAJAJ FINSERVE LIMITED

• According to the information and explanations given to us no undisputed amounts payable in

respect of provident fund employees' state insurance, income-tax, goods and services tax, duty of
customs, cess and other material statutory dues were in arrears as at 31 March 2022 for a period
of more than six months from the date they became payable.

BAJAJ FINANCE LIMITED

• The details of statutory dues referred to in sub- paragraph (a) above which have not been
deposited with the concerned authorities as on 31 March 2022, on account of dispute are given
below:

BHARTI AIRTEL LIMITED

• Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on
March 31, 2022 on account of disputes are given below:

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Paragraph 3(vii): Statutory Dues Compilation of CARO, 2020

• The above-mentioned figures represent the total disputed cases without any assessment of
Probable, Possible and Remote, as done in case of Contingent Liabilities. Of the above cases, total
amount deposited in respect of Income Tax is `8,611 Mn, Duty of custom is `2,667 Mn, Service Tax
is `561 Mn, Goods and Services Tax Act, 2017 is `84 Mn, Sales Tax is `344 Mn, Entry Tax and other
Local Area/Body Taxes is `993 Mn and Entertainment Tax is ` nil.
• * Amount less than half million are appearing as '0'.

DR. REDDY'S LABORATORIES LIMITED

• The dues of goods and services tax, provident fund, employees’ state insurance, income-tax, sales-
tax, service tax, duty of custom, duty of excise, value added tax, cess, and other statutory dues
have not been deposited on account of any dispute, are as follows:

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Paragraph 3(vii): Statutory Dues Compilation of CARO, 2020

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us, statutory dues relating to Goods and
Service Tax, Provident Fund, Employees State Insurance, Income Tax, Duty of Customs or Cess or
other statutory dues which have not been deposited on account of any dispute as at 31 March
2022 are as follows:

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Paragraph 3(vii): Statutory Dues Compilation of CARO, 2020

• *Total amount deposited under protest / adjusted against refunds in respect of Income tax is INR
233.15 Crores and guarantee given under protest is INR 845 crores.
• **In respect of financial year 2012-13, this amount also includes tax demand of INR 1,136 Crores
in respect of which the company has also filed rectification application under section 154 of
Income tax Act, 1961 with income tax authorities.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The dues of goods and services tax, provident fund, employees’ state insurance, income-tax, sales-
tax, service tax, duty of custom, duty of excise, value added tax, cess, and other statutory dues as
applicable to the Corporation have not been deposited on account of any dispute, are as follows:

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us, statutory dues relating to Sales Tax,
Value Added Tax, Service Tax, Goods and Services Tax, Provident Fund, Employees State Insurance,
Income-Tax, Duty of Customs, Duty of Excise or Cess or other statutory dues which have not been
deposited on account of any dispute are as per Annexure I to this Report.

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Paragraph 3(vii): Statutory Dues Compilation of CARO, 2020

INDIAN OIL CORPORATION LIMITED

• The disputed statutory dues that have not been deposited on account of matters pending before
appropriate authorities are annexed in “Appendix B” with this report.

INFOSYS LIMITED

• Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on
March 31, 2022 on account of disputes are given below:

• Footnotes:
(1) AY=Assessment Year; FY= Financial Year.
(2) In respect of A.Y. 2012-13, stay order has been granted against ₹1,029 crore disputed which has
not been deposited.
(3) Stay order has been granted against ₹60 crore disputed which has not been deposited.
(4) Stay order has been granted.
(5) Less than ₹ 1 crore.

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Paragraph 3(vii): Statutory Dues Compilation of CARO, 2020

ITC LIMITED

• According to the information and explanations given to us, no undisputed amounts payable in
respect of Goods and Services Tax, provident fund, employees’ state insurance, income-tax, duty
of custom, duty of excise, cess and other statutory dues were outstanding, at the year end, for a
period of more than six months from the date they became payable.

LARSEN & TOUBRO LIMITED

• There were no undisputed amounts payable in respect of Provident Fund, Employees’ State
Insurance, Income-tax, Goods and Service Tax, Sales Tax, duty of Custom, duty of Excise, Value
Added Tax and corresponding cess and other material statutory dues in arrears as at March 31,
2022 for a period of more than six months from the date they became payable.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, statutory dues relating to Goods and Service Tax, Provident Fund,
Employees State Insurance, Income-Tax, Duty of Customs or Cess or other statutory dues which
have not been deposited on account of any dispute are as follows:

TATA STEEL LIMITED

• According to the information and explanations given to us and the records of the Company
examined by us. The particulars of statutory dues referred to in sub-clause (a) as at March 31, 2022
which have not been deposited on account of a dispute, are as follows:

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Paragraph 3(vii): Statutory Dues Compilation of CARO, 2020

• The following matter has been decided in favour of the Company although the department has
preferred appeal at higher levels:

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us, there are no dues of GST, Provident
fund, Employees’ State Insurance, Income-tax, Sales tax, Service tax, Duty of Customs, Value added
tax, Cess or other statutory dues which have not been deposited by the Company on account of
disputes, except for the following:

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Paragraph 3(vii): Statutory Dues Compilation of CARO, 2020

TITAN COMPANY LIMITED

• According to the information and explanations given to us, there are no dues of Sales tax, Service
tax, duty of Excise, Value Added tax, Goods and Services tax, Provident Fund, Employees’ State
Insurance, Income-tax, duty of Customs, Cess and other statutory dues, which have not been
deposited by the Company on account of disputes, except for the following:

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, statutory dues relating to GST, Provident Fund, Employees State
Insurance, Income-Tax, Service Tax, Duty of excise, Sales tax, Value added tax, Duty of Customs or
Cess or other statutory dues which have not been deposited on account of any dispute are as
follows:

WIPRO LIMITED

• Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on
March 31, 2022 on account of disputes are given below:

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Paragraph 3(viii): Undisclosed Income under Income Tax Act Compilation of CARO, 2020

Paragraph 3(viii): Undisclosed Income under Income Tax Act

Paragraph 3(viii)
Whether any transactions not recorded in the books of account have been surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961), if so,
whether the previously unrecorded income has been properly recorded in the books of account during
the year; [Paragraph 3(viii)]

ASIAN PAINTS LIMITED

• There were no transactions relating to previously unrecorded income that were surrendered or
disclosed as income in the tax assessments under the Income Tax Act, 1961 (43 of 1961) during
the year.

BAJAJ FINSERVE LIMITED

• In our opinion and according to the information and explanations given to us and on the basis of
our examination of the records of the Company. We confirm that we have not come across any
transactions not recorded in the books of account which have been surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961.

BAJAJ FINANCE LIMITED

• There were no transactions relating to previously unrecorded income that were surrendered or
disclosed as income in the tax assessments under the Income Tax Act, 1961 (43 of 1961) during
the year.

BHARTI AIRTEL LIMITED

• There were no transactions relating to previously unrecorded income that were surrendered or
disclosed as income in the tax assessments under the Income Tax Act, 1961 (43 of 1961) during
the year.

DR. REDDY'S LABORATORIES LIMITED

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

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not surrendered or disclosed any transactions,
previously unrecorded as income in the books of account, in the tax assessments under the Income
Tax Act, 1961 as income during the year.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, there are no transactions which were
not recorded in the books of account and have been surrendered or disclosed as income during
the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

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Paragraph 3(viii): Undisclosed Income under Income Tax Act Compilation of CARO, 2020

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

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

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not surrendered or disclosed any transactions,
previously unrecorded as income in the books of account, in the tax assessments under the Income
Tax Act, 1961 as income during the year.

INFOSYS LIMITED

• There were no transactions relating to previously unrecorded income that have been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43
of 1961).

ITC LIMITED

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

LARSEN & TOUBRO LIMITED

• There were no transactions relating to previously unrecorded income that were surrendered or
disclosed as income in the tax assessments under the Income Tax Act, 1961 (43 of 1961) during
the year.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not surrendered or disclosed any transactions,
previously unrecorded as income in the books of account, in the tax assessments under the Income
Tax Act, 1961 as income during the year.

TATA STEEL LIMITED

• According to the information and explanations given to us and the records of the Company
examined by us, there are no transactions in the books of account that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961, that
has not been recorded in the books of account.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not surrendered or disclosed any transactions,

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Paragraph 3(viii): Undisclosed Income under Income Tax Act Compilation of CARO, 2020

previously unrecorded as income in the books of account, in the tax assessments under the
Income-tax Act, 1961 as income during the year.

TITAN COMPANY LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not surrendered or disclosed any transactions,
previously unrecorded as income in the books of accounts, in the tax assessments under the
Income-tax Act, 1961 as income during the year.

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not surrendered or disclosed any transactions,
previously unrecorded as income in the books of account, in the tax assessments under the Income
Tax Act, 1961 as income during the year.

WIPRO LIMITED

• There were no transactions relating to previously unrecorded income that were surrendered or
disclosed as income in the tax assessments under the Income Tax Act, 1961 (43 of 1961) during
the year.

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Paragraph 3(ix): Loans, borrowings Compilation of CARO, 2020

Paragraph 3(ix): Loans, borrowings

Paragraph 3(ix)(a)
Whether the company has defaulted in repayment of loans or other borrowings or in the payment of
interest thereon to any lender, if yes, the period and the amount of default to be reported as per the
format below: [Paragraph 3(ix)(a)]

ASIAN PAINTS LIMITED

• In our opinion, the Company has not defaulted in the repayment of loans or other borrowings or
in the payment of interest thereon to any lender during the year.

BAJAJ FINSERVE LIMITED

• In our opinion and according to the information and explanations given to us and on the basis of
our examination of the records of the Company, the Company did not have any outstanding loans
or other borrowings to financial institutions, banks, government and dues to debenture holders.

BAJAJ FINANCE LIMITED

• The Company has not defaulted in the repayment of loans or other borrowings or in the payment
of interest thereon to any lender during the year.

BHARTI AIRTEL LIMITED

• In our opinion, the Company has not defaulted in the repayment of loans or other borrowings or
in the payment of interest thereon to any lender during the year.

DR. REDDY'S LABORATORIES LIMITED

• The Company has not defaulted in repayment of loans or other borrowings or in the payment of
interest thereon to any lender.

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Paragraph 3(ix): Loans, borrowings Compilation of CARO, 2020

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not defaulted in repayment of loans and borrowing
or in the payment of interest thereon to banks during the year. Further, the Company did not have
any outstanding loans or borrowings from financial institutions or any other lender during the year.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The Corporation has not defaulted in repayment of loans or other borrowings or in the payment
of interest thereon to any lender during the year.

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company did not have any loans or borrowings from any lender
during the year. Accordingly, clause 3(ix)(a) of the Order is not applicable to the Company.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, the Company has not defaulted in
repayment of loans or other borrowings or in the payment of interest thereon to any lender.

INFOSYS LIMITED

• The Company has not taken any loans or other borrowings from any lender. Hence reporting under
clause 3(ix)(a) of the Order is not applicable.

ITC LIMITED

• The Company has not defaulted in repayment of loans or other borrowings or in the payment of
interest thereon to any lender.

LARSEN & TOUBRO LIMITED

• In our opinion, during the year, the Company has not defaulted in the repayment of loans or other
borrowings or in the payment of interest thereon to any lender during the year.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not defaulted in repayment of loans and borrowing
or in the payment of interest thereon to any lender.

TATA STEEL LIMITED

• According to the records of the Company examined by us and the information and explanations
given to us, the Company has not defaulted in repayment of loans or other borrowings or in the
payment of interest to any lender during the year.

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Paragraph 3(ix): Loans, borrowings Compilation of CARO, 2020

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company did not have any loans or borrowings from any lender
during the year. Accordingly, clause 3(ix)(a) of the Order is not applicable.

TITAN COMPANY LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not defaulted in repayment of loans or other
borrowings or in the payment of interest thereon to any lender.

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not defaulted in repayment of loans and borrowing
or in the payment of interest thereon to any lender.

WIPRO LIMITED

• In our opinion, the Company has not defaulted in the repayment of loans or other borrowings or
in the payment of interest thereon to any lender during the year.

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Paragraph 3(ix): Loans, borrowings Compilation of CARO, 2020

Paragraph 3(ix)(b)
Whether the company is a declared wilful defaulter by any bank or financial institution or other lender;
[Paragraph 3(ix)(b)]

ASIAN PAINTS LIMITED

• The Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.

BAJAJ FINSERVE LIMITED

• According to the information and explanations given to us and on the basis of our audit procedures
we report that the Company has not been declared wilful defaulter by any bank or financial
institution or government or any government authority or any other lender.

BAJAJ FINANCE LIMITED

• The Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.

BHARTI AIRTEL LIMITED

• The Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.

DR. REDDY'S LABORATORIES LIMITED

• The Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not been declared a wilful defaulter by any bank or
financial institution or government or government authority.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The Corporation has not been declared as a wilful defaulter by any bank or financial institution or
other lender during the year.

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not been declared a wilful defaulter by any bank or
financial institution or government or government authority.

INFOSYS LIMITED

• The Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.

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Paragraph 3(ix): Loans, borrowings Compilation of CARO, 2020

ITC LIMITED

• The Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.

LARSEN & TOUBRO LIMITED

• The Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not been declared a willful defaulter by any bank
or financial institution or government or government authority.

TATA STEEL LIMITED

• According to the information and explanations given to us and on the basis of our audit
procedures, we report that the Company has not been declared Wilful Defaulter by any bank or
financial institution or government or any government authority.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not been declared a wilful defaulter by any bank or
financial institution or government or government authority.

TITAN COMPANY LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not been declared a wilful defaulter by any bank or
financial institution or government authority.

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not been declared a wilful defaulter by any bank or
financial institution or government or government authority.

WIPRO LIMITED

• The Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, the Company has not been declared
wilful defaulter by any bank or financial institution or government or any government authority.

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Paragraph 3(ix): Loans, borrowings Compilation of CARO, 2020

Paragraph 3(ix)(c)
Whether term loans were applied for the purpose for which the loans were obtained; if not, the amount
of loan so diverted and the purpose for which it is used may be reported; [Paragraph 3(ix)(c)]

ASIAN PAINTS LIMITED

• The Company has not taken any term loan during the year and there are no unutilised term loans
at the beginning of the year and hence, reporting under clause (ix)(c) of the Order is not applicable.

BAJAJ FINSERVE LIMITED

• In our opinion and according to the information and explanations given to us the Company has not
raised any money obtained by way of term loans during the year.

BAJAJ FINANCE LIMITED

• In our opinion, term loans availed by the Company during the year, were applied by the Company
for the purposes for which the loans were obtained.

BHARTI AIRTEL LIMITED

• To the best of our knowledge and belief, in our opinion, term loans availed by the Company were,
applied by the Company during the year for the purposes for which the loans were obtained.

DR. REDDY'S LABORATORIES LIMITED

• The Company did not have any term loans outstanding during the year hence, the requirement to
report on clause (ix)(c) of the Order is not applicable to the Company.

HCL TECHNOLOGIES LIMITED

• In our opinion and according to the information and explanations given to us by the management,
term loans were applied for the purpose for which the loans were obtained.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• Monies raised during the year by the Corporation by way of term loans has been applied for the
purpose for which they were raised other than temporary deployment pending application of
proceeds.

