TICL Annual Report 2022 23

INVESTMENT CORPORATION LIMITED
Eighty Sixth Annual Report 2022-2023
CONTENTS BOARD OF DIRECTORS :

Mr. N. N. Tata (Chairman)
Mr. F. N. Subedar (Vice Chairman)
Mr. A. N. Dalal (Executive Director)
Page (s) Mr. Suprakash Mukhopadhyay
Mr. A. Sen
Board of Directors ................................................................................ 1 Mr. V. Chandrasekaran
Notice ....................................................................................................... 2-19 Mr. R. Dube
Mrs. F. Khambata
Board’s Report ....................................................................................... 20-79
Report on Corporate Governance .................................................. 80-101
Chief Financial Officer & Company Secretary :
Standalone Financial Statements : Mr. Manoj Kumar C V
Auditor’s Report .................................................................................... 102-106
Registered Office :
Annexure to Auditor’s Report .......................................................... 107-111 Elphinstone Building,
Balance Sheet ........................................................................................ 112 10 Veer Nariman Road, Mumbai - 400 001
(Tel : 022-66658282 Fax : 022-66657917)
Statement of Profit and Loss ............................................................ 113
E-mail : [email protected]
Cash Flow Statement .......................................................................... 114 Website : www.tatainvestment.com
CIN : L67200MH1937PLC002622
Statement of Changes in Equity...................................................... 115
Notes to the Financial Statements
Principal Bankers :
including Details of Investments .................................................... 116-165 ICICI Bank Ltd.
HDFC Bank Ltd.
Consolidated Financial Statements :
Auditor’s Report .................................................................................... 166-171 Auditors :
Annexure to Auditor’s Report .......................................................... 172-173 M/s. Suresh Surana & Associates LLP,
Chartered Accountants
Balance Sheet ........................................................................................ 174
M/s. Gokhale & Sathe,
Statement of Profit and Loss ............................................................ 175 Chartered Accountants
Cash Flow Statement .......................................................................... 176
Registrar & Transfer Agents :
Statement of Changes in Equity...................................................... 177
TSR Consultants Private Limited,
Notes to the Financial Statements ................................................. 178-217 (formerly TSR Darashaw Consultants Private Limited)
Financial Statistics ................................................................................ 218 C-101, 1st Floor, 247 Park,
Summary of Investments - Lal Bahadur Shastri Marg,
Distribution among different Industries Vikhroli West, Mumbai 400083
and classes of securities ............................................................ 218 Tel. : 022-66568484 Fax : 022-66568494
Website : www.tcplindia.co.in
Annual General Meeting on Tuesday, 27th June, 2023 through Video Conferencing/ Other
Audio Visual Means at 11.00 a.m. (IST)
1
INVESTMENT
Eighty Sixth Annual Report 2022-2023 Tata Investment Corporation Limited
NOTICE
Notice is hereby given that the EIGHTY SIXTH ANNUAL GENERAL MEETING OF TATA INVESTMENT CORPORATION
LIMITED will be held through Video Conferencing / Other Audio Visual Means on, Tuesday, 27th June, 2023 at 11.00 a.m.
(IST) to transact the following business:
ORDINARY BUSINESS :
1. To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended
31st March, 2023, together with the Reports of the Board of Directors and the Auditors thereon.
2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year
ended 31st March, 2023, together with the Report of the Auditors thereon.
3. To declare Dividend on Ordinary Shares for the financial year ended 31st March, 2023.
4. To re-appoint Mr. F. N. Subedar (DIN 00028428) as a Director of the Company, who is liable to retire by rotation at the
forthcoming Annual General Meeting and being eligible, offers himself for re-appointment up to and inclusive of
24th September, 2025.
SPECIAL BUSINESS :
5. Re-appointment of M/s Gokhale & Sathe, Chartered Accountants as the Joint Statutory Auditors of the Company.
To consider and, if thought fit, to pass, the following resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to Circular no. RBI/2021-22/25 – Ref.No.DoS.CO.ARG/ SEC.01/08.91.001/2021-22 dated

27th April, 2021 issued by the Reserve Bank of India (“RBI Guidelines”) and pursuant to the provisions of Sections
139, 142 and other applicable provisions, if any, of the Companies Act, 2013 (the “Act”), and the relevant rules thereunder,
M/s Gokhale & Sathe, Chartered Accountants, (Firm Registration No. 103264W), who have offered themselves for
re-appointment and have confirmed their eligibility to be appointed as Joint Statutory Auditors in terms of Section 141
of the Act and applicable rules and the RBI Guidelines, be and is hereby re-appointed as the Joint Statutory Auditors
of the Company, to hold office with effect from conclusion of the 86th Annual General Meeting of the Company till
conclusion of 88th Annual General Meeting, to conduct audit of accounts of the Company, subject to their continuity
of fulfilment of the applicable eligibility norms, at such remuneration, as may be mutually agreed between the Board of
Directors of the Company and the Statutory Auditors.”
Notes :
1. Pursuant to the General Circular No. 20/ 2020 dated 5th May 2020 read with other relevant circulars including
10/ 2022 dated 28th December 2022 issued by the Ministry of Corporate Affairs (‘MCA’) (collectively referred to as ‘MCA
Circulars’), the Company is convening the Annual General Meeting (‘AGM’) through Video Conferencing (‘VC’)/ Other
Audio Visual Means (‘OAVM’), without the physical presence of the Members at common venue. In compliance with the
provisions of the Companies Act, 2013 (“Act”), SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(“SEBI Listing Regulations”) and MCA Circulars, the AGM of the Company is being held through VC / OAVM on Tuesday,
27th June, 2023 at 11.00 a.m. (IST). The deemed venue for the Eighty Sixth AGM will be Elphinstone Building,
10 Veer Nariman Road, Fort, Mumbai 400 001.
2
Notice Board’s Report Report on Corporate Governance Standalone Financial Statements Consolidated Financial Statements
2. P
URSUANT TO THE PROVISIONS OF THE ACT, A MEMBER ENTITLED TO ATTEND AND VOTE AT THE AGM IS ENTITLED
TO APPOINT A PROXY TO ATTEND AND VOTE ON HIS/HER BEHALF AND THE PROXY NEED NOT BE A MEMBER OF
THE COMPANY. SINCE THIS AGM IS BEING HELD PURSUANT TO THE MCA CIRCULARS THROUGH VC OR OAVM,
THE REQUIREMENT OF PHYSICAL ATTENDANCE OF MEMBERS HAS BEEN DISPENSED WITH. ACCORDINGLY, IN
TERMS OF THE MCA CIRCULARS AND THE SEBI CIRCULAR, THE FACILITY FOR APPOINTMENT OF PROXIES BY THE
MEMBERS WILL NOT BE AVAILABLE FOR THIS AGM AND HENCE THE PROXY FORM, ATTENDANCE SLIP AND ROUTE
MAP OF AGM ARE NOT ANNEXED TO THIS NOTICE.
3. Institutional Investors, who are Members of the Company, are encouraged to attend and vote at the Eighty Sixth
AGM through VC/OAVM facility. Institutional Investors and Corporate Members intending to appoint their authorized
representatives pursuant to Sections 112 and 113 of the Act, as the case maybe, to attend the AGM through VC or OAVM
or to vote through remote e-voting are requested to send a certified copy of the Board Resolution to the Scrutinizer by
e-mail at [email protected] with a copy marked to [email protected] and can also upload their Board Resolution
/ Power of Attorney / Authority Letter etc. by clicking on “Upload Board Resolution / Authority Letter” displayed under
“e-Voting” tab in their login.
4. The attendance of the Members attending the AGM through VC/OAVM will be counted for the purpose of reckoning the
quorum under Section 103 of the Act.
5. The Explanatory Statement pursuant to Section 102 of the Act setting out material facts concerning the business
under Item No. 5 of the Notice is annexed hereto. The relevant details, pursuant to Regulation 36(3) of the SEBI Listing
Regulations and Secretarial Standards on General Meetings issued by the Institute of Company Secretaries of India, in
respect of Director seeking re-appointment at this AGM are also annexed.
6. The Members can join the AGM in the VC/OAVM mode 15 minutes before and after the scheduled time of the
commencement of the Meeting by following the procedure mentioned in the Notice. The Members will be able to
view the proceedings on National Securities Depository Limited’s (‘NSDL’) e-Voting website at www.evoting.nsdl.com.
The facility of participation at the AGM through VC/OAVM will be made available to at least 1,000 Members on a
first come first served basis as per the MCA Circulars. The large shareholders (i.e., shareholders holding 2% or more
shareholding), promoters, institutional investors, directors, key managerial personnel, the chairpersons of the Audit
Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, auditors, etc. shall
be allowed to attend the meeting without restriction.
7. In line with the relevant MCA Circulars and SEBI Circulars the Notice of the AGM along with the Annual Report 2022-23 is
being sent only through electronic mode to those Members whose email addresses are registered with the Company /
Depositories unless any Member has requested for the physical copy of the same. The Notice convening the Eighty-Sixth
AGM along with Annual Report 2022-23 has been uploaded on the website of the Company at www.tatainvestment.
com, and may also be accessed from the relevant section of the websites of the Stock Exchanges i.e. BSE Limited and the
National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively. The AGM Notice
along with Annual Report 2022-23 is also available on the website of NSDL at www.evoting.nsdl.com.
8. Book Closure and Dividend :

