1. Pursuant to an application made by state bank of India, the Hon’ble National Company Law Tribunal, Ahmedabad bench ("Adjudicating Authority”), vide Its ordered order dated 1o July 2017, had the commencement of the corporate Insolvency resolution ("CIR") process In respect or the company under the provisions of the insolvency and bankruptcy Code, 2016 (the “Code").
'During the CIR process, only one resolution plan dated 12 April, 201a (“Resolution Plan") was received from M Financial Asset Reconstruction Company Limited, lbl Finance ARC 7 111 Trust and March Reliance Industries Limited jointly ("Resolution Applicants").
Pursuant to Its order dated 08 March 2019 (“NCLT order"), the Adjudicating Authority approved the resolution plan ("Approved Resolution Plan") submitted by the Resolution Applicants for the Company under Section 31 or the Insolvency and Bankruptcy Code, 2015 ("Code”). As per the terms of Section 31 of the Code, the Approved Resolution Plan shall be binding on the Company, Its employees, members, creditors, guarantors and other stakeholders Involved In the Resolution Plan.

Pursuant to the Approved Resolution Plan, a Monitoring Committee has been formed w.e.f. 12th March, 2019 to manage the affairs or the Company and to maintain the Company as a going concern. Considering this the financial statements are being presented on a ‘Going Concern' basis.

Upon Implementation of the Approved Resolution Plan, Inter aha, total plan outlay of Rs. 5252 crore would be deployed as under:
(i) Payment to financial creditors Rs. 5,052 crore (less any excess CIRP cost, If any, In terms of the Resolution Plan).
(ii) Payment towards CIRP cost, amount due to operational creditors, workmen and employees - Rs. 700 crore.
(iii) Payment towards capital expenditure - Rs. 500 crore.

Reduction of existing share capital 7 The Resolution Plan proposes reduction of the Company‘s share capital without any playout to the shareholders, by reducing the face value of each Issued and outstanding equity share or the company from INR to to Re. 1.

Issuance of Securities 7 Reliance industries Limited (RIL) will infuse (I) Rs. 250 crore into the Company against issuance of 53,33, 33, 333 shares constituting 21.25% or the Issued and paid up equity share capital of the Company; (ii) Rs. 250 crore into the company against Issuance of 9% optionally convertible preference shares or face value of Re 1 each. Further, the JMFARC March 2018 - Trust will convert a portion of the outstanding ARC Debt Into equity shares such that it holds 171,o6,66,667 equity shares constituting 43.53% or the Issued and paid up equity share capital and will further invoke pledges on 115111.544 equity shares assigned by Financial Creditors, such that it holds In total 47.09% of the Issued and paid up equity share capital of the Company.

Post the additional issue of equity and conversion of Outstanding ARC Debt, Existing Promoter Group shall hold 5.66% of the Company's issued and paid up equity share capital, which, subject to necessary approvals, shall be cancelled through selective capital reduction without any pay out to the Existing Promoter Group. Post and subject to the Promoter Capital Reduction, the Trust and/or Ril. will in aggregate hold 75% of the Company's Issued and paid up equity share capital. The public shareholding will be 25%.

2. As per the Approved Resolution Plan, RBI approval, which Is a condition precedent to the implementation of the plan, is yet to be received. Further, certain creditors of the Company have filed petition with the Hon’ble National Company Law Appellate Tribunal, New Delhi (“Appellate Tribunal”), Inter alia, praying for certain reliefs and are pending adjudication. However, no stay on the implementation of the plan has been granted by the Hubble Appellate Tribunal.

3. Since the Resolution Plan for the Company has now been approved by the Adjudicating Authority, interest on the borrowings accrued for the period from 18.07.2017 to 08.03.2019 amounting to Rs. 7045.19 crore ls derecognised during the period.

4. Arising out of the adjustment In note no 3 above the Company has recorded a total comprehensive Income of Rs. 6107.53 Crore during the quarter and total comprehensive Income of Rs. 2283.02 Crore for the year ended 31st March, 2019, The Company‘s accumulated losses amounted to Rs. 15658.54 Crore. Total liabilities of the Company as on 31st March, 2019 exceeded total assets by Rs. 12922.11 Crore

5. The net deferred tax assets as on 31st March, 2019 are Rs. 1423.11 crore (Previous Year Rs. 1423.11 more) since reliable projections of future taxable income shall be available only when the Approved Resolution Plan Is Implemented, deferred tax assets for the current period and the Financial year are presently not recognised and the net deferred tax assets as at the end of the previous financial year have been carried forward.

6. Revenue from operations for the period up to 30th June, 2017 included excise duty, which is discontinued with effect from 1st July, 2017 upon Implementation of Goods and Service Tax (GST) Act. in accordance with 'lnd As 1t: - Revenue', GST Is not Included In revenue from operations. In view or the aforesaid change, revenue from operations for the year ended 31st March, 2019, is not comparable to the corresponding previous period.

7. The company's current level or operations, at about 30% of the capacity, may not be an indication of the future performance of the Company. Pending Implementation of the Approved Resolution Plan, reliable projections of availability or future cash flows of the Company supporting the carrying value of Property, Plant and Equipment cannot be determined. Accordingly impairment testing under ind As has not been performed while presenting these results.

8. Considering the nature of Its business activities and related risks and returns, the Company had, at the time of transition to ind As, determined that it operates In a single primary business segment, namely "Textiles", which constitutes a reportable segment In the context of ind AS 105 an “Operating Segments". There has been no development during the quarter necessitating any changes in Operating Segment.

9. a. Alok Infrastructure Limited (“Alok Infra") a wholly owned subsidiary of the company, was admitted under the corporate Insolvency resolution ("CIR“) process In terms or the Insolvency and Bankruptcy Code, 2015 ("Code“), vide an order dated 24th October 2018 of the Hon‘ble National Company Law Tribunal, Mumbai (“Adjudicating Authority").

The Resolution Professional of Alok Infra has Informed that under the advice of the CoC, an application under Section 12A of the Code has been tiled for withdrawing the Insolvency petition or Alok Infra. Currently, this application ls pending with the Adjudicating Authority,

b. During the year, Alok infra has Incurred a net loss or Rs. 133.38 crore. The Company's accumulated losses amounted to Rs. 995.51 crore The Company‘s net worth amounted to Rs. 75939 crore. Total liabilities as on 31st March, 2019 exceeded total assets by Rs. 91.97 crore.

c. Further, Alok Infra has not carried out any Impairment testing or investment property and therefore the correct carrying value of Investment property in the consolidated result is unascertainable.

10. The above results are certified by the Chief Financial officer and the Company Secretary and taken on record by the Monitoring Committee at its meeting held on 14th June, 2019.

11. The figures or previous periods / year have been reclassified / regrouped, wherever necessary, to correspond with those of the current periods / year.