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not taken any term loans from any lender.
Accordingly, clause 3(ix)(c) of the Order is not applicable to the Company.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, the Company has applied the term
loans for the purpose for which loans were obtained.

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Paragraph 3(ix): Loans, borrowings Compilation of CARO, 2020

INFOSYS LIMITED

• The Company has not taken any term loan during the year and there are no outstanding term loans
at the beginning of the year and hence, reporting under clause 3(ix)(c) of the Order is not
applicable.

ITC LIMITED

• The Company did not have any term loans outstanding during the year hence, the requirement to
report on clause (ix)(c) of the Order is not applicable to the Company.

LARSEN & TOUBRO LIMITED

• The Company has not taken any term loan during the year and there are no unutilized term loans
at the beginning of the year and hence, reporting under clause (ix)(c) of the Order is not applicable.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us by the management, the Company has
not obtained any term loans during the year. Accordingly, clause 3(ix)(c) of the Order is not
applicable.

TATA STEEL LIMITED

• In our opinion, and according to the information and explanations given to us, the term loans have
been applied, on an overall basis, for the purposes for which they were obtained.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us by the management, the Company has
not obtained any term loans. Accordingly, clause 3(ix)(c) of the Order is not applicable.

TITAN COMPANY LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not taken any term loans from any lender.
Accordingly, clause 3(ix)(c) of the Order is not applicable to the Company.

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us by the management, the Company has
not obtained any term loans during the year. Accordingly, clause 3(ix)(c) of the Order is not
applicable.

WIPRO LIMITED

• The Company has not taken any term loan during the year and there are no unutilised term loans
at the beginning of the year and hence, reporting under Clause 3(ix)(c) of the Order is not
applicable.

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Paragraph 3(ix): Loans, borrowings Compilation of CARO, 2020

Paragraph 3(ix)(d)
Whether funds raised on short term basis have been utilised for long term purposes, if yes, the nature
and amount to be indicated; [Paragraph 3(ix)(d)]

ASIAN PAINTS LIMITED

• On an overall examination of the Financial Statements of the Company, funds raised on short-term
basis have, prima facie, not been utilised during the year for long-term purposes by the Company.

BAJAJ FINSERVE LIMITED

• According to the information and explanations given to us and the procedures performed by us
and on an overall examination of the financial statements of the Company we report that no funds
raised on short-term basis have been used for long term purposes by the company.

BAJAJ FINANCE LIMITED

• On the basis of the maturity profile of financial assets and financial liabilities provided in the note
no. 48(a) to the standalone financial statements, financial liabilities maturing within the 12 months
following the reporting date (i.e., 31 March 2022) are less than expected recoveries from financial
assets during that period. Further, funds raised on short-term basis have, prima facie, not been
used during the year for long-term purposes by the Company.

BHARTI AIRTEL LIMITED

• To the best of our knowledge and belief and according to the information and explanations given
to us, the management of the Company is of the view that the Company is able to generate
sufficient funds from long term sources either through its operations or other means to meet the
working capital requirements arising from the event of short-term sources falling due for payment.
On an overall examination of the financial statements of the Company, funds raised on short-term
basis have been used during the year for long-term purposes by the Company. Refer Note 17 to
the financial statements.

DR. REDDY'S LABORATORIES LIMITED

• On an overall examination of the standalone financial statements of the Company, no funds raised
on short-term basis have been used for long-term purposes by the Company.

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us and on an overall examination of the
balance sheet of the company, we report that no funds raised on short-term basis have been used
for long-term purposes by the company.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• On an overall examination of the standalone financial statements of the Corporation, no funds

raised on short-term basis have been used for long-term purposes during the year by the
Corporation.

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Paragraph 3(ix): Loans, borrowings Compilation of CARO, 2020

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us and on an overall examination of the
balance sheet of the Company, we report that no funds raised on short-term basis have been used
for long-term purposes by the Company.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us and on an overall examination of the
Balance Sheet of the Company as at year end i.e., 31st March 2022, we report that funds raised on
short-term basis to the extent of H 31,239.97 crore have been used for long-term purposes.
However, during the year funds raised on short-term basis have not been used for long-term
purposes.

INFOSYS LIMITED

• On an overall examination of the financial statements of the Company, funds raised on short-term
basis have, prima facie, not been used during the year for long-term purposes by the Company.

ITC LIMITED

• The Company did not raise any funds during the year hence, the requirement to report on clause
(ix)(d) of the Order is not applicable to the Company.

LARSEN & TOUBRO LIMITED

• On an overall examination of the financial statements of the Company, funds raised on short-term
basis have, prima facie, not been used during the year for long-term purposes by the Company.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us and on an overall examination of the
balance sheet of the Company, we report that no funds raised on short-term basis have been used
for long-term purposes by the Company.

TATA STEEL LIMITED

• According to the information and explanations given to us, and the procedures performed by us,
and on an overall examination of the standalone financial statements of the Company, we report
that the Company has used funds raised on short-term basis aggregating `3,539 crores for long-
term purposes.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us and on an overall examination of the
balance sheet of the Company, we report that no funds have been raised on short-term basis by
the Company. Accordingly, clause 3(ix)(d) of the Order is not applicable.

TITAN COMPANY LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not raised funds on short term basis which was
utilized funds for long term purposes.

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Paragraph 3(ix): Loans, borrowings Compilation of CARO, 2020

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us and on an overall examination of the
balance sheet of the Company, we report that no funds raised on short-term basis have been used
for long-term purposes by the Company.

WIPRO LIMITED

• On an overall examination of the financial statements of the Company, funds raised on short-term
basis have, prima facie, not been used during the year for long-term purposes by the Company.

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Paragraph 3(ix): Loans, borrowings Compilation of CARO, 2020

Paragraph 3(ix)(e)
Whether the company has taken any funds from any entity or person on account of or to meet the
obligations of its subsidiaries, associates or joint ventures, if so, details thereof with nature of such
transactions and the amount in each case; [Paragraph 3(ix)(e)]

ASIAN PAINTS LIMITED

• The Company has not taken any funds from any entity or person on account of or to meet the
obligations of its subsidiaries or associates during the year and hence, reporting under clause
(ix)(e) of the Order is not applicable.

BAJAJ FINSERVE LIMITED

• According to the information and explanations given to us and on an overall examination of the
financial statements of the Company we report that the Company has not taken any funds from
any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint
ventures.

BAJAJ FINANCE LIMITED

• On an overall examination of the financial statements of the Company, the Company has not taken
any funds from any entity or person on account of or to meet the obligations of its subsidiaries.

BHARTI AIRTEL LIMITED

• On an overall examination of the financial statements of the Company, the Company has not taken
any funds from any entity or person on account of or to meet the obligations of its subsidiaries,
associates or joint ventures.

DR. REDDY'S LABORATORIES LIMITED

• On an overall examination of the standalone financial statements of the Company, the Company
has not taken any funds from any entity or person on account of or to meet the obligations of its
subsidiaries, associates or joint ventures.

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us and on an overall examination of the
financial statements of the company, we report that the company has not taken any funds from
any entity or person on account of or to meet the obligations of its subsidiaries or associate
company as defined under Companies Act, 2013. The company has no joint ventures.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• On an overall examination of the standalone financial statements of the Corporation, the

Corporation has not taken any funds from any entity or person on account of or to meet the
obligations of its subsidiaries, associates or joint ventures during the year.

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us and on an overall examination of the
financial statements of the Company, we report that the Company has not taken any funds from
any entity or person on account of or to meet the obligations of its subsidiaries or associates as

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Paragraph 3(ix): Loans, borrowings Compilation of CARO, 2020

defined under the Act. The Company does not hold any investment in any joint venture (as defined
under the Act) during the year ended 31 March 2022.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, the Company has not taken any funds
from any entity or person on account of or to meet the obligations of its subsidiaries, associates,
or joint ventures.

INFOSYS LIMITED

• On an overall examination of the financial statements of the Company, the Company has not taken
any funds from any entity or person on account of or to meet the obligations of its subsidiaries.

ITC LIMITED

• On an overall examination of the financial statements of the Company, the Company has not taken
any funds from any entity or person on account of or to meet the obligations of its subsidiaries,
associates or joint ventures. Hence, the requirement to report on clause (ix)(e) of the Order is not
applicable to the Company.

LARSEN & TOUBRO LIMITED

• On an overall examination of the financial statements of the Company, the Company has not taken
any funds from any entity or person on account of or to meet the obligations of its subsidiaries or
associates. or joint ventures.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us and on an overall examination of the
standalone financial statements of the Company, we report that the Company has not taken any
funds from any entity or person on account of or to meet the obligations of its subsidiaries,
associates or joint ventures as defined under the Act.

TATA STEEL LIMITED

• According to the information and explanations given to us and on an overall examination of the
standalone financial statements of the Company, we report that the Company has not taken any
funds from any entity or person on account of or to meet the obligations of its subsidiaries,
associates or joint ventures.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us and on an overall examination of the
financial statements of the Company, we report that the Company has not taken any funds from
any entity or person on account of or to meet the obligations of its subsidiaries as defined under
the Companies Act, 2013. Accordingly, clause 3(ix)(e) of the Order is not applicable.

TITAN COMPANY LIMITED

• According to the information and explanations given to us and on an overall examination of the
financial statements of the Company, we report that the Company has not taken any funds from

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Paragraph 3(ix): Loans, borrowings Compilation of CARO, 2020

any entity or person on account of or to meet the obligations of its subsidiaries, associate or joint
venture.

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us and on an overall examination of the
standalone financial statements of the Company, we report that the Company has not taken any
funds from any entity or person on account of or to meet the obligations of its subsidiaries,
associates or joint ventures as defined under the Act.

WIPRO LIMITED

• On an overall examination of the financial statements of the Company, the Company has not taken
any funds from any entity or person on account of or to meet the obligations of its subsidiaries or
associates.

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Paragraph 3(ix): Loans, borrowings Compilation of CARO, 2020

Paragraph 3(ix)(f)
Whether the company has raised loans during the year on the pledge of securities held in its subsidiaries,
joint ventures or associate companies, if so, give details thereof and also report if the company has
defaulted in repayment of such loans raised; [Paragraph 3(ix)(f)]

ASIAN PAINTS LIMITED

• The Company has not raised loans during the year on the pledge of securities held in its subsidiaries
or associate companies.

BAJAJ FINSERVE LIMITED

• According to the information and explanations given to us and procedures performed by us we

report that the Company has not raised loans during the year in the pledge of securities held in its
subsidiaries, joint ventures or associate companies.

BAJAJ FINANCE LIMITED

• The Company has not raised any loans during the year on the pledge of securities held in its
subsidiaries. Accordingly, paragraph 3(ix)(f) of the Order is not applicable.

BHARTI AIRTEL LIMITED

• The Company has not raised loans during the year on the pledge of securities held in its subsidiary
or joint ventures or associate companies.

DR. REDDY'S LABORATORIES LIMITED

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

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us and procedures performed by us, we
report that the company has not raised loans during the year on the pledge of securities held in its
subsidiaries or associate company (as defined under Companies Act, 2013). The company has no
joint ventures.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The Corporation has not raised loans during the year on the pledge of securities held in its
subsidiaries, joint ventures or associate companies. Hence, the requirement to report on clause
(ix)(f) of the Order is not applicable to the Corporation.

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us and procedures performed by us, we
report that the Company has not raised loans during the year on the pledge of securities held in
its subsidiaries or associate companies (as defined under the Act). The Company does not hold any
investment in any joint venture (as defined under the Act) during the year ended 31 March 2022.

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Paragraph 3(ix): Loans, borrowings Compilation of CARO, 2020

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, the Company has not raised loans
during the year on the pledge of securities held in its subsidiaries, joint ventures, or associate
companies.

INFOSYS LIMITED

• The Company has not raised any loans during the year and hence reporting on clause 3(ix)(f) of the
Order is not applicable.

ITC LIMITED

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

LARSEN & TOUBRO LIMITED

• The Company has not raised loans during the year on the pledge of securities held in its subsidiaries
or joint ventures or associate companies.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us and procedures performed by us, we
report that the Company has not raised loans during the year on the pledge of securities held in
its subsidiaries, joint ventures or associate companies (as defined under the Act).

TATA STEEL LIMITED

• According to the information and explanations given to us and procedures performed by us, we
report that the Company has not raised loans during the year on the pledge of securities held in
its subsidiaries, joint ventures or associate companies.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us and procedures performed by us, we
report that the Company has not raised loans during the year on the pledge of securities held in
its subsidiaries as defined under the Companies Act, 2013. Accordingly, clause 3(ix)(f) of the Order
is not applicable.

TITAN COMPANY LIMITED

• According to the information and explanations given to us and the procedures performed by us,
we report that the Company has not raised loans during the year on pledge of securities held in
subsidiaries, joint venture or associate company.

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us and procedures performed by us, we
report that the Company has not raised loans during the year on the pledge of securities held in
its subsidiaries, joint ventures or associate companies (as defined under the Act, 2013).

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Paragraph 3(ix): Loans, borrowings Compilation of CARO, 2020

WIPRO LIMITED

• The Company has not raised any loans during the year on the pledge of securities held in its
subsidiaries as defined under the Companies Act, 2013 and hence reporting on Clause 3(ix)(f) of
the Order is not applicable.

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Paragraph 3(x): Initial Public Offer, Further Public Offer Compilation of CARO, 2020

Paragraph 3(x): Initial Public Offer, Further Public Offer

Paragraph 3(x)(a)
Whether moneys raised by way of initial public offer or further public offer (including debt instruments)
during the year were applied for the purposes for which those are raised, if not, the details together
with delays or default and subsequent rectification, if any, as may be applicable, be reported; [Paragraph
3(x)(a)]

ASIAN PAINTS LIMITED

• The Company has not raised moneys by way of initial public offer or further public offer (including
debt instruments) during the year and hence reporting under clause (x)(a) of the Order is not
applicable.

BAJAJ FINSERVE LIMITED

• The Company did not raise money by way of initial public offer or further public offer (including
debt instruments) during the year.

BAJAJ FINANCE LIMITED

• The Company has not raised moneys by way of initial public offer or further public offer (including
debt instruments) during the year and hence reporting under paragraph 3(x)(a) of the Order is not
applicable.

BHARTI AIRTEL LIMITED

• The Company has not raised moneys by way of initial public offer or further public offer (including
debt instruments) during the year and hence reporting under clause (x)(a) of the Order is not
applicable. Further, the Company has raised moneys through commercial papers from Qualified
Institutional Buyers (QIBs) for general purpose use.

DR. REDDY'S LABORATORIES LIMITED

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

HCL TECHNOLOGIES LIMITED

• The Company has not raised any moneys by way of initial public offer or further public offer
(including debt instruments) Accordingly, clause 3(x)(a) of the Order is not applicable.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The Corporation has not raised any money during the year by way of Initial Public Offer/ Further
Public Offer (including debt instruments) hence, the requirement to report on clause 3(x)(a) of the
Order is not applicable to the Corporation.