he Register of Members and the Share Transfer Books of the Company will be closed from Tuesday, 13th June,
T
2023 to Tuesday, 20th June, 2023 (both days inclusive). The dividend of ` 48 per equity share of ` 10 each (480%), if
declared at the AGM, will be paid subject to deduction of tax at source (‘TDS’) on or after Thursday, 29th June, 2023 as
under :
3
INVESTMENT
(i) To all the Beneficial Owners as per the list of beneficial owners to be furnished by the National Securities Depository
Limited and Central Depository Services (India) Limited in respect of the shares held in electronic form as at the end
of the day on Monday, 12th June, 2023; and
(ii) To all Members in respect of shares held in physical form, whose names are on the Company’s Register of Members
after giving effect to valid requests with respect of transmission/ transposition of shares lodged with the Company
as of the close of business hours on Monday, 12th June, 2023.
9. Pursuant to the Finance Act, 2020, dividend income will be taxable in the hands of the Shareholders w.e.f. 1st April, 2020
and the Company is required to deduct Tax Deducted at Source (TDS) from dividend paid to the Members at prescribed
rates in the Income Tax Act, 1961 (‘the IT Act’). In general, to enable compliance with TDS requirements, Members are
requested to complete and / or update their Residential Status, PAN, Category as per the IT Act with their Depository
Participants (‘DPs’) or in case shares are held in physical form, with the Company by sending documents through email
by Monday, 5th June, 2023.
For detailed process, please click here: Communication to Shareholders – Intimation on Tax Deduction on Dividend
10. Further, in order to receive the dividend in a timely manner, Members holding shares in physical form who have not
updated their mandate for receiving the dividends directly in their bank accounts through Electronic Clearing Service
or any other means are requested to send Investor Service Request Form ISR-1 duly filled and signed along with the
original cancelled cheque stating the name of the shareholder as accountholder as to reach the Company’s Registrar and
Share Transfer Agent (RTA) – TSR Consultants Private Limited (‘TCPL’) latest by Monday, 12th June, 2023 along with the
following documents:
a. self attested scanned copy of the PAN Card; and
b. self attested scanned copy of any document (such as AADHAR Card, Driving License, Election Identity Card, Passport)
in support of the address of the Member as registered with the Company.
Members holding shares in electronic form may please note that their bank details as furnished by the respective
Depositories to the Company will be considered for remittance of dividend as per the applicable regulations of the
Depositories and the Company will not entertain any direct request from such Members for change/addition/deletion
in such bank details. Accordingly, the Members holding shares in demat form are requested to update their Electronic
Bank Mandate with their respective DPs.
Further, please note that instructions, if any, already given by Members in respect of shares held in physical form, will not
be automatically applicable to the dividend paid on shares held in electronic form.
11. To avoid loss of dividend warrants in transit and undue delay in receipt of dividend warrants, the Company has provided
facility to the Members for remittance of dividend electronically through National Automated Clearing House (NACH).
Members holding shares in physical form and desirous of availing this facility are requested to provide their latest bank
account details (Core Banking Solutions Folio Number along with an original cancelled cheque and Form ISR-1 to the
Company’s Share Registrars and Transfer Agent, TSR Consultants Private Ltd.) Members holding shares in electronic form
are requested to provide the details to their respective Depository Participants.
The Members who are unable to receive the dividend directly in their bank accounts through Electronic Clearing Service
or any other means, due to non-registration of the Electronic Bank Mandate, the Company shall dispatch the dividend
warrant/ Bankers’ cheque/ demand draft to such Members, through permissible mode.
4
12. In accordance with Regulation 40 of the SEBI Listing Regulations, as amended, transfer of securities of listed entities can
be processed only in dematerialized form. Further, pursuant to SEBI circular dated 25th January 2022, securities of the
Company shall be issued in dematerialized form only while processing service requests in relation to issue of duplicate
securities certificate, renewal / exchange of securities certificate, endorsement, sub-division / splitting of securities
certificate, consolidation of securities certificates/folios, transmission and transposition. Accordingly, Members are
requested to make service requests by submitting a duly filled and signed Form ISR – 4, the format of which is available
on the Company’s website and on the website of the Company’s Registrar and Transfer Agents – TCPL. It may be noted
that any service request can be processed only after the folio is KYC Compliant.
13. Members are hereby informed that under the Act, the company is obliged to transfer any money lying in the unpaid
dividend account, which remains unpaid or unclaimed for a period of seven years from date of such transfer to the
Unpaid Dividend Account, to the credit of the Investor Education and Protection Fund (“the Fund”) established by the
Central Government.
Further attention of the members is drawn to the provisions of Section 124(6) of the Act which require a company to
transfer in the name of IEPF Authority all shares in respect of which dividend has not been paid or claimed for 7 (seven)
consecutive years or more from the date of transfer to Unpaid Dividend Account of the Company.
In accordance with the aforesaid provisions of the Act read with the Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016 (IEPF Rules), as amended from time to time, the Company has
already transferred all shares in respect of which dividend declared for the financial year 2015-16 or earlier financial years
has not been paid or claimed by the members for 7 (seven) consecutive years or more. Members are advised to visit the
website of the Company to ascertain details of shares transferred to IEPF Authority.
The Company has transferred the unpaid or unclaimed dividends declared upto financial years 2015-16, from time to
time, to the Fund. The Company has uploaded the details of unpaid and unclaimed dividend amounts lying with the
Company on the website of the Company and the same can be accessed through the link: http://www.mca.gov.in.
Members who have not yet encashed their dividend warrant(s) for the financial year ended 31st March, 2017 and for any
subsequent financial year, are requested to make their claims to the Company without any delay, to avoid transfer of the
dividend/shares to the Fund/IEPF Authority.
Members/claimants whose shares, unclaimed dividend, sales proceeds of fractional shares etc. have been transferred to
the IEPF Authority or the Fund, as the case maybe, may claim the shares or apply for the refund by making an application
to the IEPF Authority in Form IEPF-5 (available on iepf.gov.in) along with requisite fees as decided by the IEPF Authority
from time to time.
14. Members are requested to intimate changes, if any, pertaining to their name, postal address, e-mail address, telephone/
mobile numbers, PAN, registering of nomination, power of attorney registration, Bank Mandate details, etc., to their DPs
in case the shares are held in electronic form. Changes intimated to the Depository Participant will then be automatically
reflected in the Company’s records which will help the Company and TCPL to provide efficient and better services.
Members holding shares in physical form are requested to intimate such changes to TCPL by submitting duly filled and
signed Form ISR-1 and along with self attested copies of supporting documents. Further, Members may note that SEBI
has mandated the submission of PAN by every participant in securities market. Members holding shares in physical form
can submit their PAN details to TCPL.
5
INVESTMENT
15. SEBI vide circular dated 3rd November, 2021 has mandated the listed companies to have PAN, KYC, bank details and
Nomination of all shareholders holding shares in physical form. Folios wherein any one of the cited details / documents
are not available with us, on or after 1st October, 2023, shall be frozen as per the aforesaid SEBI circular.
The investor service requests forms for updation of PAN, KYC, Bank details and Nomination viz., Forms ISR-1, ISR-2, ISR-3,
SH-13, SH-14 are available on our website www.tatainvestment.com. In view of the above, we urge the shareholders to
submit the Investor Service Request form along with the supporting documents at the earliest.
The Company had sent a letter to the shareholders holding shares in physical form in relation to the aforesaid on
16th February, 2022.
In respect of shareholders who hold shares in the dematerialized form and wish to update their PAN, KYC, Bank Details
and Nomination are requested to contact their respective Depository Participants.
16. The format of the Register of Members prescribed by the MCA under the Act requires the Company / Share Registrar
and Transfer Agents to record additional details of Members, including their PAN details, e-mail address, bank details
for payment of dividend etc. Form ISR-1 for capturing additional details is available on the Company’s website under
the section ‘Investor Information’ and also attached to this Annual Report. Members holding shares in physical form are
requested to submit the filled in form to the Company or to its Share Registrar and Transfer Agents – TCPL in physical
mode as per instructions mentioned in the form. Members holding shares in electronic form are requested to submit the
details to their respective DP only and not to the Company or TCPL.
17. Members holding shares in physical form, in identical order of names, in more than one folio are requested to send to
the Company or Registrar, the details of such folios together with the share certificates and self-attested copies of PAN
card of the holders for consolidating their holding in one folio. Requests for consolidation of share certificates shall be
processed in dematerialized form.
18. During the Eighty Sixth AGM, Members may access the electronic copy of Register of Directors and Key Managerial
Personnel and their shareholding maintained under Section 170 of the Act and the Register of Contracts and
Arrangements in which Directors are interested maintained under Section 189 of the Act, by sending an email to
[email protected] upto the date of this Meeting.
19. To prevent fraudulent transactions, Members are advised to exercise due diligence and notify the Company of any
change in address or demise of any Member as soon as possible. Members are also advised to not leave their demat
account(s) dormant for long. Periodic statement of holdings should be obtained from the concerned DP and holdings
should be verified from time to time.
20. To support the ‘Green Initiative’, Members who have not yet registered their email addresses are requested to register the
same with their DPs in case the shares are held by them in electronic form and with TCPL/Company in case the shares are
held by them in physical form.
6
21. Process for registering email addresses to receive this Notice of AGM and Annual Report electronically and cast votes
electronically:
(i) Registration of email addresses with TCPL: The Company has made special arrangements with TCPL for registration
of e-mail addresses of those Members (holding shares either in electronic or physical form) who wish to receive this
Notice electronically and case votes electronically. Eligible Members whose e-mail addresses are not registered with
the Company/ DPs are required to provide the same to TCPL on or before 5:00 p.m. IST on Tuesday, 20th June,
2023.
Process to be followed for registration of e-mail address is as follows:
a) Visit the link: https://tcpl.linkintime.co.in/EmailReg/Email_Register.html

