Page 222 - Hitachi IR 2025

INDEPENDENT AUDITOR’s REPORT
(b) The Company has complied with provisions
of Sections 42 and 62 of the Companies Act,
2013 in respect of the private placement of
equity shares through Qualified Institutional
Placement (“QIP”) during the year. As disclosed
in note 13 to the accompanying financial
statements, the amount raised, to the extent
of ` 44.53 Crores has been retained in QIP
escrow bank account and balance amount has
been invested in fixed deposits with various
banks through QIP monitoring bank account.
The maximum amount of idle/surplus funds
invested during the year was ` 2,476.29
Crores, of which were outstanding at the end
of the year.
The Company has not made any preferential
allotment of shares/ fully or partially or optionally
convertible debentures or private placement
of fully or partially or optionally convertible
debentures during the year under audit
(xi) (a) No fraud by the Company or no material fraud
on the Company has been noticed or reported
during the year.
(b) During the year, no report under sub-section
(12) of section 143 of the Act has been filed
by auditors as applicable in Form ADT – 4
as prescribed under Rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the
Central Government.
(c) We have taken into consideration the whistle
blower complaints received by the Company
during the year while determining the nature,
timing and extent of audit procedures.
(xii) The Company is not a Nidhi Company as per the
provisions of the Act. Therefore, the requirement to
report on clause 3(xii)(a) to 3(xii)(c) of the Order
is not applicable to the Company and hence not
commented upon.
(xiii) Transactions with the related parties are in
compliance with sections 177 and 188 of the
Act where applicable and the details have been
disclosed in the notes to the financial statements,
as required by the applicable accounting standards.
(xiv) (a) The Company has an internal audit system
commensurate with the size and nature of
its business.
(b) The internal audit reports of the Company
issued till the date of the audit report, for the
period under audit have been considered by us.
(xv) The Company has not entered into any non-cash
transactions with its directors or persons connected
220 Hitachi Energy India Limited
with the directors as referred to in section 192 of
the Act and hence requirement to report on clause
3(xv) of the Order is not applicable to the Company
and hence not commented upon.
(xvi) (a) The provisions of section 45-IA of the Reserve
Bank of India Act, 1934 (2 of 1934) are not
applicable to the Company. Accordingly, the
requirement to report on clause (xvi)(a) of the
Order is not applicable to the Company and
hence not commented upon.
(b) The Company is not engaged in any Non-
Banking Financial or Housing Finance activities.
Accordingly, the requirement to report on
clause (xvi)(b) of the Order is not applicable to
the Company and hence not commented upon.
(c) The Company is not a Core Investment Company
as defined in the regulations made by Reserve
Bank of India. Accordingly, the requirement to
report on clause 3(xvi)(c) of the Order is not
applicable to the Company and hence not
commented upon.
(d) There is no Core Investment Company as a
part of the Group, hence, the requirement to
report on clause 3(xvi)(d) of the Order is not
applicable to the Company and hence not
commented upon.
(xvii) The Company has not incurred cash losses in
the current financial year and in the immediately
preceding financial year.
(xviii)  There has been no resignation of the statutory
auditors during the year and accordingly requirement to
report on Clause 3(xviii) of the Order is not applicable to
the Company and hence not commented upon.
(xix) On the basis of the financial ratios disclosed in
note 41 to the accompanying financial statements,
ageing and expected dates of realization of financial
assets and payment of financial liabilities, other
information accompanying the financial statements,
our knowledge of the Board of Directors and
management plans and based on our examination
of the evidence supporting the assumptions,
nothing has come to our attention, which causes us
to believe that any material uncertainty exists as on
the date of the audit report that Company is not
capable of meeting its liabilities existing at the date
of balance sheet as and when they fall due within a
period of one year from the balance sheet date. We,
however, state that this is not an assurance as to the
future viability of the Company. We further state that
our reporting is based on the facts up to the date of
the audit report and we neither give any guarantee
nor any assurance that all liabilities falling due within
a period of one year from the balance sheet date,