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Paragraph 3(x): Initial Public Offer, Further Public Offer Compilation of CARO, 2020

HINDUSTAN UNILEVER LIMITED

• The Company has not raised any moneys by way of initial public offer or further public offer
(including debt instruments). Accordingly, clause 3(x)(a) of the Order is not applicable to the
Company.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, the Company has not raised moneys
by way of initial public offer or further public offer (including debt instruments) during the year.
However, the Company has issued nonconvertible debentures for capital expenditure
requirements through private placement and as per the information and explanations given to us,
the funds were applied for the purpose for which those were raised.

INFOSYS LIMITED

• The Company has not raised moneys by way of initial public offer or further public offer (including
debt instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not
applicable.

ITC LIMITED

• According to the information and explanations given by the management, the Company has not
raised any money during the year by way of initial public offer / further public offer (including debt
instruments) hence, reporting under clause 3(x)(a) is not applicable to the Company and hence not
commented upon.

LARSEN & TOUBRO LIMITED

• The Company has not raised moneys by way of initial public offer or further public offer (including
debt instruments) during the year and hence reporting under clause (x)(a) of the Order is not
applicable.

MAHINDRA & MAHINDRA LIMITED

• The Company has not raised any moneys by way of initial public offer or further public offer
(including debt instruments) Accordingly, clause 3(x)(a) of the Order is not applicable.

TATA STEEL LIMITED

• The Company has not raised any money by way of initial public offer and through debt instruments
by way of further public offer during the year. In our opinion, and according to the information
and explanations given to us, the monies raised by way of further public offer in an earlier year
have been applied, on an overall basis, for the purposes for which they were obtained, other than
`2.72 crore, out of the proceeds from further public offer received during the year which remains
unutilised as of March 31, 2022.

TATA CONSULTANCY SERVICES LIMITED

• The Company has not raised any moneys by way of initial public offer or further public offer
(including debt instruments). Accordingly, clause 3(x)(a) of the Order is not applicable.

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Paragraph 3(x): Initial Public Offer, Further Public Offer Compilation of CARO, 2020

TITAN COMPANY LIMITED

• The Company did not raise any money by way of initial public offer or further public offer (including
debt instruments) during the year. Accordingly, paragraph 3(x)(a) of the Order is not applicable to
the Company.

ULTRATECH CEMENT LIMITED

• The Company has not raised any moneys by way of initial public offer or further public offer
(including debt instruments). Accordingly, clause 3(x)(a) of the Order is not applicable.

WIPRO LIMITED

• The Company has not issued any of its securities (including debt instruments) during the year and
hence reporting under Clause 3(x)(a) of the Order is not applicable.

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Paragraph 3(x): Initial Public Offer, Further Public Offer Compilation of CARO, 2020

Paragraph 3(x)(b)
Whether the company has made any preferential allotment or private placement of shares or
convertible debentures (fully, partially or optionally convertible) during the year and if so, whether the
requirements of section 42 and section 62 of the Companies Act, 2013 have been complied with and the
funds raised have been used for the purposes for which the funds were raised, if not, provide details in
respect of amount involved and nature of non-compliance; [Paragraph 3(x)(b)]

ASIAN PAINTS LIMITED

• The Company has not made any preferential allotment or private placement of shares or
convertible debenture (fully or partly or optionally) during the year and hence reporting under
clause (x)(b) of the Order is not applicable to Company.

BAJAJ FINSERVE LIMITED

• In our opinion and according to the information and explanations given to us the Company has not
made any preferential allotment/private placement of shares/fully/partly/optionally convertible
debentures during the year.

BAJAJ FINANCE LIMITED

• The Company has not made preferential allotment or private placement of shares or convertible
debentures (fully or partly or optionally) during the year under review and hence reporting under
paragraph 3(x)(b) of the Order is not applicable to the Company.

BHARTI AIRTEL LIMITED

• During the year the Company has not made any preferential allotment or private placement of
shares or convertible debentures (fully or partly or optionally) and hence reporting under clause
(x)(b) of the Order is not applicable to the Company.

DR. REDDY'S LABORATORIES LIMITED

• The Company has not made any preferential allotment or private placement of shares /fully or
partially or optionally convertible debentures during the year under audit and hence, the
requirement to report on clause 3(x)(b) of the Order is not applicable to the Company.

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during the year. Accordingly, clause
3(x)(b) of the Order is not applicable.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The Corporation has not made any preferential allotment or private placement of shares/ fully or
partially or optionally convertible debentures during the year under audit and hence, the
requirement to report on clause 3(x)(b) of the Order is not applicable to the Corporation.

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Paragraph 3(x): Initial Public Offer, Further Public Offer Compilation of CARO, 2020

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during the year. Accordingly, clause
3(x)(b) of the Order is not applicable to the Company.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, the Company has not made any
preferential allotment or private placement of shares or fully or partly or optionally convertible
debentures during the year and therefore provisions of Section 42 and 62 of the Act are not
applicable to the Company.

INFOSYS LIMITED

• During the year, the Company has not made any preferential allotment or private placement of
shares or convertible debentures (fully or partly or optionally) and hence reporting under clause
3(x)(b) of the Order is not applicable.

ITC LIMITED

• The Company has not made any preferential allotment or private placement of shares / fully or
partially or optionally convertible debentures during the year under audit and hence, the
requirement to report on clause 3(x)(b) of the Order is not applicable to the Company.

LARSEN & TOUBRO LIMITED

• During the year, the Company has not made any preferential allotment or private placement of
shares or convertible debentures (fully or partly or optionally) and hence, reporting under clause
(x)(b) of the Order is not applicable to the Company.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during the year. Accordingly, clause
3(x)(b) of the Order is not applicable.

TATA STEEL LIMITED

• The Company has not made any preferential allotment or private placement of shares or fully or
partially or optionally convertible debentures during the year. Accordingly, the reporting under
Clause 3(x) (b) of the Order is not applicable to the Company.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during the year. Accordingly, clause
3(x)(b) of the Order is not applicable.

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Paragraph 3(x): Initial Public Offer, Further Public Offer Compilation of CARO, 2020

TITAN COMPANY LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not made any preferential allotment or private
placement of shares or convertible debentures (fully, partially or optionally convertible) during the
year. Accordingly, paragraph 3(x)(b) of the Order is not applicable to the Company.

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during the year. Accordingly, clause
3(x)(b) of the Order is not applicable.

WIPRO LIMITED

• During the year the Company has not made any preferential allotment or private placement of
shares or convertible debentures (fully or partly or optionally) and hence reporting under Clause
3(x)(b) of the Order is not applicable to the Company.

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Paragraph 3(xi): Fraud Compilation of CARO, 2020

Paragraph 3(xi): Fraud

Paragraph 3(xi)(a)
Whether any fraud by the company or any fraud on the company has been noticed or reported during
the year, if yes, the nature and the amount involved is to be indicated; [Paragraph 3(xi)(a)]

ASIAN PAINTS LIMITED

• To the best of our knowledge, no fraud by the Company and no material fraud on the Company
has been noticed or reported during the year.

BAJAJ FINSERVE LIMITED

• In our opinion and according to the information and explanations given to us there has been no
fraud by the Company or any fraud in the Company that has been noticed or reported during the
year.

BAJAJ FINANCE LIMITED

• To the best of our knowledge, no material fraud by the Company and no material fraud on the
Company has been noticed or reported during the year.

BHARTI AIRTEL LIMITED

• To the best of our knowledge, no fraud by the Company and no material fraud on the Company
has been noticed or reported during the year.

DR. REDDY'S LABORATORIES LIMITED

• No fraud by the Company or no material fraud on the Company has been noticed or reported
during the year.

HCL TECHNOLOGIES LIMITED

• Based on examination of the books and records of the Company and according to the information
and explanations given to us, considering the principles of materiality outlined in Standards on
Auditing, we report that no fraud by the Company or on the Company has been noticed or reported
during the course of the audit.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• No fraud by the Corporation or no material fraud on the Corporation has been noticed or reported
during the year.

HINDUSTAN UNILEVER LIMITED

• Based on examination of the books and records of the Company and according to the information
and explanations given to us, considering the principles of materiality as outlined in the Standards
on Auditing, we report that no fraud by the Company or on the Company has been noticed or
reported during the course of the audit.

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Paragraph 3(xi): Fraud Compilation of CARO, 2020

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us and as represented by the Management
and based on our examination of the books and records of the Company and in accordance with
generally accepted auditing practices in India, no material case of frauds by the Company or on
the Company has been noticed or reported during the year.

INFOSYS LIMITED

• No fraud by the Company and no material fraud on the Company has been noticed or reported
during the year.

ITC LIMITED

• No fraud by the Company or no material fraud on the Company has been noticed or reported
during the year.

LARSEN & TOUBRO LIMITED

• No fraud by the Company and no material fraud on the Company has been noticed or reported
during the year.

MAHINDRA & MAHINDRA LIMITED

• Based on examination of the books and records of the Company and according to the information
and explanations given to us, considering the principles of materiality outlined in Standards on
Auditing, we report that no fraud by the Company or on the Company has been noticed or reported
during the course of the audit.

TATA STEEL LIMITED

• During the course of our examination of the books and records of the Company, carried out in
accordance with the generally accepted auditing practices in India, and according to the
information and explanations given to us, we have neither come across any instance of material
fraud by the Company or on the Company, noticed or reported during the year, nor have we been
informed of any such case by the Management.

TATA CONSULTANCY SERVICES LIMITED

• Based on examination of the books and records of the Company and according to the information
and explanations given to us, considering the principles of materiality outlined in Standards on
Auditing, we report that no fraud by the Company or on the Company has been noticed or reported
during the course of the audit.

TITAN COMPANY LIMITED

• Based on examination of the books and records of the Company and according to the information
and explanations given to us, considering the principles of materiality as outlined in the Standards
on Auditing, we report that no fraud by the Company or on the Company has been noticed or
reported during the course of the audit.

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Paragraph 3(xi): Fraud Compilation of CARO, 2020

ULTRATECH CEMENT LIMITED

• Based on examination of the books and records of the Company and according to the information
and explanations given to us, considering the principles of materiality outlined in Standards on
Auditing, we report that no fraud by the Company or on the Company has been noticed or reported
during the course of the audit.

WIPRO LIMITED

• To the best of our knowledge, no fraud by the Company and no material fraud on the Company
has been noticed or reported during the year.

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Paragraph 3(xi): Fraud Compilation of CARO, 2020

Paragraph 3(xi)(b)
Whether any report under sub-section (12) of section 143 of the Companies Act has been filed by the
auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with
the Central Government; [Paragraph 3(xi)(b)]

ASIAN PAINTS LIMITED

• To the best of our knowledge, no report under sub-section (12) of section 143 of the Companies
Act, 2013 has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this
report.

BAJAJ FINSERVE LIMITED

• According to the information and explanations given to us no report under sub-section (12) of
section 143 of the Act has been filed by the auditors in form ADT-4 as prescribed under rule 13 of
Companies (Audit and Auditors) Rules 2014 with the Central Government.

BAJAJ FINANCE LIMITED

• No report under section 143(12) of the Companies Act, 2013, has been filed in form ADT-4 as
prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central
Government, during the year and up to the date of this report.

BHARTI AIRTEL LIMITED

• To the best of our knowledge, no report under subsection (12) of section 143 of the Companies
Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors)
Rules, 2014 with the Central Government, during the year and up to the date of this report.

DR. REDDY'S LABORATORIES LIMITED

• During the year, no report under sub-section (12) of section 143 of the Act has been fi led by cost
auditor/ secretarial auditor or by us in Form ADT – 4 as prescribed under Rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the Central Government.

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us, no report under sub-section (12) of
Section 143 of the Companies Act, 2013 has been filed by the auditors in Form ADT-4 as prescribed
under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• During the year and up to the date of this report, no report under section 143 (12) of the Act has
been filed by secretarial auditor or by the predecessor auditors or by us in Form ADT – 4 as
prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central
Government.

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Paragraph 3(xi): Fraud Compilation of CARO, 2020

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us, no report under sub-section (12) of
Section 143 of the Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of
Companies (Audit and Auditors) Rules, 2014 with the Central Government.

INDIAN OIL CORPORATION LIMITED

• No report has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the Central Government during the year and up to the date
of this report.

INFOSYS LIMITED

• No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-
4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central
Government, during the year and up to the date of this report.

ITC LIMITED

• During the year, no report under sub-section (12) of Section 143 of the Companies Act, 2013 has
been filed by cost auditor / secretarial auditor or by us in Form ADT – 4 as prescribed under Rule
13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

LARSEN & TOUBRO LIMITED

• No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-
4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central
Government, during the year and up to the date of this report.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us, no report under sub-section (12) of
Section 143 of the Companies Act, 2013 has been filed by the auditors in Form ADT-4 as prescribed
under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

TATA STEEL LIMITED

• During the course of our examination of the books and records of the Company, carried out in
accordance with the generally accepted auditing practices in India, and according to the
information and explanations given to us, a report under Section 143(12) of the Act, in Form ADT-
4, as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 was not required to
be filed with the Central Government. Accordingly, the reporting under Clause 3(xi)(b) of the Order
is not applicable to the Company.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us, no report under sub-section (12) of
Section 143 of the Companies Act, 2013 has been filed by the auditors in Form ADT-4 as prescribed
under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

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Paragraph 3(xi): Fraud Compilation of CARO, 2020

TITAN COMPANY LIMITED

• According to the information and explanations given to us, no report under sub-section (12) of
Section 143 of the Companies Act, 2013 has been filed by the auditors in Form ADT-4 as prescribed
under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us, no report under sub-section (12) of
Section 143 of the Act has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of
Companies (Audit and Auditors) Rules, 2014 with the Central Government.

WIPRO LIMITED

• No report under sub-section (12) of Section 143 of the Companies Act has been filed in Form ADT-
4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014with the Central
Government, during the year and up to the date of this report.

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Paragraph 3(xi): Fraud Compilation of CARO, 2020

Paragraph 3(xi)(c)
Whether the auditor has considered whistle-blower complaints, if any, received during the year by the
company; [Paragraph 3(xi)(c)]

ASIAN PAINTS LIMITED

• We have taken into consideration, the whistle blower complaints received by the Company during
the year (and up to the date of this report) and provided to us, when performing our audit.

BAJAJ FINSERVE LIMITED

• As represented to us by the Management there are no whistle blower complaints received by the
Company during the year.

BAJAJ FINANCE LIMITED

• We have taken into consideration the whistle blower complaints received by the Company during
the year (and up to the date of this report), while determining the nature, timing and extent of our
audit procedures.

BHARTI AIRTEL LIMITED

• We have taken into consideration the whistle blower complaints received by the Company during
the year (and up to the date of this report) and provided to us, when performing our audit.

DR. REDDY'S LABORATORIES LIMITED

• We have taken into consideration the whistle blower complaints received by the Company during
the year while determining the nature, timing and extent of audit procedures.

HCL TECHNOLOGIES LIMITED

• We have taken into consideration the whistle blower complaints received by the Company during
the year while determining the nature, timing and extent of our audit procedures.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• We have taken into consideration the whistle blower complaints received by the Corporation
during the year while determining the nature, timing and extent of audit procedures.