b) Select the Name of the Company from the dropdown list: Tata Investment Corporation Limited
c) Enter the Folio No. / DP ID, Client ID, Shareholder Name, PAN details, Mobile no. and E-mail address. Members
holding shares in physical form are additionally required to enter one of their share certificate numbers
and upload a self-attested copy of the PAN card and address proof viz. Aadhaar Card, Passport or front and
backside of their share certificate
d) Enter your e-mail address and mobile number. The system will send OTP on the Mobile No. and E-mail address.
e) Enter OTP received on Mobile No. and E-mail address
f ) The system will then confirm the E-mail address for the limited purpose of service of Notice of AGM alongwith
Annual Report FY 2022-23 and e-voting credentials
Members may note that the Notice and Annual Report FY 2022-23 will also be available on the Company’s website
www.tatainvestment.com, websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India
Limited at www.bseindia.com and www.nseindia.com respectively, and on the website of NSDL https://www.
evoting.nsdl.com.
(ii) Registration of e-mail address permanently with Company/DP: Members are requested to register the same with
their concerned DPs, in respect of electronic holding and with TCPL, in respect of physical holding, by writing to
TCPL. Further, those Members who have already registered their e-mail addresses are requested to keep their e-mail
addresses validated/updated with their DPs / TCPL to enable servicing of notices / documents / Annual Reports and
other communications electronically to their e-mail address in future.
(iii) Alternatively, those Shareholders who have not registered their email addresses are required to send an email request
to [email protected] along with the following documents for procuring user id and password and registration of
e-mail ids for e-voting for the resolutions set out in this Notice:
a) In case shares are held in physical mode, please provide Folio No., Name of shareholder, scanned copy of the
share certificate (front and back), self-attested scanned copy of PAN card, self-attested scanned copy of Aadhar
Card by email to [email protected].
b) In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary ID),
Name, client master or copy of Consolidated Account statement, PAN (self attested scanned copy of PAN card),
AADHAR (self attested scanned copy of Aadhar Card) to [email protected]. If you are an Individual shareholders
holding securities in demat mode, you are requested to refer to the login method explained at step 1 (A) i.e.
Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat
mode.
7
INVESTMENT
c) Alternatively, shareholder/members may send a request to [email protected] for procuring user id and
password for e-voting by providing above mentioned documents.
d) In terms of SEBI circular dated 9th December, 2020, on e-Voting facility provided by Listed Companies, Individual
shareholders holding securities in demat mode are allowed to vote through their demat account maintained
with Depositories and Depository Participants. Shareholders are required to update their mobile number and
email ID correctly in their demat account in order to access e-Voting facility.
22. Pursuant to the provisions of Section 108 of the Act read with Rule 20 of the Companies (Management and Administration)
Rules, 2014 (as amended) and Regulation 44 of SEBI Listing Regulations (as amended), and the MCA Circulars, the
Company is providing facility of remote e-voting to its Members in respect of the business to be transacted at the AGM.
For this purpose, the Company has entered into an agreement with NSDL for facilitating voting through electronic
means, as the authorized agency. The facility of casting votes by a member using remote e-voting system as well as
remote e-voting during the AGM will be provided by NSDL.
23. Members of the Company holding shares either in physical form or in electronic form as on the cut-off date of
Tuesday, 20th June, 2023, may cast their vote by remote e-Voting. The remote e-Voting period commences on
Friday, 23rd June, 2023 at 9.00 a.m. (IST) and ends on Monday, 26th June, 2023 at 5.00 p.m. (IST). The remote
e-Voting module shall be disabled by NSDL for voting thereafter. Once the vote on a resolution is cast by the Member,
the Member shall not be allowed to change it subsequently. The voting rights of the Members (for voting through
remote e-Voting before the AGM and remote e-Voting during the AGM) shall be in proportion to their share of the paid-
up equity share capital of the Company as on the cut-off date of Tuesday, 20th June, 2023.
24. Members will be provided with the facility for voting through electronic voting system during the video conferencing
proceedings at the AGM and Members participating at the AGM, who have not already cast their vote by remote
e-Voting, will be eligible to exercise their right to vote during such proceedings of the AGM. Members who have cast
their vote by remote e-Voting prior to the AGM will also be eligible to participate at the AGM but shall not be entitled
to cast their vote again on such resolution(s) for which the member has already cast the vote through remote e-Voting.
25. A person whose name is recorded in the Register of Members or in the Register of Beneficial Owners maintained by the
depositories as on the cut-off date only shall be entitled to avail the facility of remote e-voting before the AGM as well
as remote e-Voting during the AGM. Any person who acquires shares of the Company and becomes a Member of the
Company after the dispatch of the Notice and holding shares as on the cut-off date, i.e. Tuesday, 20th June, 2023, may
obtain the User ID and password by sending a request at [email protected]. However, if you are already registered with
NSDL for remote e-voting, then you can use your existing user ID and password for casting your vote. If you forgot your
password, you can reset your password by using “Forgot User Details/Password” or “Physical User Reset Password” option
available on www.evoting.nsdl.com or call on no. 022 - 4886 7000 and 022 - 2499 7000. In case of Individual Shareholders
holding securities in demat mode who acquires shares of the Company and becomes a Member of the Company after
sending of the Notice and holding shares as of the cut-off date i.e. Tuesday, 20th June, 2023 may follow steps mentioned
in the Notice of the AGM under “Access to NSDL e-Voting system”.
26. The Chairman shall, at the AGM, at the end of discussion on the resolutions on which voting is to be held, allow voting, by
use of remote e-Voting system for all those Members who are present during the AGM through VC/OAVM but have not
cast their votes by availing the remote e-Voting facility. The remote e-Voting module during the AGM shall be disabled
by NSDL for voting 15 minutes after the conclusion of the Meeting.
8
27. Mr. P. N. Parikh (Membership No. FCS 327) or failing him Mr. Mitesh Dhabliwala (Membership No. FCS 8331) or failing
him, Ms. Sarvari Shah (Membership No. FCS 9697), of Parikh & Associates, Practicing Company Secretaries, have been
appointed by the Board of Directors of the Company as Scrutinizer for scrutinizing the remote e-voting process as well as
voting at the Meeting, in a fair and transparent manner. The Scrutinizer shall, immediately after the conclusion of voting
at the Annual General Meeting, unblock the votes cast through remote e-Voting from the e-Voting system and make, not
later than two working days from the conclusion of the Meeting, a Scrutinizer’s Report of the total votes cast in favour or
against, if any, to the Chairman or a person authorised by him in writing, who shall countersign the same.
The Chairman or the person authorised by him in writing shall forthwith on receipt of the Scrutinizer’s Report, declare
the result of the voting. The Results declared, along with the Scrutinizer’s Report, shall be placed on the Company’s
website www.tatainvestment.com and on the website of NSDL immediately after their declaration, and shall also be
communicated to the Stock Exchanges where the Company is listed, viz. BSE Ltd. and National Stock Exchange of India
Ltd.
28. Subject to the receipt of requisite number of votes, the Resolution forming part of the AGM Notice shall be deemed to
be passed on the date of the AGM, i.e. Tuesday, 27th June, 2023.
29. Instructions for attending the AGM through VC/OAVM and remote e-Voting (before and during the AGM) are given
below:
A. INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM THROUGH VC/OAVM
i. Member will be provided with a facility to attend the AGM through VC/OAVM through the NSDL e-Voting
system. Members may access by following the steps mentioned below for Access to NSDL e-Voting system.
After successful login, you can see link of “VC/OAVM link” placed under “Join meeting” menu against Company
name. You are requested to click on VC/OAVM link placed under Join Meeting menu. The link for VC/OAVM will
be available in Shareholder/Member login where the EVEN of Company will be displayed. Please note that the
members who do not have the User ID and Password for e-Voting or have forgotten the User ID and Password
may retrieve the same by following the remote e-Voting instructions mentioned in the Notice to avoid last
minute rush.
ii. Members are encouraged to join the Meeting through Laptops for better experience.
iii. Further Members will be required to allow Camera and use Internet with a good speed to avoid any disturbance
during the meeting
iv. Please note that Participants connecting from Mobile Devices or Tablets or through Laptop connecting via
Mobile Hotspot may experience Audio/Video loss due to fluctuation in their respective network. It is therefore,
recommended to use stable Wi-Fi or LAN connection to mitigate any kind of aforesaid glitches.
v. Members are encouraged to submit their questions in advance with regard to the financial statements or
any other matter to be placed at the Eighty-Sixth AGM, from their registered email address, mentioning their
name, DP ID and Client ID number /folio number and mobile number, to reach the Company’s email address at
[email protected]. on or before 26th June 2023. The same will be replied by the Company suitably. Queries that
remain unanswered at the AGM will be appropriately responded by the Company at the earliest post the
conclusion of the AGM.
9
INVESTMENT
vi. Members who would like to express their views/ask questions as a speaker at the Meeting may pre-register
themselves as a speaker by sending a request from their registered email address mentioning their names, DP
ID and Client ID/folio number, PAN and mobile number at [email protected] between Friday, 23rd June, 2023 at 9.00
a.m. (IST) and ends on Monday, 26th June, 2023 at 5.00 p.m. (IST). The Company reserves the right to restrict the
number of speakers depending on the availability of time for the AGM.
vii. Members who need assistance before or during the AGM may contact NSDL on [email protected]/022 - 4886
7000 and 022 - 2499 7000 or contact any of the following:
S. No. Name of the concerned person Contact details

