Deconsolidation of Subsidiaries

12 Months Ended

Mar. 31, 2024

Deconsolidation Of Subsidiaries [Abstract]

22. Deconsolidation of subsidiaries

During the year ended March 31, 2024, the Company ceases to hold board control over Peoplebay Consultancy Services Private Limited , FA Events & Media Private Limited with effect from October 1, 2023 and FA Premium Insurance Private Limited with effect from January 1, 2024 and, as a result, it has neither got board control nor a controlling financial interest in these subsidiaries from the date of deconsolidation. Entire interest in the above mentioned subsidiaries ceases to exist and as on March 31, 2024 there is no retained investment. A gain of $2,098,745 has been recorded as a result of loss of board control in these subsidiaries. None of these subsidiaries will remain as a related party after deconsolidation from their respective loss of control dates.

Details of Ownership interest held in the former subsidiaries:


Name of the entity	Principal Activities	Principal place of business	Ownership interest held
			As at 31 March 2024	As at 31 March 2023
Peoplebay Consultancy Services Private Limited	Engaged in the business of marketing services which includes product launches, road shows for corporate clients	India	0%		100%
FA Events & Media Private Limited	Engaged in the business of marketing services which includes product launches, road shows for corporate clients.	India	0%		100%
FA Premium Insurance Private Limited*	Engaged in the services of broking services	India	0%		0%

* Acquired on July 1, 2023.