HINDUSTAN UNILEVER LIMITED

• We have taken into consideration the whistle blower complaints received by the Company during
the year while determining the nature, timing and extent of our audit procedures.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, no whistle blower complaints were
received by the Company during the year.

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Paragraph 3(xi): Fraud Compilation of CARO, 2020

INFOSYS LIMITED

• We have taken into consideration the whistle blower complaints received by the Company during
the year (and up to the date of this report), while determining the nature, timing and extent of our
audit procedures.

ITC LIMITED

• We have taken into consideration the whistle blower complaints received by the Company during
the year while determining the nature, timing and extent of audit procedures.

LARSEN & TOUBRO LIMITED

• We have taken into consideration, the whistle blower complaints received by the company during
the year and up to the date of this report and provided to us, when performing our audit.

MAHINDRA & MAHINDRA LIMITED

• We have taken into consideration the whistle blower complaints received by the Company during
the year while determining the nature, timing and extent of our audit procedures.

TATA STEEL LIMITED

• During the course of our examination of the books and records of the Company, carried out in
accordance with the generally accepted auditing practices in India, and according to the
information and explanations given to us, the Company has received whistle-blower complaints
during the year, which have been considered by us for any bearing on our audit and reporting. As
explained by the management, there were certain complaints in respect of which investigations
are ongoing as on the date of our report and hence, the impact on our audit report in respect of
those complaints cannot be determined at this stage.

TATA CONSULTANCY SERVICES LIMITED

• We have taken into consideration the whistle blower complaints received by the Company during
the year while determining the nature, timing and extent of our audit procedures.

TITAN COMPANY LIMITED

• We have taken into consideration the whistle blower complaints received by the Company during
the year while determining the nature, timing and extent of audit procedures.

ULTRATECH CEMENT LIMITED

• We have taken into consideration the whistle blower complaints received by the Company during
the year while determining the nature, timing and extent of our audit procedures.

WIPRO LIMITED

• We have taken into consideration the whistle blower complaints received by the Company during
the year (and up to the date of this report) while determining the nature, timing and extent of our
audit procedures.

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Paragraph 3(xii): Nidhi companies Compilation of CARO, 2020

Paragraph 3(xii): Nidhi companies

Paragraph 3(xii)
(a)Whether the Nidhi Company has complied with the Net Owned Funds to Deposits in the ratio of 1:20
to meet out the liability;

(b) Whether the Nidhi Company is maintaining ten percent unencumbered term deposits as specified in
the Nidhi Rules, 2014 to meet out the liability;

(c) Whether there has been any default in payment of interest on deposits or repayment thereof for any
period and if so, the details thereof; [Paragraph 3(xii)]

ASIAN PAINTS LIMITED

• The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not
applicable.

BAJAJ FINSERVE LIMITED

• In our opinion and according to the information and explanations given to us the Company is not
a Nidhi Company. Accordingly, paragraph 3(xii) of the Order is not applicable to the Company.

BAJAJ FINANCE LIMITED

• The Company is not a nidhi company and hence reporting under paragraph 3(xii) of the Order is
not applicable.

BHARTI AIRTEL LIMITED

• The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not
applicable.

DR. REDDY'S LABORATORIES LIMITED

• The Company is not a nidhi Company as per the provisions of the Act. Therefore, the requirement
to report on clause 3(xii)(a) of the Order is not applicable to the Company.

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us, the Company is not a Nidhi Company.
Accordingly, clause 3(xii) of the Order is not applicable.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The Corporation is not a Nidhi company as per the provisions of the Act. Therefore, the
requirement to report on clause 3(xii) of the Order is not applicable to the Corporation.

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us, the Company is not a Nidhi Company.
Accordingly, clause 3(xii) of the Order is not applicable to the Company.

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Paragraph 3(xii): Nidhi companies Compilation of CARO, 2020

INDIAN OIL CORPORATION LIMITED

• In our opinion and according to the information and explanations given to us, the Company is not
a Nidhi Company and therefore, the reporting under Clause 3 (xii)(a), 3(xii)(b) & 3(xii)(c) of the
Order is not applicable.

INFOSYS LIMITED

• The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not
applicable.

ITC LIMITED

• In our opinion, the Company is not a Nidhi company. Therefore, the provisions of clause 3(xii) (a)
to (c) of the order are not applicable to the Company and hence not commented upon.

LARSEN & TOUBRO LIMITED

• The Company is not a Nidhi Company. Therefore, reporting under clause (xii) of the Order is not
applicable.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us, the Company is not a Nidhi Company.
Accordingly, clause 3(xii) of the Order is not applicable.

TATA STEEL LIMITED

• As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the
reporting under Clause 3(xii) of the Order is not applicable to the Company.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us, the Company is not a Nidhi Company.
Accordingly, clause 3(xii) of the Order is not applicable.

TITAN COMPANY LIMITED

• According to the information and explanations given to us, in our opinion, the Company is not a
Nidhi Company as prescribed under Section 406 of the Act. Accordingly, paragraph 3(xii)(a)(b)(c)
of the Order are not applicable to the Company.

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us, the Company is not a Nidhi Company.
Accordingly, clause 3(xii) of the Order is not applicable.

WIPRO LIMITED

• The Company is not a Nidhi Company and hence reporting under Clause 3 (xii) of the Order is not
applicable to the Company.

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Paragraph 3(xiii): Related Party Transactions Compilation of CARO, 2020

Paragraph 3(xiii): Related Party Transactions

Paragraph 3(xiii)
Whether all transactions with the related parties are in compliance with sections 177 and 188 of
Companies Act, where applicable and the details have been disclosed in the financial statements etc., as
required by the applicable accounting standards; [Paragraph 3(xiii)]

ASIAN PAINTS LIMITED

• In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act,
where applicable, for all transactions with the related parties and the details of related party
transactions have been disclosed in the Financial Statements as required by the applicable
accounting standards.

BAJAJ FINSERVE LIMITED

• According to the information and explanations given to us and based on our examination of the
records of the Company transactions with the related parties are in compliance with Sections 177
and 188 of the acts where applicable and details of such transaction have been disclosed in the
financial statements as required by the applicable accounting standards.

BAJAJ FINANCE LIMITED

• In our opinion, the Company is in compliance with section 188 and 177 of the Companies Act,
2013, where applicable, for all transactions with the related parties and the details of related party
transactions have been disclosed in the standalone financial statements, etc., as required by the
applicable accounting standards.

BHARTI AIRTEL LIMITED

• In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act,
where applicable, for all transactions with the related parties and the details of related party
transactions have been disclosed in the financial statements etc. as required by the applicable
accounting standards.

DR. REDDY'S LABORATORIES LIMITED

• Transactions with the related parties are in compliance with sections 177 and 188 of Act where
applicable and the details have been disclosed in the notes to the standalone financial statements,
as required by the applicable accounting standards.

HCL TECHNOLOGIES LIMITED

• In our opinion and according to the information and explanations given to us, the transactions with
related parties are in compliance with Section 177 and 188 of the Companies Act, 2013, where
applicable, and the details of the related party transactions have been disclosed in the notes to
the standalone financial statements as required by the applicable accounting standards.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• Transactions with the related parties are in compliance with sections 177 and 188 of the Act where
applicable and the details of such transactions have been disclosed in the notes to the standalone
financial statements, as required by the applicable accounting standards.

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Paragraph 3(xiii): Related Party Transactions Compilation of CARO, 2020

HINDUSTAN UNILEVER LIMITED

• In our opinion and according to the information and explanations given to us, the transactions with
related parties are in compliance with Sections 177 and 188 of the Act, where applicable, and the
details of the related party transactions have been disclosed in the standalone financial statements
as required by the applicable accounting standards.

INDIAN OIL CORPORATION LIMITED

• In our opinion and according to the information and explanations given by the management, all
transactions during the year with the related parties were approved by the Audit Committee and
are in compliance with section 177 and 188 of the Act, where applicable and the details have been
disclosed in the standalone financial statements, as required by the applicable Indian accounting
standards.

INFOSYS LIMITED

• In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013
with respect to applicable transactions with the related parties and the details of related party
transactions have been disclosed in the standalone financial statements as required by the
applicable accounting standards.

ITC LIMITED

• According to the information and explanations given by the management, transactions with the
related parties are in compliance with Section 177 and 188 of Companies Act, 2013 where
applicable and the details have been disclosed in the notes to the financial statements, as required
by the applicable accounting standards.

LARSEN & TOUBRO LIMITED

• In our opinion, the Company is in compliance with Section 177 and 188 of the Act, where
applicable, for all transactions with the related parties undertaken during the year and the details
of such related party transactions have been disclosed in the standalone financial statements as
required by the applicable accounting standards.

MAHINDRA & MAHINDRA LIMITED

• In our opinion and according to the information and explanations given to us, the transactions with
related parties are in compliance with Section 177 and 188 of the Act, where applicable, and the
details of the related party transactions have been disclosed in the standalone financial statements
as required by the applicable accounting standards.

TATA STEEL LIMITED

• The Company has entered into transactions with related parties in compliance with the provisions
of Sections 177 and 188 of the Act. The details of such related party transactions have been
disclosed in the standalone financial statements as required under Indian Accounting Standard 24
“Related Party Disclosures” specified under Section 133 of the Act.

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Paragraph 3(xiii): Related Party Transactions Compilation of CARO, 2020

TATA CONSULTANCY SERVICES LIMITED

• In our opinion and according to the information and explanations given to us, the transactions with
related parties are in compliance with Sections 177 and 188 of the Companies Act, 2013, where
applicable, and the details of the related party transactions have been disclosed in the standalone
financial statements as required by the applicable Indian Accounting Standards.

TITAN COMPANY LIMITED

• According to the information and explanations given to us and based on our examination of the
records of the Company, the transactions with related parties are in compliance with Sections 177
and 188 of the Act, where applicable, and details of all transactions have been disclosed in the
standalone financial statements as required by the applicable accounting standards.

ULTRATECH CEMENT LIMITED

• In our opinion and according to the information and explanations given to us, the transactions with
related parties are in compliance with Section 177 and 188 of the Act, where applicable, and the
details of the related party transactions have been disclosed in the standalone financial statements
as required by the applicable accounting standards.

WIPRO LIMITED

• In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act,
where applicable, for all transactions with the related parties and the details of related party
transactions have been disclosed in the financial statements as required by the applicable
accounting standards.

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Paragraph 3(xiv): Internal Audit Compilation of CARO, 2020

Paragraph 3(xiv): Internal Audit

Paragraph 3(xiv)(a)
Whether the company has an internal audit system commensurate with the size and nature of its
business; [Paragraph 3(xiv)(a)]

ASIAN PAINTS LIMITED

• In our opinion, the Company has an adequate internal audit system commensurate with the size
and the nature of its business.

BAJAJ FINSERVE LIMITED

• In our opinion and based on our examination the Company has an internal audit system
commensurate with the size and nature of its business.

BAJAJ FINANCE LIMITED

• In our opinion, the Company has an internal audit system commensurate with the size and nature
of its business.

BHARTI AIRTEL LIMITED

• In our opinion the Company has an adequate internal audit system commensurate with the size
and the nature of its business.

DR. REDDY'S LABORATORIES LIMITED

• The Company has an internal audit system commensurate with the size and nature of its business.

HCL TECHNOLOGIES LIMITED

• Based on information and explanations provided to us and our audit procedures, in our opinion,
the Company has an internal audit system commensurate with the size and nature of its business.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The Corporation has an internal audit system commensurate with the size and nature of its
business.

HINDUSTAN UNILEVER LIMITED

• Based on information and explanations provided to us and our audit procedures, in our opinion,
the Company has an internal audit system commensurate with the size and nature of its business.

INDIAN OIL CORPORATION LIMITED

• In our opinion and based on our examination, the Company has an internal audit system
commensurate with the size and nature of its business.

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Paragraph 3(xiv): Internal Audit Compilation of CARO, 2020

INFOSYS LIMITED

• In our opinion the Company has an adequate internal audit system commensurate with the size
and the nature of its business.

ITC LIMITED

• The Company has an internal audit system commensurate with the size and nature of its business.

LARSEN & TOUBRO LIMITED

• In our opinion the Company has an adequate internal audit system commensurate with the size
and the nature of its business.

MAHINDRA & MAHINDRA LIMITED

• Based on information and explanations provided to us and our audit procedures, in our opinion,
the Company has an internal audit system commensurate with the size and nature of its business.

TATA STEEL LIMITED

• In our opinion and according to the information and explanation given to us, the Company has an
internal audit system commensurate with the size and nature of its business.

TATA CONSULTANCY SERVICES LIMITED

• Based on information and explanations provided to us and our audit procedures, in our opinion,
the Company has an internal audit system commensurate with the size and nature of its business.

TITAN COMPANY LIMITED

• Based on the information and explanations provided to us and our audit procedures, in our
opinion, the Company has an internal audit system commensurate with the size and nature of its
business.

ULTRATECH CEMENT LIMITED

• Based on information and explanations provided to us and our audit procedures, in our opinion,
the Company has an internal audit system commensurate with the size and nature of its business.

WIPRO LIMITED

• In our opinion, the Company has an adequate internal audit system commensurate with the size
and the nature of its business.

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Paragraph 3(xiv): Internal Audit Compilation of CARO, 2020

Paragraph 3(xiv)(b)
Whether the reports of the Internal Auditors for the period under audit were considered by the statutory
auditor; [Paragraph 3(xiv)(b)]

ASIAN PAINTS LIMITED

• We have considered, the internal audit reports issued to the Company during the year and
covering the period up to 31st March, 2022.

BAJAJ FINSERVE LIMITED

• We have considered during the course of our audit the reports of the Internal Auditor's for the
period under audit in accordance with the guidance provided in SA 610 Using the work of Internal
Auditors.

BAJAJ FINANCE LIMITED

• We have considered, the internal audit reports for the year under audit, issued to the Company
during the year and till date, in determining the nature, timing and extent of our audit procedures.

BHARTI AIRTEL LIMITED

• We have considered, the internal audit reports issued to the Company during the year and
covering the period up to March 31, 2022.

DR. REDDY'S LABORATORIES LIMITED

• The internal audit reports of the Company issued till the date of the audit report, for the period
under audit have been considered by us.

HCL TECHNOLOGIES LIMITED

• We have considered the internal audit reports of the Company issued till date for the period under
audit.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The internal audit is performed as per a planned program approved by the Audit and Governance
Committee of the Board of Directors of the Corporation. The internal audit reports of the
Corporation issued till the date of the audit report, in accordance with the aforesaid plan, have
been considered by us.

HINDUSTAN UNILEVER LIMITED

• We have considered the internal audit reports of the Company issued till date for the period under
audit.

INDIAN OIL CORPORATION LIMITED

• We have considered the internal audit reports of the Company issued till date, for the period under
audit.

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Paragraph 3(xiv): Internal Audit Compilation of CARO, 2020

INFOSYS LIMITED

• We have considered, the internal audit reports for the year under audit, issued to the Company
during the year and till date, in determining the nature, timing and extent of our audit procedures.

ITC LIMITED

• The internal audit reports of the Company issued till the date of the audit report, for the period
under audit have been considered by us.