[email protected]/ 022 - 4886 7000 and
1. Ms. Sarita Mote, Assistant Manager – NSDL
022 - 2499 7000
[email protected]/ 022 - 4886 7000 and
2. Ms. Soni Singh, Assistant Manager - NSDL
022 - 2499 7000
B. INSTRUCTIONS FOR E-VOTING BEFORE / DURING THE AGM
I INSTRUCTIONS FOR REMOTE E-VOTING BEFORE THE AGM ARE AS UNDER :
The details of the process and manner for remote e-Voting are explained herein below:
Step 1: Access to NSDL e-Voting system
Step 2: Cast your vote electronically and join virtual meeting on NSDL e-Voting system.
How do I vote electronically using NSDL e-Voting system?
The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are mentioned below:
Step 1: Access to NSDL e-Voting system
A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities
in demat mode
In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies,
Individual shareholders holding securities in demat mode are allowed to vote through their demat account
maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile
number and email Id in their demat accounts in order to access e-Voting facility.
Login method for Individual shareholders holding securities in demat mode is given below :
10
Type of shareholders Login Method

Individual Shareholders 1. Existing IDeAS user can visit the e-Services website of NSDL Viz.
holding securities in demat https://eservices.nsdl.com either on a Personal Computer or on
mode with NSDL. a mobile. On the e-Services home page click on the “Beneficial
Owner” icon under “Login” which is available under ‘IDeAS’ section ,
this will prompt you to enter your existing User ID and Password. After
successful authentication, you will be able to see e-Voting services
under Value added services. Click on “Access to e-Voting” under
e-Voting services and you will be able to see e-Voting page. Click
on company name or e-Voting service provider i.e. NSDL and you
will be re-directed to e-Voting website of NSDL for casting your vote
during the remote e-Voting period or joining virtual meeting & voting
during the meeting.
2. If you are not registered for IDeAS e-Services, option to register is
available at https://eservices.nsdl.com. Select “Register Online for
IDeAS Portal” or click at https://eservices.nsdl.com/SecureWeb/
IdeasDirectReg.jsp
3. Visit the e-Voting website of NSDL. Open web browser by typing the
following URL: https://www.evoting.nsdl.com/ either on a Personal
Computer or on a mobile. Once the home page of e-Voting system
is launched, click on the icon “Login” which is available under
‘Shareholder/Member’ section. A new screen will open. You will have
to enter your User ID (i.e. your sixteen digit demat account number
hold with NSDL), Password/OTP and a Verification Code as shown on
the screen. After successful authentication, you will be redirected to
NSDL Depository site wherein you can see e-Voting page. Click on
company name or e-Voting service provider i.e. NSDL and you will
be redirected to e-Voting website of NSDL for casting your vote during
the remote e-Voting period or joining virtual meeting & voting during
the meeting.
4. Shareholders/Members can also download NSDL Mobile App “NSDL
Speede” facility by scanning the QR code mentioned below for
seamless voting experience.
11
INVESTMENT
Individual Shareholders 1. Users who have opted for CDSL Easi / Easiest facility, can login through
holding securities in demat their existing user id and password. Option will be made available to
mode with CDSL reach e-Voting page without any further authentication. The users to
login Easi /Easiest are requested to visit CDSL website www.cdslindia.
com and click on login icon & New System Myeasi Tab and then user
your existing my easi username & password.
2. After successful login the Easi / Easiest user will be able to see the
e-Voting option for eligible companies where the evoting is in
progress as per the information provided by company. On clicking
the evoting option, the user will be able to see e-Voting page of the
e-Voting service provider for casting your vote during the remote
e-Voting period or joining virtual meeting & voting during the
meeting. Additionally, there is also links provided to access the system
of all e-Voting Service Providers, so that the user can visit the e-Voting
service providers’ website directly.
3. If the user is not registered for Easi/Easiest, option to register is
available at CDSL website www.cdslindia.com and click on login &
New System Myeasi Tab and then click on registration option.
4. Alternatively, the user can directly access e-Voting page by providing
Demat Account Number and PAN No. from a e-Voting link available
on www.cdslindia.com home page. The system will authenticate the
user by sending OTP on registered Mobile & Email as recorded in the
Demat Account. After successful authentication, user will be able to
see the e-Voting option where the evoting is in progress and also able
to directly access the system of all e-Voting Service Providers.
Individual Shareholders You can also login using the login credentials of your demat account
(holding securities in demat through your Depository Participant registered with NSDL/CDSL for
mode) login through their e-Voting facility. upon logging in, you will be able to see e-Voting option.
depository participants Click on e-Voting option, you will be redirected to NSDL/CDSL Depository
site after successful authentication, wherein you can see e-Voting feature.
Click on company name or e-Voting service provider i.e. NSDL and you will
be redirected to e-Voting website of NSDL for casting your vote during
the remote e-Voting period or joining virtual meeting & voting during the
meeting.
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID
and Forget Password option available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues
related to login through Depository i.e. NSDL and CDSL.
12
Login type Helpdesk details

Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk
securities in demat mode with by sending a request at [email protected] or call at 022 - 4886 7000
NSDL and 022 - 2499 7000
Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk
securities in demat mode with by sending a request at [email protected] or contact at
CDSL toll free no. 1800 22 55 33
B) Login Method for e-Voting and joining virtual meeting for shareholders other than Individual
shareholders holding securities in demat mode and shareholders holding securities in physical
mode.
How to Log-in to NSDL e-Voting website?
1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.
evoting.nsdl.com/ either on a Personal Computer or on a mobile.
2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under
‘Shareholder/Member’ section.
3. A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code
as shown on the screen.
Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at https://eservices.
nsdl.com/ with your existing IDEAS login. Once you log-in to NSDL eservices after using your log-in
credentials, click on e-Voting and you can proceed to Step 2 i.e. Cast your vote electronically.
4. Your User ID details are given below :
Manner of holding shares i.e. Demat (NSDL or Your User ID is:

CDSL) or Physical
a)
For Members who hold shares in demat 8 Character DP ID followed by 8 Digit Client ID
account with NSDL. For example if your DP ID is IN300*** and Client ID is
12****** then your user ID is IN300***12******.
b)
For Members who hold shares in demat 16 Digit Beneficiary ID
account with CDSL. For example if your Beneficiary ID is 12**************
then your user ID is 12**************
c) For Members holding shares in Physical Form. EVEN Number followed by Folio Number registered
with the company
For example if folio number is 001*** and EVEN is
123979 then user ID is 123979001***
5. Password details for shareholders other than Individual shareholders are given below:
a) If you are already registered for e-Voting, then you can user your existing password to login and cast
your vote.
b) If you are using NSDL e-Voting system for the first time, you will need to retrieve the ‘initial password’
which was communicated to you. Once you retrieve your ‘initial password’, you need to enter the
‘initial password’ and the system will force you to change your password.
13
INVESTMENT
c) How to retrieve your ‘initial password’?

(i) If your email ID is registered in your demat account or with the company, your ‘initial
password’ is communicated to you on your email ID. Trace the email sent to you from
NSDL from your mailbox. Open the email and open the attachment i.e. a .pdf file. Open
the .pdf file. The password to open the .pdf file is your 8 digit client ID for NSDL account,
last 8 digits of client ID for CDSL account or folio number for shares held in physical form.
The .pdf file contains your ‘User ID’ and your ‘initial password’.
(ii) If your email ID is not registered, please follow steps mentioned below in process for
those shareholders whose email ids are not registered.
6. If you are unable to retrieve or have not received the “ Initial password” or have forgotten your password:
a) Click on “Forgot User Details/Password?”(If you are holding shares in your demat account with
NSDL or CDSL) option available on www.evoting.nsdl.com.
b) Physical User Reset Password?” (If you are holding shares in physical mode) option available on
www.evoting.nsdl.com.
c) If you are still unable to get the password by aforesaid two options, you can send a request at
[email protected] mentioning your demat account number/folio number, your PAN, your name
and your registered address etc.
d) Members can also use the OTP (One Time Password) based login for casting the votes on the
e-Voting system of NSDL.
7. After entering your password, tick on Agree to “Terms and Conditions” by selecting on the check box.
8. Now, you will have to click on “Login” button.
9. After you click on the “Login” button, Home page of e-Voting will open
Step 2: Cast your vote electronically and join General Meeting on NSDL e-Voting system.
How to cast your vote electronically and join General Meeting on NSDL e-Voting system?
1. After successful login at Step 1, you will be able to see all the companies “EVEN” in which you are holding
shares and whose voting cycle and General Meeting is in active status.
2. Select “EVEN 123979” of company for which you wish to cast your vote during the remote e-Voting period
and casting your vote during the General Meeting. For joining virtual meeting, you need to click on “VC/
OAVM” link placed under “Join Meeting”.
3. Now you are ready for e-Voting as the Voting page opens.
4. Cast your vote by selecting appropriate options i.e. assent or dissent, verify/modify the number of shares for
which you wish to cast your vote and click on “Submit” and also “Confirm” when prompted.
5. Upon confirmation, the message “Vote cast successfully” will be displayed.
6. You can also take the printout of the votes cast by you by clicking on the print option on the confirmation
page.
7. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.
14
II INSTRUCTIONS FOR E-VOTING DURING THE AGM ARE AS UNDER :

1. The procedure for e-Voting on the day of the AGM is same as the instructions mentioned above for
remote e-voting.
2. Only those Members/ shareholders, who will be present in the AGM through VC/OAVM facility and have
not casted their vote on the Resolutions through remote e-Voting and are otherwise not barred from
doing so, shall be eligible to vote through e-Voting system in the AGM.
3. Members who have voted through Remote e-Voting will be eligible to attend the AGM. However, they
will not be eligible to vote at the AGM.
4. The details of the person who may be contacted for any grievances connected with the facility for
e-Voting on the day of the AGM shall be the same person mentioned for Remote e-voting.
General Guidelines for shareholders
i. It is strongly recommended not to share your password with any other person and take utmost care to
keep your password confidential. Login to the e-voting website will be disabled upon five unsuccessful
attempts to key in the correct password. In such an event, you will need to go through the “Forgot
User Details/Password?” or “Physical User Reset Password?” option available on www.evoting.nsdl.com
to reset the password.
ii. In case of any queries/grievances pertaining to remote e-Voting (before the AGM and during the AGM),
you may refer to the Frequently Asked Questions (FAQs) for shareholders and e-voting user manual
for shareholders available in the download section of www.evoting.nsdl.com or call on the toll-free
number: 022 - 4886 7000 and 022 - 2499 7000 or send a request to Ms. Pallavi Mhatre, Senior Manager -
NSDL at [email protected]
By Order of the Board of Directors,
MANOJ KUMAR C V
CHIEF FINANCIAL OFFICER &
COMPANY SECRETARY
ACS 15140
Mumbai, 5th May, 2023

Registered Office:
Tata Investment Corporation Limited
CIN L67200MH1937PLC002622
Elphinstone Building
10 Veer Nariman Road
Mumbai 400 001
Tel. No. 6665 8282, Fax No. 6665 7917
E-mail address: [email protected]
Website: www.tatainvestment.com
15
INVESTMENT
EXPLANATORY STATEMENT
The following Explanatory Statement sets out all material facts relating to the business under Item No. 5 of the accompanying
Notice dated 5th May, 2023.
ITEM NO. 5 :
This explanatory statement is in terms of Regulation 36(5) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“SEBI Listing Regulations”), however, the same is strictly not required as per Section 102 of the Companies
Act, 2013 (the “Act”).
The Reserve Bank of India (“RBI”) has vide its Circular No. RBI/2021-22/25 Ref. No. DoS.CO.ARG/SEC.01/08.91.001/2021-22
dated 27th April, 2021 issued Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of
Commercial Banks, Urban Co-operative Banks & NBFCs (including HFCs) [“RBI Circular/Guidelines”]. which is applicable to
the Company.
Further, as per the said RBI Guidelines read together with the Frequently Asked Questions (“FAQs”), for the Statutory Audit
to be conducted under joint audit of a minimum of two audit firms and number of maximum Joint Statutory Auditors
depending on the asset size, minimum norms that need to be fulfilled by audit firms for appointment as Statutory Auditors
of an NBFC, etc.
Based on the recommendation of the Audit Committee, the Board at its Meeting held on 26th July, 2022, inter alia, approved
the appointment of M/s Gokhale & Sathe, Chartered Accountants (Firm Registration No. 103264W/W) as Joint Statutory
Auditors, to hold office from 26th July, 2022 until the conclusion of the 86th Annual General Meeting of the Company, to
conduct audit of accounts of the Company for the financial year ending 31st March 2023. The shareholders had approved
the appointment of Auditors through Postal Ballot on 18th September, 2022.
The Audit Committee considered and recommended the Board at its meeting held on 5th May, 2023, re-appointment of
M/s Gokhale & Sathe, Chartered Accountants as the Joint Statutory Auditors of the Company for further period of two years
and to hold office from the conclusion of the 86th Annual General Meeting of the Company till the conclusion of the 88th
Annual General Meeting of the Company, at such remuneration, as may be mutually agreed between the Board of Directors
of the Company and the Statutory Auditors.
The Company has received a consent letter from M/s Gokhale & Sathe, Chartered Accountants that as per Section 139 of
the Act that they are eligible for re-appointment and are not disqualified for appointment under Chartered Accountants
Act, 1949 and the rules or regulations made there under. The proposed re-appointment would be as per the terms provided
under the Companies Act, 2013 and within the limits laid down by the Companies Act, 2013. The firm complies with all
eligibility norms prescribed by RBI regarding appointment of SCAs/SAs of Commercial Banks (excluding RRBs)/UCBs/NBFCs
as per the Ref No. DoS.Co.ARG/SEC.01/08.91.001/2021-22 dated 27th April, 2021.
The approval of Members of the Company is sought pursuant to the provisions of Sections 139, 142 and other applicable
provisions, if any, of the Act and the relevant Rules thereunder and Guidelines issued by the RBI including any amendments,
modifications, variations or re-enactments thereof who have offered themselves for appointment and have confirmed their
eligibility to be appointed as Statutory Auditors in terms of Section 141 of the Act and applicable Rules and the Guidelines
issued by RBI dated 27th April, 2021 till conclusion of the 88th Annual General Meeting, with power to the Board (including
the Audit Committee of the Board or any other person(s) authorised by the Board or Audit Committee in this regard), to do all
16
such acts, deeds, matters and things as may be necessary or desirable in connection with or incidental for giving effect to the
said appointment of the Statutory Auditors, including but not limited to determination of roles and responsibilities/ scope
of work of the respective Statutory Auditors, negotiating, finalising, amending, signing, delivering, executing the terms of
appointment, including any contracts or documents in this regard, alter and vary the terms and conditions of remuneration
arising out of increase in scope of work, amendment in Accounting Standards or regulations and such other requirements
resulting in the change in scope of work, without being required to seek any further consent or approval of the Members of
the Company.
None of the Directors, Key Managerial Personnel of the Company and their relatives are, in any way, concerned or interested,
financially or otherwise, in the Resolutions set out at Item No. 5 of the Notice.
The Board recommends the Ordinary Resolution set out in the Notice under Item No. 5 in relation to the appointment
M/s Gokhale & Sathe, Chartered Accountants, as the Joint Statutory Auditors of the Company, for approval by the Members
of the Company.
By Order of the Board of Directors,
MANOJ KUMAR C V
CHIEF FINANCIAL OFFICER &
COMPANY SECRETARY
ACS 15140

