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Short Term Investments
12 Months Ended
Mar. 31, 2024
Short Term Investments [Abstract]  
Short term investments

7 (a) Short term investments

 

The components of short term investments were as follows:

 

(In USD)
As at
  March 31,
2024
   March 31,
2023
 
         
Certificate of deposits*  $298,495   $      - 
Short term investments   298,495    - 

 

* In April 2024, Lease Plan India Private Limited invoked the bank guarantee provided as collateral during the restructuring process, resulting in the adjustment of a certificate of deposit amounting to $127,609. However, as of March 31, 2024, the event was considered probable and thus, certificate of deposits has been adjusted against the outstanding liability of Lease Plan India Private Limited as of the balance sheet date (Refer note 11).

 

Further, certificate of deposits amounting to $259,992 with Mahindra and Mahindra Financial Services are under lien against debt availed. These were presented under “Short term investments with related parties” and “Investments with related parties” as on March 31, 2023. (Refer Note 7(b) and 13(b)).

 

7 (b) Short term investments with related parties

 

The components of short term investments were as follows:

 

(In USD)
As at
  March 31,
2024
   March 31,
2023
 
         
Certificate of deposits with related parties*   -    166,540 
Short term investments   -    166,540 

 

*Mahindra & Mahindra Financial Services Limited was a related party until December 28, 2023, hence the outstanding balance as on March 31, 2024 with the related party has been disclosed under certificate of deposits in Note 7(a) above.

 

Further, these deposits are under lien against debt availed from the party.