LARSEN & TOUBRO LIMITED

• We have considered, the internal audit reports for the year under audit, issued to the Company
during the year and till date, in determining the nature, timing and extent of our audit procedures.

MAHINDRA & MAHINDRA LIMITED

• We have considered the internal audit reports of the Company issued till date for the period under
audit.

TATA STEEL LIMITED

• The reports of the Internal Auditor for the period under audit have been considered by us.

TATA CONSULTANCY SERVICES LIMITED

• We have considered the internal audit reports of the Company issued till date for the period under
audit.

TITAN COMPANY LIMITED

• We have considered the internal audit reports of the Company issued till date for the period under
audit.

ULTRATECH CEMENT LIMITED

• We have considered the internal audit reports of the Company issued till date for the period under
audit.

WIPRO LIMITED

• We have considered, the internal audit reports for the year under audit and till date, in
determining the nature, timing and extent of our audit procedures.

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Paragraph 3(xv): Non-cash transactions Compilation of CARO, 2020

Paragraph 3(xv): Non-cash transactions

Paragraph 3(xv)
Whether the company has entered into any non-cash transactions with directors or persons connected
with him and if so, whether the provisions of section 192 of Companies Act have been complied with;
[Paragraph 3(xv)]

ASIAN PAINTS LIMITED

• In our opinion, during the year, the Company has not entered into any non-cash transactions with
any of its directors or persons connected with such directors and hence provisions of section 192
of the Companies Act, 2013 are not applicable to the Company.

BAJAJ FINSERVE LIMITED

• According to the information and explanations given to us in our opinion during the year the
Company has not entered into any non-cash transaction with its directors or persons connected
with its directors. Accordingly, paragraph 3(xv) of the Order is not applicable to the Company and
hence provisions of section 192 of the Act 2013 are not applicable to the Company.

BAJAJ FINANCE LIMITED

• In our opinion, during the year the Company has not entered into any non-cash transactions with
its directors or persons connected with them and hence provisions of section 192 of the
Companies Act, 2013 are not applicable to the Company.

BHARTI AIRTEL LIMITED

• In our opinion during the year the Company has not entered into any non-cash transactions with
its directors or persons connected with its directors and hence provisions of section 192 of the
Companies Act, 2013 are not applicable to the Company.

DR. REDDY'S LABORATORIES LIMITED

• The Company has not entered into any non-cash transactions with its directors or persons
connected with its directors and hence requirement to report on clause 3(xv) of the Order is not
applicable to the Company.

HCL TECHNOLOGIES LIMITED

• In our opinion and according to the information and explanations given to us, the Company has
not entered into any non-cash transactions with its directors or persons connected to its directors
and hence, provisions of Section 192 of the Companies Act, 2013 are not applicable to the
Company.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The Corporation has not entered into any non-cash transactions with its directors or persons
connected with its directors and hence requirement to report on clause 3(xv) of the Order is not
applicable to the Corporation.

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Paragraph 3(xv): Non-cash transactions Compilation of CARO, 2020

HINDUSTAN UNILEVER LIMITED

• In our opinion and according to the information and explanations given to us, the Company has
not entered into any non-cash transactions with its directors or persons connected to its directors
and hence, provisions of Section 192 of the Companies Act, 2013 are not applicable to the
Company.

INDIAN OIL CORPORATION LIMITED

• In our opinion and according to the information and explanations given to us, the Company has
not entered into any noncash transactions specified under section 192 of the Act with directors,
or persons connected with directors and therefore, reporting under clause (xv) of the Order is not
applicable to the Company.

INFOSYS LIMITED

• In our opinion during the year the Company has not entered into any non-cash transactions with
its directors or persons connected with its directors. and hence provisions of section 192 of the
Companies Act, 2013 are not applicable to the Company.

ITC LIMITED

• According to the information and explanations given by the management, the Company has not
entered into any non-cash transactions with directors or persons connected with him as referred
to in Section 192 of Companies Act, 2013.

LARSEN & TOUBRO LIMITED

• In our opinion, during the year the Company has not entered any non-cash transactions with its
Directors or persons connected to its Directors and hence provisions of section 192 of the Act are
not applicable.

MAHINDRA & MAHINDRA LIMITED

• In our opinion and according to the information and explanations given to us, the Company has
not entered into any non-cash transactions with its directors or persons connected to its directors
and hence, provisions of Section 192 of the Act are not applicable to the Company.

TATA STEEL LIMITED

• The Company has not entered into any non-cash transactions with its directors or persons
connected with him. Accordingly, the reporting on compliance with the provisions of Section 192
of the Act under Clause 3(xv) of the Order is not applicable to the Company.

TATA CONSULTANCY SERVICES LIMITED

• In our opinion and according to the information and explanations given to us, the Company has
not entered into any non-cash transactions with its directors or persons connected to its directors
and hence, provisions of Section 192 of the Companies Act, 2013 are not applicable to the
Company.

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Paragraph 3(xv): Non-cash transactions Compilation of CARO, 2020

TITAN COMPANY LIMITED

• According to the information and explanations given to us and based on our examination of the
records of the Company, the Company has not entered into non-cash transactions with directors
or persons connected to its directors and hence, provisions of Section 192 of the Companies Act,
2013, are not applicable to the Company.

ULTRATECH CEMENT LIMITED

• In our opinion and according to the information and explanations given to us, the Company has
not entered into any non-cash transactions with its directors or persons connected to its directors
and hence, provisions of Section 192 of the Act, are not applicable to the Company.

WIPRO LIMITED

• In our opinion during the year the Company has not entered into any non-cash transactions with
its directors or persons connected with its directors. and hence provisions of Section 192 of the
Companies Act, 2013 are not applicable to the Company.

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Paragraph 3(xvi): RBI Act Compilation of CARO, 2020

Paragraph 3(xvi): RBI Act

Paragraph 3(xvi)(a)
Whether the company is required to be registered under section 45-IA of the Reserve Bank of India Act,
1934 (2 of 1934) and if so, whether the registration has been obtained; [Paragraph 3(xvi)(a)]

ASIAN PAINTS LIMITED

• The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act,
1934. Hence, reporting under clause (xvi)(a) of the Order are not applicable.

BAJAJ FINSERVE LIMITED

• The company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,
1934.

BAJAJ FINANCE LIMITED

• The Company is required to be registered under section 45-IA of the Reserve Bank of India Act,
1934 ('RBI Act') and it has obtained the registration.

BHARTI AIRTEL LIMITED

• The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act,
1934. Hence, reporting under clause (xvi)(a) of the Order is not applicable.

DR. REDDY'S LABORATORIES LIMITED

• The provisions of section 45-IA of the Reserve Bank of India Act, 1934, are not applicable to the
Company. Accordingly, the requirement to report on clause (xvi)(a) of the Order is not applicable
to the Company.

HCL TECHNOLOGIES LIMITED

• The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,
1934. Accordingly, clause 3(xvi)(a) of the Order is not applicable.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable
to the Corporation. Accordingly, the requirement to report on clause (xvi)(a) of the Order is not
applicable to the Corporation.

HINDUSTAN UNILEVER LIMITED

• The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,
1934. Accordingly, clause 3(xvi)(a) of the Order is not applicable to the Company.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, the Company is not required to be
registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the reporting
under Clause 3(xvi)(a) is not applicable.

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Paragraph 3(xvi): RBI Act Compilation of CARO, 2020

INFOSYS LIMITED

• In our opinion, the Company is not required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a) of the Order is not applicable.

ITC LIMITED

• According to the information and explanations given to us, the provisions of Section 45-IA of the
Reserve Bank of India Act, 1934 are not applicable to the Company.

LARSEN & TOUBRO LIMITED

• The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act,
1934. Hence, reporting under clause (xvi)(a) of the Order is not applicable.

MAHINDRA & MAHINDRA LIMITED

• The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,
1934. Accordingly, clause 3(xvi)(a) of the Order is not applicable.

TATA STEEL LIMITED

• The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,
1934. Accordingly, the reporting under Clause 3(xvi)(a) of the Order is not applicable to the
Company.

TATA CONSULTANCY SERVICES LIMITED

• The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,
1934. Accordingly, clause 3(xvi)(a) of the Order is not applicable.

TITAN COMPANY LIMITED

• The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act
1934. Accordingly, paragraph 3(xvi)(a) of the Order is not applicable to the Company.

ULTRATECH CEMENT LIMITED

• The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,
1934. Accordingly, clause 3(xvi)(a) of the Order is not applicable.

WIPRO LIMITED

• In our opinion, the Company is not required to be registered under Section 45-IA of the Reserve
Bank of India Act, 1934. Hence, reporting under Clause 3(xvi)(a) of the Order is not applicable.

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Paragraph 3(xvi): RBI Act Compilation of CARO, 2020

Paragraph 3(xvi)(b)
Whether the company has conducted any Non-Banking Financial or Housing Finance activities without
a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India
Act, 1934; [Paragraph 3(xvi)(b)]

ASIAN PAINTS LIMITED

• The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act,
1934. Hence, reporting under clause (xvi)(b) of the Order are not applicable.

BAJAJ FINSERVE LIMITED

• The Company has not conducted any non-banking financial or housing finance activities without
obtaining a valid CoR from the Reserve Bank of India as per the Reserve Bank of India Act, 1934.

BAJAJ FINANCE LIMITED

• The Company has conducted the non-banking financial activities with a valid Certificate of
Registration ('CoR') from the RBI as per the RBI Act. The Company has not conducted any housing
finance activities and is not required to obtain CoR for such activities from the RBI.

BHARTI AIRTEL LIMITED

• The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act,
1934. Hence, reporting under clause (xvi)(b) of the Order is not applicable.

DR. REDDY'S LABORATORIES LIMITED

• The Company is not engaged in any Non-Banking Financial or Housing Finance activities.
Accordingly, the requirement to report on clause (xvi)(b) of the Order is not applicable to the
Company.

HCL TECHNOLOGIES LIMITED

• The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,
1934. Accordingly, clause 3(xvi)(b) of the Order is not applicable.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The Corporation is a Housing Finance Company registered with the National Housing Bank and is
not required to obtain a Certificate of Registration (CoR) from the Reserve Bank of India as per the
Reserve Bank of India Act, 1934.

HINDUSTAN UNILEVER LIMITED

• The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,
1934. Accordingly, clause 3(xvi)(b) of the Order is not applicable to the Company.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, the Company is not required to be
registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the reporting
under Clause 3(xvi)(b) is not applicable.

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Paragraph 3(xvi): RBI Act Compilation of CARO, 2020

INFOSYS LIMITED

• In our opinion, the Company is not required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(b) of the Order is not applicable.

ITC LIMITED

• The Company is not engaged in any Non-Banking Financial or Housing Finance activities.
Accordingly, the requirement to report on clause (xvi)(b) of the Order is not applicable to the
Company.

LARSEN & TOUBRO LIMITED

• The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act,
1934. Hence, reporting under clause (xvi)(b) of the Order is not applicable.

MAHINDRA & MAHINDRA LIMITED

• The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,
1934. Accordingly, clause 3(xvi)(b) of the Order is not applicable.

TATA STEEL LIMITED

• The Company has not conducted non-banking financial / housing finance activities during the year.
Accordingly, the reporting under Clause 3(xvi)(b) of the Order is not applicable to the Company.

TATA CONSULTANCY SERVICES LIMITED

• The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,
1934. Accordingly, clause 3(xvi)(b) of the Order is not applicable.

TITAN COMPANY LIMITED

• The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,
1934. Accordingly, paragraph 3(xvi)(b) of the Order is not applicable.

ULTRATECH CEMENT LIMITED

• The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,
1934. Accordingly, clause 3(xvi)(b) of the Order is not applicable.

WIPRO LIMITED

• In our opinion, the Company is not required to be registered under Section 45-IA of the Reserve
Bank of India Act, 1934. Hence, reporting under Clause 3(xvi)(b) of the Order is not applicable.

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Paragraph 3(xvi): RBI Act Compilation of CARO, 2020

Paragraph 3(xvi)(c)
Whether the company is a Core Investment Company (CIC) as defined in the regulations made by the
Reserve Bank of India, if so, whether it continues to fulfil the criteria of a CIC, and in case the company
is an exempted or unregistered CIC, whether it continues to fulfil such criteria; [Paragraph 3(xvi)(c)]

ASIAN PAINTS LIMITED

• The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act,
1934. Hence, reporting under clause (xvi)(c) of the Order are not applicable.

BAJAJ FINSERVE LIMITED

• The Company is a unregistered Core Investment Company ('CIC') as defined in the regulations
made by Reserve Bank of India. The Company is not required to obtain registration with Reserve
Bank of India and continues to fulfil the criteria or an unregistered CIC.

BAJAJ FINANCE LIMITED

• The Company is not a Core Investment Company ('CIC') and hence reporting under paragraph
3(xvi)(c) of the Order is not applicable to the Company.

BHARTI AIRTEL LIMITED

• The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act,
1934. Hence, reporting under clause (xvi)(c) of the Order is not applicable.

DR. REDDY'S LABORATORIES LIMITED

• The Company is not a Core Investment Company as defined in the regulations made by Reserve
Bank of India. Accordingly, the requirement to report on clause 3(xvi) of the Order is not applicable
to the Company.

HCL TECHNOLOGIES LIMITED

• The Company is not a Core Investment Company (CIC) as defined in the regulations made by the
Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The Corporation is not a Core Investment Company as defined in the regulations made by Reserve
Bank of India. Accordingly, the requirement to report on clause 3(xvi) of the Order is not applicable
to the Corporation.

HINDUSTAN UNILEVER LIMITED

• The Company is not a Core Investment Company (CIC) as defined in the regulations made by the
Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable to the Company.

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, the Company is not required to be
registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the reporting
under Clause 3(xvi)(c) is not applicable.

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Paragraph 3(xvi): RBI Act Compilation of CARO, 2020

INFOSYS LIMITED

• In our opinion, the Company is not required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(c) of the Order is not applicable.

ITC LIMITED

• The Company is not a Core Investment Company as defined in the regulations made by Reserve
Bank of India. Accordingly, the requirement to report on clause 3(xvi) of the Order is not applicable
to the Company.

LARSEN & TOUBRO LIMITED

• The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act,
1934. Hence, reporting under clause (xvi)(c) of the Order is not applicable.

MAHINDRA & MAHINDRA LIMITED

• The Company is not a Core Investment Company (CIC) as defined in the regulations made by the
Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable.

TATA STEEL LIMITED

• The Company is not a Core Investment Company (CIC) as defined in the regulations made by the
Reserve Bank of India. Accordingly, the reporting under Clause 3(xvi)(c) of the Order is not
applicable to the Company.

TATA CONSULTANCY SERVICES LIMITED

• The Company is not a Core Investment Company (CIC) as defined in the regulations made by the
Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable.

TITAN COMPANY LIMITED

• The Company is not a Core Investment Company (CIC) as defined in the regulations made by the
Reserve Bank of India. Accordingly, paragraph 3(xvi)(c) of the Order is not applicable.

ULTRATECH CEMENT LIMITED

• The Company is not a Core Investment Company (CIC) as defined in the regulations made by the
Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable.