Registered Office:
CIN L67200MH1937PLC002622
Mumbai 400 001
Tel. No. 6665 8282, Fax No. 6665 7917
17
INVESTMENT
Pursuant to Regulation 36 of SEBI Listing Regulations,

the following details are mentioned below for the information of Members :
Proposed audit fee payable to auditors The fees proposed to be paid to M/s Gokhale & Sathe, Chartered
Accountants towards joint statutory audit and limited review (including
certifications but excluding applicable taxes and reimbursements) for
financial year 2023-24 shall be ` 13.00 lakhs p.a.
Terms of appointment The term of appointment shall be for a period of two consecutive financial
years ending 31st March 2024 and 31st March 2025.
Material change in fee payable No Change
Basis of recommendation and auditor The Audit Committee and the Board, based on the credentials of the firm
Credentials and partners, asset size of the Company and eligibility criteria prescribed
under the Act and RBI Guidelines recommends the appointment of M/s
Gokhale & Sathe, Chartered Accountants as Joint Statutory Auditors of
the Company.
Brief Profile of Joint Statutory Auditors M/s Gokhale & Sathe, Chartered
Accountants
• okhale & Sathe, Chartered Accountants (“the firm”) is having 38
G
years of experience. As of date, the firm has 11 Partners and staff
strength of around 150 of which 20 are Qualified CAs and 75 articled
trainees.
• T he firm is empanelled with various authorities like ICAl, C&AG, NHAI,
CBI, IBA, etc.
• T he firm is having rich clientele of listed manufacturing companies,
various financial institutions, banks, nonbanking financial companies
(NBFC’s), insurance companies, along with other entities from other
sectors.
18
Details of Director seeking re-appointment at the forthcoming Annual General Meeting

[Pursuant to Regulation 36(3) SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and
Secretarial Standard - 2 on General Meetings]
Name of the Director Mr. F. N. Subedar

Director Identification Number (DIN) 00028428
Date of Birth 24.9.1955
Date of first Appointment 11.3.2005
Expertise in specific functional areas Taxation, Finance and Corporate Law
Qualifications B.Com., ACA, ACS
No. of Shares held in the Company including shareholding as a 2,455 Ordinary Shares
beneficial owner (as on 31.03.2023)
Relationships between Directors and Key Managerial Personnel None
inter-se
Terms and Conditions of appointment / re-appointment Re-appointment in terms of Section 152(6) of the Companies
Act, 2013.
Directorships held in other public companies Tata Capital Limited
(Excluding Section 8, private and foreign companies) Tata Capital Financial Services Limited
(as on 31.03.2023) Tata Industries Limited
DCB Bank Limited (Chairman)
In case of independent directors, the skills and capabilities Not Applicable
required for the role and the manner in which the proposed
person meets such requirements
Listed entities in which the Director has resigned from NIL
directorship in the past three years
Position held in mandatory Committees of other companies Tata Capital Limited
(Member: Audit Committee, Corporate Social Responsibility
Committee, Asset Liability Management Committee)
Tata Capital Financial Services Limited
(Member: Audit Committee, IT Strategy Committee, Working
Committee, Risk Management Committee)
(Chairman: Shareholders Relationship Committee, Corporate
Social Responsibility Committee)
Tata Industries Limited
(Chairman: Asset Liability Management Committee)
(Member: Approvals Committee, Corporate Social
Responsibility Committee, Nomination & Remuneration
Committee)
DCB Bank Limited
(Chairman: Corporate Social Responsibility (CSR) &
Environmental, Social and Governance (ESG) Committee,
Customer Service Committee)
(Member: Nomination & Remuneration Committee, Credit
Committee)
Pursuant to Section 149 of the Act and Regulation 16(1)(b) of SEBI Listing Regulations, Mr. F. N. Subedar is a Non-Executive
Non-Independent Director who holds the position of Trustee in Tavescor Charitable Trust which receives twenty-five percent
or more of its receipts from the Company.
For other details such as number of meetings of the board attended during the year, remuneration last drawn & sought to
be paid, please refer to the Corporate Governance Report.
19
INVESTMENT
BOARD’S REPORT
TO
THE MEMBERS,
The Directors present their Eighty Sixth Annual Report with the Audited Financial Statements for the year ended
31st March, 2023.
1. FINANCIAL RESULTS (under Ind AS) :
Standalone Consolidated
FY 2022-23 FY 2021-22 FY 2022-23 FY 2021-22
(` in crore) (` in crore) (` in crore) (` in crore)

Dividend, Interest, Net gain on Fair Value changes &
Others.................................................................................................. 287.81 253.22 277.16 253.70
Other Income.................................................................................... 0.53 0.30 0.56 0.30
Total Income................................................................... 288.34 253.52 277.72 254.00
Total Expenses.................................................................................. 29.79 25.43 41.10 25.94
Share in Profit and Loss of Associates...................................... - - 35.66 17.86
Profit before tax............................................................. 258.55 228.09 272.28 245.92
Less: Provision for tax.................................................................... 17.65 26.73 20.53 31.46
Profit after tax................................................................ 240.90 201.36 251.75 214.46
Non Controlling Interest............................................................... - - 0.13 (0.22)
Profit attributable to equity holder of the Company......... 240.90 201.36 251.88 214.24
Earnings Per Share Basic and Diluted (`)..................... 47.61 39.80 49.78 42.34
Opening balance of retained earnings ....................... 1,453.15 983.45 1,592.12 1,111.19

Profits for the year........................................................................... 240.90 201.36 251.88 214.24
Other Comprehensive Income................................................... (0.44) (0.57) (0.44) (0.57)
- Other adjustments - - 15.96 0.22
Realised gains on equity shares carried at fair value
through OCI....................................................................................... 362.21 430.61 362.21 430.61
The Directors have made the following appropriations-
- Dividend (including tax on dividend) (Refer Para 3)*...... 278.27 121.43 278.27 121.43
- Transfer to Statutory Reserves................................................. 120.62 40.27 120.62 42.14
Closing balance of retained earnings.......................... 1,656.93 1,453.15 1,822.84 1,592.12
* Pertaining to dividend for the Financial Year 2021-22, paid in 2022-23
20
2. OPERATIONS :

