Hubtown : Annual Report

Contents
Corporate Information	1
Notice of Annual General Meeting	2-15
Directors Report and Management Discussion and Analysis	16-37
Corporate Governance Report	38-64

FINANCIAL STATEMENTS - STANDALONE
Independent Auditors' Report	65-75
Balance Sheet	76
Statement of Profit and Loss	77
Cash Flow Statement	78-79
Statement of Changes in Equity	80
Notes to Financial Statements	81-137

FINANCIAL STATEMENTS - CONSOLIDATED
Independent Auditors' Report	138-145
Balance Sheet	146
Statement of Profit and Loss	147
Cash Flow Statement	148-149
Statement of Changes in Equity	150
Notes to Financial Statements	151-207
Statement pursuant to Section 129 (3) of the Companies Act, 2013
Summary of Financial Statements of Subsidiaries, Associates and Joint Ventures	208-209

Corporate Information

BOARD OF DIRECTORS

HEMANT M. SHAH, Executive Chairman

SUNIL C. SHAH

KARTIK RUPAREL

KETAKI R. SHAH (upto November 28, 2022)

MITKUMAR KORADIA (upto July 11, 2022)

MILIN JAGDISH RAMANI (from September 30, 2022) BHAKTI JAYWANT KOTHARE (from November 14, 2022) JIGNESH HANSRAJ GALA (from May 29, 2023)

VYOMESH M. SHAH (VIMAL M. SHAH), Managing Director

COMMITTEES OF THE BOARD

AUDIT AND COMPLIANCE COMMITTEE

BHAKTI JAYWANT KOTHARE, Chairperson (from May 29, 2023)

SUNIL C. SHAH

KARTIK RUPAREL

MITKUMAR KORADIA (upto July 11, 2022)

MILIN JAGDISH RAMANI (from November 14, 2022)

VYOMESH M. SHAH

NOMINATION AND REMUNERATION COMMITTEE

SUNIL C. SHAH, Chairman

HEMANT M. SHAH

KARTIK RUPAREL

MITKUMAR KORADIA (upto July 11, 2022)

MILIN JAGDISH RAMANI (from November 14, 2022)

STAKEHOLDERS' RELATIONSHIP COMMITTEE

BHAKTI JAYWANT KOTHARE, Chairperson (from November 14, 2022)

SUNIL C. SHAH HEMANT M. SHAH

KETAKI R. SHAH (upto November 28, 2022)

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

HEMANT M. SHAH, Chairman

SUNIL C. SHAH

VYOMESH M. SHAH

RISK MANAGEMENT COMMITTEE

SUNIL C. SHAH, Chairman

HEMANT M. SHAH

VYOMESH M. SHAH

CHIEF FINANCIAL OFFICER

SUNIL MAGO

COMPANY SECRETARY

SADANAND LAD

STATUTORY AUDITORS

JBTM & Associates LLP, Chartered Accountants

COST AUDITORS

SHEKHAR JOSHI & CO., Cost Accountants

INTERNAL AUDITORS

PROTUNE KSA CONSULTANTS PRIVATE LIMITED,

Chartered Accountants

SECRETARIAL AUDITORS

MIHEN HALANI & ASSOCIATES, Practicing Company Secretaries

REGISTERED OFFICE

'HUBTOWN SEASONS', CTS NO. 469-A,

OPP. JAIN TEMPLE,

R. K. CHEMBURKAR MARG, CHEMBUR (EAST), MUMBAI 400071

CIN	: L45200MH1989PLC050688
Phone	: 022 25265000
Fax	: 022 25265125

Investor E-mail : [e-mail]

Website : www.hubtown.co.in

REGISTRAR & TRANSFER AGENT

LINK INTIME INDIA PRIVATE LIMITED

C-101, 247 PARK

LAL BAHADUR SHASTRI MARG

VIKHROLI (WEST), MUMBAI 400 083

Phone	: 022 49186000
Fax	: 022 49186060
e-mail	: [e-mail]
Website	: www.linkintime.co.in

BANKERS

CANARA BANK

IDBI BANK

UNION BANK OF INDIA

PUNJAB NATIONAL BANK

35TH ANNUAL GENERAL MEETING THURSDAY, SEPTEMBER 21, 2023 AT 11:00 AM

THROUGH VIDEO CONFERENCING OR OTHER AUDIO VISUAL MEANS

1

[CIN: L45200MH1989PLC050688]

Registered Office: 'HUBTOWN SEASONS', CTS NO. 469-A, OPP. JAIN TEMPLE, R. K. CHEMBURKAR MARG, CHEMBUR (EAST), MUMBAI - 400071

Phone: + 91-22-2526-5000; Fax: + 91-22-2526-5125;E-mail:[e-mail];Website: www.hubtown.co.in

Hubtown Limited

Notice of 35TH Annual General Meeting

NOTICE IS HEREBY GIVEN THAT THE THIRTY FIFTH ANNUAL GENERAL MEETING ("THE AGM / THE MEETING") OF THE MEMBERS OF HUBTOWN LIMITED WILL BE HELD ON THURSDAY, SEPTEMBER 21, 2023 AT 11:00 A.M. THROUGH VIDEO CONFERENCING / OTHER AUDIO VISUAL MEANS TO TRANSACT THE FOLLOWING BUSINESS:

ORDINARY BUSINESS:

1. To receive, consider and adopt:
2. 1. the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2023 together with the Reports of the Board of Directors and the Auditors thereon; and
   2. the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2023 and the Report of the Auditor's thereon.
3. To appoint a Director in place of Mr. Vyomesh M. Shah (DIN: 00009596), who retires by rotation and being eligible, offers himself for reappointment.