WIPRO LIMITED

• In our opinion, the Company is not required to be registered under Section 45-IA of the Reserve
Bank of India Act, 1934. Hence, reporting under Clause 3(xvi)(c) of the Order is not applicable.

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Paragraph 3(xvi): RBI Act Compilation of CARO, 2020

Paragraph 3(xvi)(d)
Whether the Group has more than one CIC as part of the Group, if yes, indicate the number of CICs which
are part of the Group; [Paragraph 3(xvi)(d)]

ASIAN PAINTS LIMITED

• The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act,
1934. Hence, reporting under clause (xvi)(d) of the Order are not applicable.

BAJAJ FINSERVE LIMITED

• According to the information and explanations given to us in the group (in accordance with Core
Investment Companies (CICs) (Reserve Bank) Directions 2016) there are 16 companies forming
part of the promoter/promoter group of the Company which are CICs including the Company.
Further as informed these CIC's are unregistered CICs as per page 9.1 of notification No. RBI/2020-
21/24 dated 13 August 2020 of the Reserve Bank of India.

BAJAJ FINANCE LIMITED

• The Group (as defined under Master Direction DNBR.PD.008/03.10.119/2016-17 - Non-Banking

Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking
Company (Reserve Bank) Directions, 2016) has more than one CIC as part of the group. There are
16 CIC forming part of the Group.

BHARTI AIRTEL LIMITED

• The Parent Group has more than one CIC as part of the Parent Group. There are 2 CIC forming part
of the Parent Group.

DR. REDDY'S LABORATORIES LIMITED

• There is no Core Investment Company as a part of the Group. Accordingly, the requirement to
report on clause 3(xvi) of the Order is not applicable to the Company.

HCL TECHNOLOGIES LIMITED

• According to the information and explanations provided to us during the course of audit, the Group
does not have any CIC. Accordingly, the requirements of clause 3(xvi)(d) are not applicable.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• There is no Core Investment Company as a part of the Group, hence, the requirement to report on
clause 3(xvi) of the Order is not applicable to the Corporation.

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations provided to us during the course of audit, the Group
(as per the provisions of the Core Investment Companies (Reserve Bank) Directions, 2016) does
not have any CIC.

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Paragraph 3(xvi): RBI Act Compilation of CARO, 2020

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, the Company is not required to be
registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the reporting
under Clause 3(xvi)(d) is not applicable.

INFOSYS LIMITED

• In our opinion, there is no core investment company within the Group (as defined in the Core
Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause
3(xvi)(d) of the Order is not applicable.

ITC LIMITED

• The Group does not have more than one CIC as part of the Group, hence, the requirement to report
on clause 3(xvi)(d) of the Order is not applicable to the Company.

LARSEN & TOUBRO LIMITED

• The Group has more than one Core Investment Company (CIC) as part of the group. There are two
CIC forming part of the group.

MAHINDRA & MAHINDRA LIMITED

• Based on the information and explanations provided by the management of the Company, the
Group (as per the provisions of the Core Investment Companies (Reserve Bank) Directions, 2016)
has seven CICs as part of the Group. For reporting on this clause / sub clause, while we have
performed audit procedures set out in the Guidance Note on Companies (Auditor’s Report) Order,
2020, we have relied on and not been able to independently validate the information provided to
us by the management of the Company with respect to entities outside the consolidated Group
but covered in the Core Investment Companies (Reserve Bank) Directions, 2016.

TATA STEEL LIMITED

• Based on the information and explanations provided by the management of the Company, the
Group has six CICs as part of the Group. We have not, however, separately evaluated whether the
information provided by the management is accurate and complete.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations provided to us during the course of audit, the Group
does not have any CIC. Accordingly, the requirements of clause 3(xvi)(d) are not applicable.

TITAN COMPANY LIMITED

• According to the information and explanation provided to us during the course of the audit, the
Group has five registered Core Investment Companies and one unregistered Core Investment
Company.

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Paragraph 3(xvi): RBI Act Compilation of CARO, 2020

ULTRATECH CEMENT LIMITED

• According to the information and explanations provided to us, the Group (as per the provisions of
the Core Investment Companies (Reserve Bank) Directions, 2016) does not have more than one
CIC.

WIPRO LIMITED

• In our opinion, there is no core investment company within the Group (as defined in the Core
Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under Clause
3(xvi)(d) of the Order is not applicable.

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Paragraph 3(xvii): Cash losses Compilation of CARO, 2020

Paragraph 3(xvii): Cash losses

Paragraph 3(xvii)
Whether the Company has incurred cash losses in the financial year and in the immediately preceding
financial year, if so, state the amount of cash losses; [Paragraph 3(xvii)]

ASIAN PAINTS LIMITED

• The Company has not incurred cash losses during the financial year covered by our audit and the
immediately preceding financial year.

BAJAJ FINSERVE LIMITED

• The Company has not incurred any cash losses in the financial year and in the immediately
preceding financial year.

BAJAJ FINANCE LIMITED

• The Company has not incurred cash losses during the financial year covered by our audit and in
the immediately preceding financial year.

BHARTI AIRTEL LIMITED

• The Company has not incurred cash losses during the financial year covered by our audit and the
immediately preceding financial year.

DR. REDDY'S LABORATORIES LIMITED

• The Company has not incurred cash losses in the current year and preceding financial year.

HCL TECHNOLOGIES LIMITED

• According to the information and explanation given to us, the Company has not incurred cash
losses in the current and in the immediately preceding financial year.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The Corporation has not incurred cash losses in the current year or the immediately preceding
financial year.

HINDUSTAN UNILEVER LIMITED

• The Company has not incurred cash losses in the current and in the immediately preceding
financial year.

INDIAN OIL CORPORATION LIMITED

• In our opinion and according to the information and explanations given to us, the Company has
not incurred cash losses in the financial year 2021-22 and in the immediately preceding financial
year 2020-21.

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Paragraph 3(xvii): Cash losses Compilation of CARO, 2020

INFOSYS LIMITED

• The Company has not incurred cash losses during the financial year covered by our audit and the
immediately preceding financial year.

ITC LIMITED

• The Company has not incurred cash losses in the current year and in the immediately preceding
financial year.

LARSEN & TOUBRO LIMITED

• The Company has not incurred cash losses during the financial year covered by our audit and the
immediately preceding financial year.

MAHINDRA & MAHINDRA LIMITED

• The Company has not incurred cash losses in the current and in the immediately preceding
financial year.

TATA STEEL LIMITED

• The Company has not incurred any cash losses in the financial year or in the immediately preceding
financial year.

TATA CONSULTANCY SERVICES LIMITED

• The Company has not incurred cash losses in the current and in the immediately preceding
financial year.

TITAN COMPANY LIMITED

• The Company has not incurred cash losses in the financial year and in the immediately preceding
financial year. Accordingly, paragraph 3(xvii) of the Order is not applicable to the Company.

ULTRATECH CEMENT LIMITED

• The Company has not incurred cash losses in the current and in the immediately preceding
financial year.

WIPRO LIMITED

• The Company has not incurred cash losses during the financial year covered by our audit and the
immediately preceding financial year.

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Paragraph 3(xviii): Auditor’s resignation Compilation of CARO, 2020

Paragraph 3(xviii): Auditor’s resignation

Paragraph 3(xviii)
Whether there has been any resignation of the statutory auditors during the year, if so, whether the
auditor has taken into consideration the issues, objections or concerns raised by the outgoing auditors;
[Paragraph 3(xviii)]

ASIAN PAINTS LIMITED

• There has been no resignation of the statutory auditors of the Company during the year.

BAJAJ FINSERVE LIMITED

• M/s S R B C & CO LLP, the statutory auditors of the Company have resigned with effect from 27
October 2021. As informed, there have been no issues objections or concerns raised by the said
outgoing auditors.

BAJAJ FINANCE LIMITED

• During the year, consequent to the issuance of the circular no.

DoS.CO.ARG/SEC.01/08.91.001/2021- 22 dated 27 April 2021, by the RBI, the predecessor auditors
resigned as they had completed three continuous years as statutory auditors of the Company. The
predecessor statutory auditors have confirmed to us that they were not aware of reasons as to
why we should not accept the statutory audit and tax audit engagements of the Company.

BHARTI AIRTEL LIMITED

• There has been no resignation of the statutory auditors of the Company during the year.

DR. REDDY'S LABORATORIES LIMITED

• There has been no resignation of the statutory auditors during the year and accordingly
requirement to report on Clause 3(xviii) of the Order is not applicable to the Company.

HCL TECHNOLOGIES LIMITED

• There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii)
of the Order is not applicable.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• The previous statutory auditors of the Corporation have resigned during the year pursuant to the
requirements of the Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory
Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) dated April
27, 2021, issued by the Reserve Bank of India, and there are no issues, objections or concerns
raised by the outgoing auditors.

HINDUSTAN UNILEVER LIMITED

• There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii)
of the Order is not applicable to the Company.

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Paragraph 3(xviii): Auditor’s resignation Compilation of CARO, 2020

INDIAN OIL CORPORATION LIMITED

• There has been no resignation of the statutory auditors during the year and accordingly clause
3(xviii) is not applicable.

INFOSYS LIMITED

• There has been no resignation of the statutory auditors of the Company during the year.

ITC LIMITED

• There has been no resignation of the statutory auditors during the year and accordingly
requirement to report on Clause 3(xviii) of the Order is not applicable to the Company.

LARSEN & TOUBRO LIMITED

• There has been no resignation of the statutory auditors of the Company during the year.

MAHINDRA & MAHINDRA LIMITED

• There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii)
of the Order is not applicable.

TATA STEEL LIMITED

• There has been no resignation of the statutory auditors during the year and accordingly the
reporting under Clause 3(xviii) of the Order is not applicable to the Company.

TATA CONSULTANCY SERVICES LIMITED

• There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii)
of the Order is not applicable.

TITAN COMPANY LIMITED

• There has been no resignation of the statutory auditors during the year. Accordingly, paragraph
3(xviii) of the Order is not applicable to the Company.

ULTRATECH CEMENT LIMITED

• There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii)
of the Order is not applicable.

WIPRO LIMITED

• There has been no resignation of the statutory auditors of the Company during the year.

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Paragraph 3(xix): Material uncertainty in payment of Liabilities Compilation of CARO, 2020

Paragraph 3(xix): Material uncertainty in payment of Liabilities

Paragraph 3(xix)
On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and
payment of financial liabilities, other information accompanying the financial statements, the auditor’s
knowledge of the Board of Directors and management plans, whether the auditor is of the opinion that
no material uncertainty exists as on the date of the audit report that company is capable of meeting its
liabilities existing at the date of balance sheet as and when they fall due within a period of one year
from the balance sheet date; [Paragraph 3(xix)]

ASIAN PAINTS LIMITED

• On the basis of the financial ratios, ageing and expected dates of realization of financial assets and
payment of financial liabilities, other information accompanying the financial statements and our
knowledge of the Board of Directors and management plans and based on our examination of the
evidence supporting the assumptions, nothing has come to our attention, which causes us to
believe that any material uncertainty exists as on the date of the audit report indicating that
Company is not capable of meeting its liabilities existing at the date of balance sheet and when
they fall due within a period of one year from the balance sheet date. We, however, state that this
is not an assurance as to the future viability of the Company. We further state that our reporting
is based on the facts up to the date of the audit report and we neither give any guarantee nor any
assurance that all liabilities falling due within a period of one year from the balance sheet date,
will get discharged by the Company as and when they fall due.

BAJAJ FINSERVE LIMITED

• According to the information and explanations given to us and on the basis of the financial ratios,
ageing and expected dates of realisation of financial assets and payment of financial liabilities
other information accompanying the financial statements out Knowledge of the Board of Directors
and Management plans and based on our examination of the evidence supporting the assumptions
nothing has come to our attention which caused us to believe that any material uncertainty exists
as on the date of the audit report that the Company is not capable of meeting its liabilities existing
at the date of Balance Sheet as and when they fall due within a period of one year from the Balance
Sheet date. We however state that this is not an assurance as to the future viability of the
Company. We further state that out reporting is based on the facts up to the date of the audit
report and we neither give any guarantee nor any assurance that all liabilities falling due within a
period of one year from the Balance Sheet date will get discharged by the company as and when
they fall due.

BAJAJ FINANCE LIMITED

• On the basis of the financial ratios, ageing and expected dates of realization of financial assets and
payment of financial liabilities, other information accompanying the financial statements, our
knowledge of the Board of Directors and Management plans and based on our examination of the
evidence supporting the assumptions, nothing has come to our attention, which causes us to
believe that any material uncertainty exists as on the date of the audit report, that Company is not
capable of meeting its liabilities existing at the date of balance sheet as and when they fall due
within a period of one year from the balance sheet date. We, however, state that this is not an
assurance as to the future viability of the Company. We further state that our reporting is based
on the facts up to the date of the audit report and we neither give any guarantee nor any assurance

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Paragraph 3(xix): Material uncertainty in payment of Liabilities Compilation of CARO, 2020

that all liabilities falling due within a period of one year from the balance sheet date, will get
discharged by the Company as and when they fall due.

BHARTI AIRTEL LIMITED

• On the basis of the financial ratios, ageing and expected dates of realization of financial assets and
payment of financial liabilities, other information accompanying the financial statements and our
knowledge of the Board of Directors and Management plans and based on our examination of the
evidence supporting the assumptions, nothing has come to our attention, which causes us to
believe that any material uncertainty exists as on the date of the audit report indicating that
Company is not capable of meeting its liabilities existing at the date of balance sheet as and when
they fall due within a period of one year from the balance sheet date. We, however, state that this
is not an assurance as to the future viability of the Company. We further state that our reporting
is based on the facts up to the date of the audit report and we neither give any guarantee nor any
assurance that all liabilities falling due within a period of one year from the balance sheet date,
will get discharged by the Company as and when they fall due.

DR. REDDY'S LABORATORIES LIMITED

• On the basis of the financial ratios disclosed in note 2.42 to the standalone financial statements,
ageing and expected dates of realization of financial assets and payment of financial liabilities,
other information accompanying the standalone financial statements, our knowledge of the Board
of Directors and management plans and based on our examination of the evidence supporting the
assumptions, nothing has come to our attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report that Company is not capable of meeting its
liabilities existing at the date of balance sheet as and when they fall due within a period of one
year from the balance sheet date. We, however, state that this is not an assurance as to the future
viability of the Company. We further state that our reporting is based on the facts up to the date
of the audit report and we neither give any guarantee nor any assurance that all liabilities falling
due within a period of one year from the balance sheet date, will get discharged by the Company
as and when they fall due.

HCL TECHNOLOGIES LIMITED

• According to the information and explanations given to us and on the basis of the financial ratios,
ageing and expected dates of realisation of financial assets and payment of financial liabilities,
other information accompanying the financial statements, our knowledge of the Board of
Directors and management plans and based on our examination of the evidence supporting the
assumptions, nothing has come to our attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report that company is not capable of meeting its
liabilities existing at the date of balance sheet as and when they fall due within a period of one
year from the balance sheet date. We however, state that this is not an assurance as to the future
viability of the company. We further state that our reporting is based on the facts up to the date
of the audit report and we neither give any guarantee nor any assurance that all liabilities falling
due within a period of one year from the balance sheet date, will get discharged by the company
as and when they fall due.