The Standalone Operating Income of the Company is derived from a mix of dividend, interest income, derivative gains
and other income. The profit from the sale of long-term equity investments (post tax) for the year ended 31st March,
2023 is ` 362.21 crores as compared to ` 430.61 crores for the FY 2021-22 which have been carried at Fair Value through
Other Comprehensive Income. The standalone profit before tax for the year under review is ` 258.55 crores as against
` 228.09 crores for the FY 2021-22, whereas the profit after tax for the year under review stands at ` 240.90 crores as
against ` 201.36 crores for the FY 2021-22. The Consolidated profit after tax for the year amounted to ` 251.75 crores as
compared to ` 214.46 crores for the FY 2021-22.
The total number of companies whose issuances, equity or debt in which your Company has invested stands at 85 as on
31st March, 2023, out of which 62 are Quoted and 23 are Unquoted companies.
3. DIVIDEND :

The Directors are pleased to recommend a dividend of ` 48 per share (480%) [previous year ` 55 per share (550%)] on
the paid-up capital of ` 50.59 crores aggregating ` 242.86 crores based on the parameters laid down in the Dividend
Distribution Policy. Pursuant to Finance Act, 2020, dividend income will be taxable in the hands of shareholders w.e.f. 1st
April, 2020 and the Company is required to deduct tax at source from dividend paid to shareholders at the prescribed
rates in the Income Tax Act, 1961.
4. TRANSFER TO RESERVES :
As permitted under the provisions of the Act, the Board does not propose to transfer any amount to general reserve.
The closing balance of the retained earnings of the Company for FY 2022-23, after all appropriation and adjustments,
was ` 1,656.93 crores (as on 31st March, 2022 ` 1,453.15 crores).
5. VALUE CREATED :
“Value Created” is a measure which evaluates the wealth created net of the capital invested by the shareholders.
We evaluate your Company’s growth a 15-year rolling basis computing “Value Created” by reducing the Shareholders
Funds from the aggregate of the Realizable Value of Investments and Net Current/Fixed Assets. The following table
compares the Value Created vis-à-vis the Benchmark and the Compounded Annual Growth Return (CAGR).
Year End Realisable Value Net Current/ Shareholder Funds Value Created BSE 200
(31st March) of Investments Fixed Assets (Equity+Share Premium) (A)+(B)-(C) Index
(A) (B) (C)
(` crores) (` crores) (` crores) (` crores)
2008 3,065.75 (43.06) 89.33 2,933.36 1,932
2023 20,472.02 182.12 355.62 20,298.52 7,389
No of times Growth (X) 6.92 3.82
CAGR 13.76% 9.35%
21
INVESTMENT
Shareholders will be pleased to note that the “Value Created” has recorded a compounded annual growth rate (CAGR)
of 13.76% vis-à-vis BSE 200 of 9.35% over the period 31st March, 2008 to 31st March, 2023. It is heartening that this
performance has been achieved with a prudent allocation in unlisted equity and fixed income securities which reduces
the volatility risk of the portfolio. Further, the Company has distributed ` 1,721.12 crore over the 15-year period as
dividends to its shareholders and returned capital vide a buyback of ` 450 crore in the financial year 2019. The aggregate
of the dividends distributed and the value of the Buyback, if included in the amount of Value Created, the resultant CAGR
would stand enhanced approximately to 14.54%.
6. MANAGEMENT DISCUSSION & ANALYSIS :

A summarised position of the company’s portfolio of investments is given below:
As on As on
31.03.2023 31.03.2022
(` in crore) (` in crore)
QUOTED INVESTMENTS
Net Book value..................................................................................................................................... 2,577.56 2,493.31
Market value......................................................................................................................................... 18,439.81 19,541.76
UNQUOTED INVESTMENTS
Net Book value (including Mutual Funds) ................................................................................ 650.36 553.72
Estimated value ................................................................................................................................... 2,032.22 1,238.52
TOTAL BOOK VALUE
Net Book value of all investments ................................................................................................ 3,227.92 3,047.03
TOTAL MARKET VALUE
Total market value of quoted investments and estimated value of unquoted

investments (subject to tax as applicable) ................................................................................ 20,472.02 20,780.28
BANK DEPOSITS ...................................................................................................... 31.83 -
TOTAL NUMBER OF INVESTEE COMPANIES ........................................................... 85 87
TOTAL EQUITY PER SHARE
After tax (`)............................................................................................................................................ 3,835 3,861
The Directors confirm that investments have been made with the intent to hold for long-term appreciation, and not
for trade. The investments in Tata companies, both listed and unlisted, are generally held for a longer term and may
be considered as strategic in nature. The investments in Non-Tata companies have been made by the Company in
expectation to create value over the medium to long-term, while gains are realized after evaluation to augment its
operating income for dividend distribution.
The Company invests after considering both global and domestic macro-economic conditions.
22
GLOBAL MARKETS :
The Economic scenario namely, growth, individual sustenance, fiscal deficits, and central bank balance sheet expansion
are now markedly different when we compare Europe, USA to the large ASEAN nations. The irony is that energy shortages,
inflation and banking crises in the Western hemisphere are strangely similar to situations ASEAN countries faced in the
late 1990s, except that given the luxury and comfort of being global currencies, the West is not reeling under a currency
depreciation crisis.
The US Fed is facing an acute conundrum. During the Covid-19 pandemic, the government doled out free monies
resulting in a consumption frenzy. Despite tariffs and logistics issues in 2021, the average consumer in US remained on
a buying spree. Finally, the Ukraine war and the resultant shortages brought about a sudden rise in inflation. The US Fed
began to battle inflation, albeit with a delayed lag, resulting in a sharp increase in US Fund Rates. This sudden increase
in rates did not allow investors to rebalance their portfolios and thus are left with Mark-to-Market (MTM) losses on their
safest asset – government securities. Consequently, the US Fed is now dealing with an unforeseen banking crisis. As per
the last publicly known estimates, the US banking system is now burdened with a MTM loss of around USD 620 bn.
Empirical evidence has shown that in periods of high rates, asset bubbles burst. Two asset classes have taken a hit –
cryptocurrency and venture capital. The market capitalization of cryptocurrency, an asset whose classification as an
asset class itself has always been a suspect, has plummeted from its peak of USD 3 tn to nearly USD 800 bn, in just over
a span of one year.
For the second asset class – venture capital and more appropriately, its valuation, the picture is further opaque. With
the failure of the Silicon Valley Bank, it seems a long winter has set-in in the start-up world. In times to come, with lack
of incremental capital funding, we may witness large layoffs and closure of many start-ups not only in the US, but world
over.
These events over the past year have impacted investor sentiments negatively. Investors are now more than ever,
investing with caution. Post the aftermath of FTX, the famous crypto-exchange, investors are allocating funds towards
investments which are well understood and regulated.
Further, the turbulence in global financial markets has ensued uncertainty in gold prices and has once again made it a
safe heaven. With growing demand for gold from central banks, gold prices are testing previous highs around the level
of USD 2,000/ounce. The “de-dollarization” strategy being adopted by central banks has led to this incremental demand.
10YR GOLD SPOT PRICE (US)

2,200 High: 2,063.54 | Low: 1,051.10 | Avg: 1,448.74
2,000
1,800
USD/Oz
1,600
1,400
1,200
1,000
Apr-13
Apr-14
Apr-15
Apr-16
Apr-17
Apr-18
Apr-19
Apr-20
Apr-21
Apr-22
Apr-23
Source: Bloomberg data, Company Analysis
23
INVESTMENT
It may be observed that the global uncertainties have driven re-allocation of capital towards precious metals resulting in
increased returns over the past five years. Equity investors need to remain cautious that this trend does not extrapolate
itself going forward.
RETURNS 2011-2015 2015-2019 2019-2023

(5Y) (5Y) (5Y)
NASDAQ Composite 76% 58% 58%
Dow Jones Industrial Average 44% 46% 28%
S&P BSE Sensex 44% 38% 53%
Gold Spot (USD/Oz) -16% 8% 52%
Silver Spot (USD/Oz) -56% -9% 59%
INDIAN MARKETS :
The Russian invasion of Ukraine started on February 2022. The world thereafter had to deal with disruptions in food and
energy supplies of a magnitude which was not experienced in recent memory. The impact on India remained marginal,
mainly on account of the astute foreign policies and efficient food grain distribution by the government. Consequently,
in India, large & small companies and the services sector has not been substantially negatively impacted. Even so, the
year FY 2022-23 recorded a lower earnings growth for the Nifty 50 companies than what was estimated by analysts at
the beginning of the financial year. The Nifty 50 recorded an approximate fall of 2.5%, but showed impressive resilience
given the global circumstances & food grain distribution, as is visible in the following chart.
NIFTY 50 Index vs MSCI World Index

