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.
|