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Paragraph 3(xix): Material uncertainty in payment of Liabilities Compilation of CARO, 2020

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and
payment of financial liabilities, other information accompanying the standalone financial
statements, our knowledge of the Board of Directors and management plans and based on our
examination of the evidence supporting the assumptions, nothing has come to our attention,
which causes us to believe that any material uncertainty exists as on the date of the audit report
that Corporation is not capable of meeting its liabilities existing at the date of balance sheet as and
when they fall due within a period of one year from the balance sheet date.
• We, however, state that this is not an assurance as to the future viability of the Corporation. We
further state that our reporting is based on the facts up to the date of the audit report and we
neither give any guarantee nor any assurance that all liabilities falling due within a period of one
year from the balance sheet date, will get discharged by the Corporation as and when they fall
due.

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us and on the basis of the financial ratios,
ageing and expected dates of realisation of financial assets and payment of financial liabilities,
other information accompanying the standalone financial statements, our knowledge of the Board
of Directors and management plans and based on our examination of the evidence supporting the
assumptions, nothing has come to our attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report that Company is not capable of meeting its
liabilities existing at the date of balance sheet as and when they fall due within a period of one
year from the balance sheet date. We, however, state that this is not an assurance as to the future
viability of the Company. We further state that our reporting is based on the facts up to the date
of the audit report and we neither give any guarantee nor any assurance that all liabilities falling
due within a period of one year from the balance sheet date, will get discharged by the Company
as and when they fall due.

INDIAN OIL CORPORATION LIMITED

• In our opinion and on the basis of the financial ratios, ageing and expected dates of realisation of
financial assets and payment of financial liabilities, other information accompanying the financial
statements, the Board of Directors and management plans given to us, no material uncertainty
exists as on the date of the audit report that the Company is not capable of meeting its liabilities
existing at the date of balance sheet as and when they fall due within a period of one year from
the balance sheet date.

INFOSYS LIMITED

• On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and
payment of financial liabilities, other information accompanying the financial statements and our
knowledge of the Board of Directors and Management plans and based on our examination of the
evidence supporting the assumptions, nothing has come to our attention, which causes us to
believe that any material uncertainty exists as on the date of the audit report indicating that
Company is not capable of meeting its liabilities existing at the date of balance sheet as and when
they fall due within a period of one year from the balance sheet date. We, however, state that this
is not an assurance as to the future viability of the Company. We further state that our reporting
is based on the facts up to the date of the audit report and we neither give any guarantee nor any

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Paragraph 3(xix): Material uncertainty in payment of Liabilities Compilation of CARO, 2020

assurance that all liabilities falling due within a period of one year from the balance sheet date,
will get discharged by the Company as and when they fall due.

ITC LIMITED

• On the basis of the financial ratios disclosed in note 27 (xiii) to the financial statements, ageing and
expected dates of realization of financial assets and payment of financial liabilities, other
information accompanying the financial statements, our knowledge of the Board of Directors and
management plans and based on our examination of the evidence supporting the assumptions,
nothing has come to our attention, which causes us to believe that any material uncertainty exists
as on the date of the audit report that Company is not capable of meeting its liabilities existing at
the date of balance sheet as and when they fall due within a period of one year from the balance
sheet date. We, however, state that this is not an assurance as to the future viability of the
Company. We further state that our reporting is based on the facts up to the date of the audit
report and we neither give any guarantee nor any assurance that all liabilities falling due within a
period of one year from the balance sheet date, will get discharged by the Company as and when
they fall due.

LARSEN & TOUBRO LIMITED

• On the basis of the financial ratios, ageing and expected dates of realization of financial assets and
payment of financial liabilities, other information accompanying the financial statements and our
knowledge of the Board of Directors and Management plans and based on our examination of the
evidence supporting the assumptions, nothing has come to our attention, which causes us to
believe that any material uncertainty exists as on the date of the audit report indicating that
Company is not capable of meeting its liabilities existing at the date of balance sheet as and when
they fall due within a period of one year from the balance sheet date. We, however, state that this
is not an assurance as to the future viability of the Company. We further state that our reporting
is based on the facts up to the date of the audit report and we neither give any guarantee nor any
assurance that all liabilities falling due within a period of one year from the balance sheet date,
will get discharged by the Company as and when they fall due.

MAHINDRA & MAHINDRA LIMITED

• According to the information and explanations given to us and on the basis of the financial ratios,
ageing and expected dates of realisation of financial assets and payment of financial liabilities,
other information accompanying the standalone financial statements, our knowledge of the Board
of Directors and management plans and based on our examination of the evidence supporting the
assumptions, nothing has come to our attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report that the Company is not capable of meeting
its liabilities existing at the date of balance sheet as and when they fall due within a period of one
year from the balance sheet date. We, however, state that this is not an assurance as to the future
viability of the Company. We further state that our reporting is based on the facts up to the date
of the audit report and we neither give any guarantee nor any assurance that all liabilities falling
due within a period of one year from the balance sheet date, will get discharged by the Company
as and when they fall due.

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Paragraph 3(xix): Material uncertainty in payment of Liabilities Compilation of CARO, 2020

TATA STEEL LIMITED

• According to the information and explanations given to us and on the basis of the financial ratios
(also refer Note 42 to the standalone financial statements), ageing and expected dates of
realisation of financial assets and payment of financial liabilities, other information accompanying
the standalone financial statements, our knowledge of the Board of Directors and management
plans and based on our examination of the evidence supporting the assumptions, nothing has
come to our attention, which causes us to believe that any material uncertainty exists as on the
date of the audit report that the Company is not capable of meeting its liabilities existing at the
date of balance sheet as and when they fall due within a period of one year from the balance sheet
date. We, however, state that this is not an assurance as to the future viability of the Company.
We further state that our reporting is based on the facts up to the date of the audit report and we
neither give any guarantee nor any assurance that all liabilities falling due within a period of one
year from the balance sheet date, will get discharged by the Company as and when they fall due.

TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us and on the basis of the financial ratios,
ageing and expected dates of realisation of financial assets and payment of financial liabilities,
other information accompanying the financial statements, our knowledge of the Board of
Directors and management plans and based on our examination of the evidence supporting the
assumptions, nothing has come to our attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report that the Company is not capable of meeting
its liabilities existing at the date of balance sheet as and when they fall due within a period of one
year from the balance sheet date. We, however, state that this is not an assurance as to the future
viability of the Company. We further state that our reporting is based on the facts up to the date
of the audit report and we neither give any guarantee nor any assurance that all liabilities falling
due within a period of one year from the balance sheet date, will get discharged by the Company
as and when they fall due.

TITAN COMPANY LIMITED

• According to the information and explanations given to us and on the basis of the financial ratios,
ageing and expected dates of realisation of financial assets and payment of financial liabilities,
other information accompanying the financial statements, our knowledge of the Board of
Directors and management plans and based on our examination of the evidence supporting the
assumptions, nothing has come to our attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report that the Company is not capable of meeting
its liabilities existing at the date of balance sheet as and when they fall due within a period of one
year from the balance sheet date. We, however, state that this is not an assurance as to the future
viability of the Company. We further state that our reporting is based on the facts up to the date
of the audit report and we neither give any guarantee nor any assurance that all liabilities falling
due within a period of one year from the balance sheet date, will get discharged by the Company
as and when they fall due.

ULTRATECH CEMENT LIMITED

• According to the information and explanations given to us and on the basis of the financial ratios,
ageing and expected dates of realisation of financial assets and payment of financial liabilities,
other information accompanying the standalone financial statements, our knowledge of the Board

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Paragraph 3(xix): Material uncertainty in payment of Liabilities Compilation of CARO, 2020

of Directors and management plans and based on our examination of the evidence supporting the
assumptions, nothing has come to our attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report that Company is not capable of meeting its
liabilities existing at the date of balance sheet as and when they fall due within a period of one
year from the balance sheet date. We, however, state that this is not an assurance as to the future
viability of the Company. We further state that our reporting is based on the facts up to the date
of the audit report and we neither give any guarantee nor any assurance that all liabilities falling
due within a period of one year from the balance sheet date, will get discharged by the Company
as and when they fall due.

WIPRO LIMITED

• On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and
payment of financial liabilities, other information accompanying the financial statements and our
knowledge of the Board of Directors and Management plans and based on our examination of the
evidence supporting the assumptions, nothing has come to our attention, which causes us to
believe that any material uncertainty exists as on the date of the audit report indicating that
Company is not capable of meeting its liabilities existing at the date of balance sheet as and when
they fall due within a period of one year from the balance sheet date. We, however, state that this
is not an assurance as to the future viability of the Company. We further state that our reporting
is based on the facts up to the date of the audit report and we neither give any guarantee nor any
assurance that all liabilities falling due within a period of one year from the balance sheet date,
will get discharged by the Company as and when they fall due.

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Paragraph 3(xx): Corporate Social Responsibility Compilation of CARO, 2020

Paragraph 3(xx): Corporate Social Responsibility

Paragraph 3(xx)(a)
Whether, in respect of other than ongoing projects, the company has transferred unspent amount to a
Fund specified in Schedule VII to the Companies Act within a period of six months of the expiry of the
financial year in compliance with second proviso to sub-section (5) of section 135 of the said Act;
[Paragraph 3(xx)(a)]

ASIAN PAINTS LIMITED

• The Company has fully spent the required amount towards Corporate Social Responsibility (CSR)
and there is no unspent CSR amount for the year requiring a transfer to a Fund specified in
Schedule VII to the Companies Act or special account in compliance with the provision of sub-
section (6) of section 135 of the said Act. Accordingly, reporting under clause (xx) of the Order is
not applicable for the year.

BAJAJ FINSERVE LIMITED

• According to the information and explanations given to us and based on our examination of the
records of the Company it is not required to transfer any unspent amount pertaining to the year
under report to a fund specified in schedule VII to the Companies Act in compliance with second
proviso to sub section 5 of section 135 of the said Act.

BAJAJ FINANCE LIMITED

• There are no unspent amounts towards Corporate Social Responsibility (CSR) on other than
ongoing projects requiring a transfer to a fund specified in schedule VII to the Companies Act in
compliance with second proviso to sub-section (5) of section 135 of the said Act. Accordingly,
reporting under paragraph 3(xx)(a) of the Order is not applicable for the year.

BHARTI AIRTEL LIMITED

• The Company has incurred losses during the three immediately preceding financial years and
hence, it is not required to spend any money under sub-section (5) of section 135 of the Act.
Accordingly, reporting under clause (xx) of the Order is not applicable for the year.

DR. REDDY'S LABORATORIES LIMITED

• In respect of other than ongoing projects, there are no unspent amounts that are required to be
transferred to a fund specified in Schedule VII of the Act, in compliance with second proviso to sub
section 5 of section 135 of the Act. This matter has been disclosed in note 2.20 to the standalone
financial statements.

HCL TECHNOLOGIES LIMITED

• In our opinion and according to the information and explanations given to us, there is no unspent
amount under sub-section (5) of section 135 of the Companies Act, 2013 pursuant to any project.
Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

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Paragraph 3(xx): Corporate Social Responsibility Compilation of CARO, 2020

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• In respect of other than ongoing projects, there are no unspent amounts that are required to be
transferred to a fund specified in Schedule VII of the Act, in compliance with second proviso to sub
section 5 of section 135 of the Act. This matter has been disclosed in note 33.8 to the standalone
financial statements.

HINDUSTAN UNILEVER LIMITED

• In our opinion and according to the information and explanations given to us, there is no unspent
amount under sub-section (5) of Section 135 of the Act pursuant to any project other than ongoing
projects. Accordingly, clause 3(xx)(a) of the Order is not applicable.

INDIAN OIL CORPORATION LIMITED

• In our opinion and according to the information and explanations given to us, in respect to “other
than ongoing projects”, there are no unspent amounts that are required to be transferred to the
Funds specified in Schedule VII to the Companies Act, 2013 within a period of six months of the
expiry of the financial year in compliance with second proviso to subsection (5) of section 135 of
the said Act. Accordingly, reporting under clause 3(xx)(a) of the Order is not applicable for the year.

INFOSYS LIMITED

• There are no unspent amounts towards Corporate Social Responsibility (CSR) on other than
ongoing projects requiring a transfer to a Fund specified in Schedule VII to the Companies Act in
compliance with second proviso to sub-section (5) of Section 135 of the said Act. Accordingly,
reporting under clause 3(xx)(a) of the Order is not applicable for the year.

ITC LIMITED

• In respect of other than ongoing projects, there are no unspent amounts that are required to be
transferred to a fund specified in Schedule VII of the Companies Act (the Act), in compliance with
second proviso to sub-section 5 of Section 135 of the Act. This matter has been disclosed in note
27 (ii) to the financial statements.

LARSEN & TOUBRO LIMITED

• The Company has fully spent the required amount towards Corporate Social Responsibility (CSR)
and there are no unspent CSR amount for the year requiring a transfer to a Fund specified in
Schedule VII to the Companies Act or special account in compliance with the provision of sub-
section (6) of section 135 of the said Act. Accordingly, reporting under clause (xx) of the Order is
not applicable for the year.

MAHINDRA & MAHINDRA LIMITED

• In our opinion and according to the information and explanations given to us, there is no unspent
amount under sub-section (5) of Section 135 of the Act pursuant to any project. Accordingly,
clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

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Paragraph 3(xx): Corporate Social Responsibility Compilation of CARO, 2020

TATA STEEL LIMITED

• The Company has during the year spent the amount of Corporate Social Responsibility as required
under subsection (5) of Section 135 of the Act. Accordingly, reporting under clause 3(xx) of the
Order is not applicable to the Company.

TATA CONSULTANCY SERVICES LIMITED

• In our opinion and according to the information and explanations given to us, there is no unspent
amount under sub-section (5) of Section 135 of the Companies Act, 2013 pursuant to any project.
Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

TITAN COMPANY LIMITED

• In our opinion and according to the information and explanations given to us, there is no unspent
amount under sub-section (5) of section 135 of the Companies Act, 2013 pursuant to any project.
Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

ULTRATECH CEMENT LIMITED

• In our opinion and according to the information and explanations given to us, there is no unspent
amount under sub-section (5) of section 135 of the Companies Act, 2013 pursuant to any project.
Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

WIPRO LIMITED

• The Company has fully spent the required amount towards Corporate Social Responsibility (CSR)
and there are no unspent CSR amount for the year requiring a transfer to a Fund specified in
Schedule VII to the Companies Act or special account in compliance with the provision of
subsection (6) of Section 135 of the said Act. Accordingly, reporting under Clause 3(xx) of the Order
is not applicable for the year.

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Paragraph 3(xx): Corporate Social Responsibility Compilation of CARO, 2020

Paragraph 3(xx)(b)
Whether any amount remaining unspent under subsection (5) of section 135 of the Companies Act,
pursuant to any ongoing project, has been transferred to special account in compliance with provision
of sub section (6) of section 135 of the said Act; [Paragraph 3(xx)(b)]

ASIAN PAINTS LIMITED

• The Company has fully spent the required amount towards Corporate Social Responsibility (CSR)
and there are no unspent CSR amount for the year requiring a transfer to a Fund specified in
Schedule VII to the Companies Act or special account in compliance with the provision of sub-
section (6) of section 135 of the said Act. Accordingly, reporting under clause (xx) of the Order is
not applicable for the year.