SPECIAL BUSINESS:

To consider and if thought fit, to pass, with or without modification(s), the following resolutions:

As an Ordinary Resolution:

3. RATIFICATION OF REMUNERATION PAYABLE TO THE COST AUDITOR'S OF THE COMPANY FOR THE FINANCIAL YEAR 2023-2024:

"RESOLVED THAT pursuant to the provisions of section 148 and other applicable provisions, if any, of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014 (including any statutory amendment(s) or modification(s) or re-enactment(s) thereof, for the time being in force), the remuneration of the Cost Auditor, M/s. Shekhar Joshi & Co., Cost Accountants (Firm Registration No. 100448), of ₹ 1,50,000/- (Rupees One Lakh Fifty Thousand only) plus applicable tax and reimbursement of out-of-pocket expenses to conduct the audit of the cost records of the Company for the financial year ending March 31, 2024, as recommended by the Audit and Compliance Committee and approved by the Board of Directors, be and is hereby ratified and approved;

RESOLVED FURTHER THAT the Board of Directors and/or Key Managerial Personnel of the Company be and are hereby authorized to do all such acts, deeds, matters and things as may be deemed necessary, desirable, proper or expedient for the purpose of giving effect to the above resolution."

As an Ordinary Resolution:

4. APPROVAL OF MATERIAL TRANSACTIONS WITH RELATED PARTIES UNDER THE COMPANIES ACT, 2013 AND THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015:

"RESOLVED THAT pursuant to the provisions of sections 2(76), 179, 188 and other applicable provisions, if any, of the Companies Act, 2013 ("the Act") read with rules framed thereunder (including any statutory modification(s) or re-enactment thereof for the time being in force), Regulations 2(1)(zc), 23(4) and other applicable Regulations, if any, of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), as amended from time to time, and any other applicable provisions including any statutory modifications and amendments to each of the foregoing, and applicable notifications, clarifications, circulars, rules and regulations

issued by Central Government or any governmental or statutory authorities, the Memorandum and Articles of Association of the Company and subject to such approval(s), consent(s) and/or permission(s), as may be required, including such conditions and modification as may be prescribed or imposed while granting such approvals, consents, permissions, and pursuant to the approval of the Audit and Compliance Committee and the Board of Directors of the Company, consent of the members be and is hereby accorded to the Company for entering into material Related Party Transactions, Contracts or Arrangements including Material Related Party Transactions, Contracts or Arrangements as defined under the Act and the Listing Regulations, with related parties as defined under the Act and the Listing Regulations from the Financial Year 2023-2024 and onwards for each Financial Year upto the maximum amount per annum as per details provided hereunder, on such terms and conditions as may be mutually agreed upon between the Company and the related party(ies):

2

3

Notice (Contd.)

MAXIMUM VALUE PER EACH TYPE OF CONTRACT/TRANSACTION INTER-CHANGEABLE PER ANNUM W.E.F. APRIL 1, 2023

Transactions as defined under the Companies Act, 2013 / the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

	Name and relationship of the Related Parties		Nature of Transactions	Amount
		(₹ in Crores)
A.	SUBSIDIARIES
	Citywood Builders Private Limited	1)	Making investment in securities / capital contribution;	50.00
	Citygold Education Research Limited	2)	Making loans / business advances / inter-corporate	200.00
	Gujarat Akruti-TCG Biotech Limited		deposits;	50.00
		3) Providing corporate guarantees / securities / collaterals for
	Joynest Premises Private Limited	280.00
		loans availed;
	Vishal Techno Commerce Limited		100.00
	4) Leasing of property of any kind;
	Yantti Buildcon Private Limited	50.00
	5) Availing / rendering of services;
	Rubix Trading Private Limited	380.00
		6) Sale/Purchase/Supply of goods and material;
		7) Selling of otherwise disposing of or buying property of any
B.	ASSOCIATES
	kind including FSI / TDRs; and
	Giraffe Developers Private Limited		300.00
	8)	Any other transfer of resources / services or obligations
	Hubtown Bus Terminal (Adajan) Private Limited	50.00
	Hubtown Bus Terminal (Ahmedabad) Private Limited			100.00
	Hubtown Bus Terminal (Mehsana) Private Limited			100.00
	Hubtown Bus Terminal (Vadodara) Private Limited			50.00
	Joyous Housing Limited			50.00
	Rare Townships Private Limited			250.00
	Sunstream City Private Limited			950.00
	Shubhsiddhi Builders Private Limited			30.00
C.	JOINT VENTURES
	Akruti GM Joint Venture			100.00
D.	OTHERS
	Rising Glory Developers			250.00
	Wellgroomed Venture			50.00
	Mr. Rushank V. Shah			50.00
	Buildbyte. Com. (India) Private Limited			50.00
	Citygold Management Services Private Limited			50.00
	Powersoft IT Private Limited			50.00
	Amazia Developer Private Limited			200.00
	Ackruti Star Maintenance Private Limited			20.00
	Hubtown Solaris Maintenance Private Limited			20.00
	Hubtown Viva Maintenance Private Limited			20.00
	Vinca Developer Private Limited			50.00