BAJAJ FINSERVE LIMITED

• According to the information and explanations given to us and based on our examination of the
records of the Company there is no amount which is remaining unspent under sub section 5 of
section 135 of the Act pursuant to any ongoing CSR project.

BAJAJ FINANCE LIMITED

• In respect of ongoing projects, the Company has not transferred the unspent CSR amount as at the
balance sheet date out of the amounts that was required to be spent during the year, to a special
account till the date of our report. However, the time period for such transfer i.e., 30 days from
the end of the financial year as permitted under section 135(6) of the Act, has not elapsed till the
date of our report.

BHARTI AIRTEL LIMITED

• The Company has incurred losses during the three immediately preceding financial years and
hence, it is not required to spend any money under sub-section (5) of section 135 of the Act.
Accordingly, reporting under clause (xx) of the Order is not applicable for the year.

DR. REDDY'S LABORATORIES LIMITED

• All amounts that are unspent under section (5) of section 135 of Companies Act, pursuant to any
ongoing project, has been transferred to special account in compliance of with provisions of sub
section (6) of section 135 of the said Act. This matter has been disclosed in note 2.20 to the
financial statements.

HCL TECHNOLOGIES LIMITED

• In our opinion and according to the information and explanations given to us, there is no unspent
amount under sub-section (5) of section 135 of the Companies Act, 2013 pursuant to any project.
Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• There are no unspent amounts that are required to be transferred to a special account in
compliance of provision of sub section (6) of section 135 of the Act. This matter has been disclosed
in note 33.8 to the standalone financial statements.

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Paragraph 3(xx): Corporate Social Responsibility Compilation of CARO, 2020

HINDUSTAN UNILEVER LIMITED

• In respect of ongoing projects, the Company has transferred the unspent amount to a Special
Account within a period of 30 days from the end of the financial year in compliance with Section
135(6) of the Act.

INDIAN OIL CORPORATION LIMITED

• In our opinion and according to the information and explanations given to us, with respect to
“ongoing projects”, there are no unspent amounts that are required to be transferred to a special
account, within a period of thirty days from the end of the financial year in compliance with section
135(6) of the said Act.

INFOSYS LIMITED

• In respect of ongoing projects, the Company has transferred unspent Corporate Social
Responsibility (CSR) amount as at the end of the previous financial year, to a Special account within
a period of 30 days from the end of the said financial year in compliance with the provision of
section 135(6) of the Act. In respect of ongoing projects, the Company has not transferred the
unspent Corporate Social Responsibility (CSR) amount as at the Balance Sheet date out of the
amounts that was required to be spent during the year, to a Special Account in compliance with
the provision of sub-section (6) of section 135 of the said Act till the date of our report since the
time period for such transfer i.e. 30 days from the end of the financial year has not elapsed till the
date of our report.

ITC LIMITED

• All amounts that are unspent under sub-section (5) of Section 135 of Companies Act, pursuant to
any ongoing project, has been transferred to special account in compliance of with provisions of
sub-section (6) of Section 135 of the said Act. This matter has been disclosed in note 27 (ii) to the
financial statements.

LARSEN & TOUBRO LIMITED

• The Company has fully spent the required amount towards Corporate Social Responsibility (CSR)
and there are no unspent CSR amount for the year requiring a transfer to a Fund specified in
Schedule VII to the Companies Act or special account in compliance with the provision of sub-
section (6) of section 135 of the said Act. Accordingly, reporting under clause (xx) of the Order is
not applicable for the year.

MAHINDRA & MAHINDRA LIMITED

• In our opinion and according to the information and explanations given to us, there is no unspent
amount under sub-section (5) of Section 135 of the Act pursuant to any project. Accordingly,
clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

TATA STEEL LIMITED

• The Company has during the year spent the amount of Corporate Social Responsibility as required
under subsection (5) of Section 135 of the Act. Accordingly, reporting under clause 3(xx) of the
Order is not applicable to the Company.

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Paragraph 3(xx): Corporate Social Responsibility Compilation of CARO, 2020

TATA CONSULTANCY SERVICES LIMITED

• In our opinion and according to the information and explanations given to us, there is no unspent
amount under sub-section (5) of Section 135 of the Companies Act, 2013 pursuant to any project.
Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

TITAN COMPANY LIMITED

• In our opinion and according to the information and explanations given to us, there is no unspent
amount under sub-section (5) of section 135 of the Companies Act, 2013 pursuant to any project.
Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

ULTRATECH CEMENT LIMITED

• In our opinion and according to the information and explanations given to us, there is no unspent
amount under sub-section (5) of Section 135 of the Act pursuant to any ongoing project.
Accordingly, clause 3(xx)(b) of the Order is not applicable.

WIPRO LIMITED

• The Company has fully spent the required amount towards Corporate Social Responsibility (CSR)
and there are no unspent CSR amount for the year requiring a transfer to a Fund specified in
Schedule VII to the Companies Act or special account in compliance with the provision of
subsection (6) of Section 135 of the said Act. Accordingly, reporting under Clause 3(xx) of the Order
is not applicable for the year.

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Paragraph 3(xxi): CARO Reports of components Compilation of CARO, 2020

Paragraph 3(xxi): CARO Reports of components

Paragraph 3(xxi)
Whether there have been any qualifications or adverse remarks by the respective auditors in the
Companies (Auditor’s Report) Order (CARO) reports of the companies included in the consolidated
financial statements, if yes, indicate the details of the companies and the paragraph numbers of the
CARO report containing the qualifications or adverse remarks. [Paragraph 3(xxi)]

Reported in SFS CARO Report:

BAJAJ FINSERVE LIMITED

• Reporting under clause xxi of the Order is not applicable at the standalone level of reporting.

BAJAJ FINANCE LIMITED

• According to the information and explanations given to us and based on the reports issued by the
auditors of the respective subsidiaries included in the consolidated financial statements of the
Company, to which reporting on matters specified in paragraph 3 and 4 of the Order is applicable,
provided to us by the Management of the Company, we have not identified any qualifications or
adverse remarks made by the auditors in their report on matters specified in paragraphs 3 and 4
of the Order.

TATA STEEL LIMITED

• The reporting under Clause 3(xxi) of the Order is not applicable in respect of audit of standalone
financial statements. Accordingly, no comment in respect of the said clause has been included in
this report.

Reported in CFS Auditors’ Report:

ASIAN PAINTS LIMITED

• With respect to the matters specified in clause (xxi) of paragraph 3 and paragraph 4 of the
Companies (Auditor’s Report) Order, 2020 (“CARO”/ “the Order”) issued by the Central
Government in terms of Section 143(11) of the Act, according to the information and explanations
given to us, and based on the CARO reports issued by us and the auditors of respective companies
included in the Consolidated Financial Statements to which reporting under CARO is applicable, as
provided to us by the Management of the Parent, we report that there are no qualifications or
adverse remarks by the respective auditors in the CARO reports of the said companies included in
the Consolidated Financial Statements.

BAJAJ FINANCE LIMITED

• With respect to the matters specified in paragraphs 3(xxi) and 4 of the Companies (Auditors'
Report) Order, 2020 (the 'Order') issued by the Central Government in terms of section 143(11) of
the Act to be included in the Auditors' report, according to the information and explanations given
to us, and based on the CARO reports issued by the auditors of the subsidiaries included in the
consolidated financial statements of the Company, to which reporting under CARO is applicable,
provided to us by the Management of the Company and based on the identification of matters of
qualifications or adverse remarks in their CARO reports by the respective component auditors and
provided to us, we report that the auditors of such companies have not reported any qualifications
or adverse remarks in their CARO report.

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Paragraph 3(xxi): CARO Reports of components Compilation of CARO, 2020

BAJAJ FINSERVE LIMITED

• With respect to the matters specified in paragraphs 3(xxi) and 4 of the Companies (Auditors
Report) Order 2020 (the CARO) issued by the Central Government In terms of Section 143(11) of
the Act, to be included in the Auditor's report. According to the information and explanations given
to us and based on the CARO reports issued by us for the Company and based on our consideration
of CARO reports issued by the respective auditors of the Company's Such subsidiaries as referred
to in paragraph 19 above we report that there are no qualifications or adverse remarks in these
CARO reports.

BHARTI AIRTEL LIMITED

• With respect to the matters specified in clause (xxi) of paragraph (3) and paragraph 4 of the
Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, according to the information and explanations given to us,
and based on the CARO reports issued by us and the auditors of respective companies included
in the Consolidated Financial Statements to which reporting under CARO is applicable, as
provided to us by the Management of the Parent, we report that in respect of those companies
where audits have been completed under section 143 of the Act, there are no qualifications or
adverse remarks by the respective auditors in the CARO reports of the said companies included
in the Consolidated Financial Statements except for the following:

1. Clause pertains to non-updating of situation details of certain Property, Plant and Equipment
(PPE).
2. Clause pertains to physical verification not conducted in respect of CPE, bandwidth and certain
PPE.
3. Clause pertains to title deeds of certain of immovable properties not held in name of the
company.
4. Clause pertains to delay in payment of statutory dues (GST of ` 0.5 Mn).
5. Clause pertains to short term funds used for long term purposes.
6. Clause pertains to cash losses incurred.
• Further, the statutory audit report on the financial statements for the year ended March 31,
2022, of the following related entities of the Parent has not been issued until the date of this
report:

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• Accordingly, no comments for the said subsidiaries, associate companies and joint venture have
been included for the purpose of reporting under this clause.

DR. REDDY'S LABORATORIES LIMITED

• There are no qualifications or adverse remarks by the respective auditors in the Companies
(Auditors Report) Order (CARO) reports of the companies included in the consolidated financial
statements. Accordingly, the requirement to report on clause 3(xxi) of the Order is not applicable
to the Holding Company.

HCL TECHNOLOGIES LIMITED

• The Companies (Auditor’s Report) Order (CARO) of the holding company did not include any
unfavourable answers or qualifications or adverse remarks. According to the information and
explanations given to us, in respect of the following companies incorporated in India and included
in the consolidated financial statements, the CARO report relating to them has not been issued by
their auditors till the date of this audit report:

HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITED

• In terms of the information and explanations sought by us and given by the Holding Company and
the books of account and records examined by us in the normal course of audit and to the best of
our knowledge and belief, and based on the consideration of reports of auditors in respect of
subsidiaries and associates, we state that the qualifications or adverse remarks by the respective

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auditors in their reports on Companies (Auditor’s Report) Order, 2020 of the companies included
in the Consolidated Financial Statements are:

• The report of the following component included in the consolidated financial statements has not
been issued by its auditor till the date of our auditor’s report:

HINDUSTAN UNILEVER LIMITED

• According to the information and explanations given to us, following companies incorporated in
India and included in the consolidated financial statements, have certain remarks included in their
reports under Companies (Auditor’s Report) Order, 2020 (“CARO”), which have been reproduced
as per the requirements of the Guidance Note on CARO:

INDIAN OIL CORPORATION LIMITED

• According to the information and explanations given to us, there are no qualifications or adverse
remarks by the respective auditors in the Companies (Auditor’s Report) Order 2020 (CARO) reports
of the companies included in the consolidated financial statements.

INFOSYS LIMITED

• With respect to the matters specified in paragraphs 3(xxi) and 4 of the Companies (Auditor’s
Report) Order, 2020 (the “Order”/ “CARO”) issued by the Central Government in terms of Section
143(11) of the Act, to be included in the Auditor’s report, according to the information and
explanations given to us, and based on the CARO reports issued by us for the Company and its
subsidiaries included in the consolidated financial statements of the Company, to which reporting
under CARO is applicable, we report that there are no qualifications or adverse remarks in these
CARO reports.

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ITC LIMITED

• There are no qualifications or adverse remarks by the respective auditors in their report on
Companies (Auditors Report) Order, 2020 of the companies included in the consolidated financial
statements. As indicated in Note 28 (ii)(d) of the Ind AS Consolidated financial statements, in
respect of a joint venture, consolidated based on management accounts, the audit report under
Companies (Auditors Report) Order, 2020 of the company has not been issued till the date of our
auditor’s report.

LARSEN & TOUBRO LIMITED

• With respect to the matters specified in clause (xxi) of paragraph (3) and paragraph 4 of the
Companies (Auditor’s Report) Order, 2020 (“CARO”/ “the Order”) issued by the Central
Government in terms of Section 143(11) of the Act, according to the information and explanations
given to us, and based on the CARO reports issued by us and the auditors of respective companies
included in the consolidated financial statements to which reporting under CARO is applicable, as
provided to us by the Management of the Parent, we report that in respect of those companies
where audits have been completed under section 143 of the Act, there are no qualifications or
adverse remarks by the respective auditors in the CARO reports of the said companies included in
the consolidated financial statements except for the following:

MAHINDRA & MAHINDRA LIMITED

• In our opinion and according to the information and explanations given to us, following companies
incorporated in India and included in the consolidated financial statements, have unfavourable
remarks, qualifications or adverse remarks given by the respective auditors in their reports under
the Companies (Auditor’s Report) Order, 2020 (CARO):

• The above does not include comments, if any, in respect of the following entities as the CARO
report relating to them has not been issued by its auditor till the date of principal auditor’s report:

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TATA CONSULTANCY SERVICES LIMITED

• According to the information and explanations given to us, in respect of the following companies
incorporated in India and included in the consolidated financial statements, the CARO report
relating to them has not been issued by their auditors till the date of this audit report:

TATA STEEL LIMITED

• As required by paragraph 3(xxi) of the CARO 2020, we report that the auditors of the following
companies have given qualification or adverse remarks in their CARO report on the
standalone/consolidated financial statements of the respective companies included in the
Consolidated Financial Statements of the Holding Company:

TITAN COMPANY LIMITED

• According to the information and explanations given to us, in respect of the following company
incorporated in India and included in the consolidated financial statements, the CARO report
relating to them has not been issued by their auditors till the date of this audit report:

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ULTRATECH CEMENT LIMITED

• In our opinion and according to the information and explanations given to us, there are no
qualifications or adverse remarks by the respective auditors in the Companies (Auditor’s Report)
Order, 2020 reports of the companies incorporated in India and included in the consolidated
financial statements. The above does not include comments, if any, in respect of the following
entities as the CARO report relating to them has not been issued by its auditor till the date of
principal auditor’s report:

WIPRO LIMITED

• With respect to the matters specified in clause (xxi) of paragraph 3 and paragraph 4 of the
Companies (Auditor’s Report) Order, 2020 (“CARO”/ “the Order”) issued by the Central
Government in terms of Section 143(11) of the Act, according to the information and explanations
given to us, and based on the CARO reports issued by us and the auditors of respective companies
included in the consolidated financial statements to which reporting under CARO is applicable, as
provided to us by the Management of the Company, we report that there are no qualifications or
adverse remarks by the respective auditors in the CARO reports of the said companies included in
the consolidated financial statements.

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