20,000 3,500
MSCI WORLD INDEX

NIFTY 50 INDEX
18,000
3,000
16,000
2,500
14,000
12,000 2,000
Jul-22
Nov-22
Dec-22
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Aug-22
Sep-22
Jan-23
Feb-23
Mar-23
Apr-23
Oct-22
NIFTY 50 MSCI WORLD

The world remains behest with nations expressing differences which could escalate further. In the month of April 2023,
China initiated naval and air exercises close to Taiwan. The year will be a test for the western world to manage political
tensions and economic disruptions. Another geo-political crisis or escalation of the Russian-Ukraine war could be
disastrous for the world at large.
Perhaps, the silver lining in the cloud is that inflation in the US is abating from a peak of 9.1% in June 2022 to 6% in
February 2023. The analyst consensus is of US inflation falling further over the next six months.
24
US Inflation
10%
9.1
9% 8.5 8.6 8.5
8.3 8.3 8.2
8% 7.7
7.1
7% 6.5 6.4
6.0
6%
5%
Apr-22
Oct -22
Jun -22
Jul -22
Jan -23
Mar -22
Aug-22
Sep -22
Nov -22
Dec -22
Feb -23
May -22
Source: https://tradingeconomics.com/, US Bureau of Labor Statistics

As for India, it remains a bright spot and we remain optimistic that in Indian equity indices may record double-digit
returns in FY 2023-24. Your Company’s portfolio is a mix of listed Tata and diversified Non-Tata equities, unlisted equities,
and fixed income securities. Thus, even in a turbulent year gone by your Company’s Total Equity per Share has remained
at the same levels as that on March 31, 2022.
Your Company has realized gains at opportune times and reinvested the same in other asset classes. The income earned
from dividends grew substantially in FY 2022-23 from ` 127.64 crore to ` 187.87 crore.
Your Company has been carrying forward the Tata group’s philanthropic legacy for many decades. It is committed to
improving the quality of life of individuals and empowering institutions that serve communities, thus, creating a tangible
impact on the lives of people.
During the year FY 2022-23, your Company has contributed a total of ` 665.48 lacs towards CSR activities, with interventions
focusing on providing quality education, improving healthcare systems, increasing environmental sustainability, animal
welfare, senior citizen care and other bespoke programmes. Details of CSR contributions for FY 2022-23 are given in
Annexure B.
Last but not the least, your Company is committed to a sustainable future; and is fervently working towards achieving the
Tata group’s goal of being Net-Zero by 2045. Your Company has implemented its Sustainability Strategy during the last
fiscal, which resulted in offsetting its Carbon Liabilities (Scope 1 and 2 GHG emissions) for FY 2022-23. The Company has
successfully retired 45 Verified Emission Reductions (VERs) under the aegis of the Gold Standards Certification Program
through the 400 MW Solar Power Project at Bhadla, Rajasthan, India. The project helps reduce anthropogenic emissions
of greenhouse gases estimated at ~694,471 tCO2e p.a., thereon replacing 732,874 MWh/year amount of electricity with
renewable energy. The generated electricity is exported to the regional grid system, which in turn diversifies the mix of
thermal/fossil-fuel based power plants connected to national grid.
7. FIXED DEPOSITS :
The Company has not accepted any public deposits under the provisions of the Companies Act, 2013 (‘Act’).
25
INVESTMENT
8. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS :

The provisions of Section 186 of the Act pertaining to investment, guarantee and lending activities are not applicable to
the Company since the Company is a Non Banking Financial Company (“NBFC”) whose principal business is acquisitions
of securities.
9. CONSOLIDATED FINANCIAL STATEMENTS :

The Consolidated Financial Statements of the Company form part of the Annual Report. The annual accounts of the
subsidiary company and related detailed information are available on the website of the Company and the same may be
obtained by writing to the Company Secretary at the Registered e-mail ID of the Company: [email protected].
The consolidated financial results reflect the operations of Simto Investment Company Ltd. (“Simto”) (Subsidiary), and
the following Associate Companies namely Tata Asset Management Private Ltd., Tata Trustee Company Private Ltd. and
Amalgamated Plantations Private Ltd.
The Company has adopted a Policy for determining Material Subsidiaries in terms of Regulation 16(1)(c) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations’’). The Policy, as approved
by the Board, is uploaded on the Company’s website: https://tatainvestment.com/images/Policy%20on%20Material%20
Subsidiaries.pdf
Subsidiary Company
The Company has a subsidiary Simto Investment Company Ltd. (Simto) which is registered as a NBFC with the Reserve Bank
of India. The Company manages its portfolio endeavouring to capitalize on activities arising out of short term volatility
in the market. Simto’s resources have been augmented during the year FY 2022-23 both with quasi-equity infusion of
` 150.00 crores in the form of 8.70% Compulsorily Cumulative Convertible Preference Shares issued on a rights basis to
its shareholders and an issuance of ` 250.00 crores of Commercial Paper. The fair value of assets of the Company was
` 469.52 crores as on 31st March, 2023.
Associate Companies
1. Tata Asset Management Private Ltd.
The Company holds 32.09% of the equity share capital of Tata Asset Management Private Ltd., whose principal
activity is to act as an investment manager to Tata Mutual fund and the Company is registered with Securities
Exchange Board of India (“SEBI”) under the SEBI (Mutual Fund) Regulations 1996 and has a track record of 25 years
in investment management. The Assets Under Management (AUM) of the Company as on 31st March, 2023 is
` 98,664.38 crores. The consolidated turnover of the company during the year was ` 390.17 crores (previous year|
` 347.07 crores) and Profit after tax for the year was ` 110.48 crores (previous year ` 104.42 crores). The company has
a net worth of ` 470.07 crores as on 31st March, 2023 (previous year ` 410.41 crores).
2. Tata Trustee Company Private Ltd.

The Company holds 50% of the equity share capital of Tata Trustee Company Private Ltd. which is acting as the
Trustees to Tata Mutual Fund. During the year, the turnover of the company was ` 3.10 crores (previous year ` 2.86
crores) and Profit after tax for the year was ` 0.43 crores (previous year ` 0.74 crores). The company has a net worth
of ` 10.24 crores (previous year ` 10.18 crores) as on 31st March, 2023.
3. Amalgamated Plantations Private Ltd.

The Company holds 24.61% of the equity share capital of Amalgamated Plantations Private Ltd (“APPL”) which is
engaged in the business of cultivation and manufacturing of tea and other allied agricultural products and packaging
services. The turnover of APPL during the year was ` 984.62 crores (previous year ` 859.61 crores) and registered a
loss for the year of ` 54.72 crores (previous year loss ` 65.10 crores) during the financial year 2022-23.
A statement containing the salient features of the financial statements of the subsidiary company and associate
companies is annexed to the Financial Statements in Form AOC-1 “Annexure A”.
26
10. BOARD AND COMMITTEE MEETINGS :

During the year under review, Five Board Meetings were held. The details of the composition of the Board and its
Committees and of the Meetings held and attendance of the Directors at such Meetings are provided in the Corporate
Governance Report. There have not been any instances during the year when recommendations of the Audit Committee
were not accepted by the Board.
11. DIRECTORS’ RESPONSIBILITY STATEMENT :

Based on the framework of internal financial controls and compliance systems established and maintained by the
Company, work performed by the internal, statutory and secretarial auditors including audit of internal financial controls
over financial reporting by the statutory auditors and the reviews performed by Management and the relevant Board
Committees, including the Audit Committee, the Board is of the opinion that the Company’s internal financial controls
were adequate and effective during the financial year 2022-23.
Accordingly, pursuant to Section 134(3)(c) and 134(5) of the Act the Board of Directors, to the best of their knowledge
and ability, confirm that: –
i) in the preparation of the annual accounts, the applicable accounting standards have been followed and that there
are no material departures;
ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that
are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at the end of the
financial year and of the profit of the Company for that period;
iii) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with
the provisions of the Act, for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
iv) they have prepared the annual accounts on a going concern basis;
v) they have laid down internal financial controls to be followed by the Company and that such internal financial
controls are adequate and are operating effectively;
vi) They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such
systems are adequate and operating effectively.
12. RISK MANAGEMENT :

The Company has adopted a Risk Management Policy in accordance with the provisions of the Act and Regulation 17(9)
of the SEBI Listing Regulations. It establishes various levels of risks with its varying levels of probability, the likely impact
on the business and its mitigation measures.
The Internal Auditor evaluates the execution of Risk Management Practices in the Company, in the areas of risk
identification, assessment, monitoring, mitigation and reporting. Asset Liability Risk Management and IT Strategy and
Steering Committee oversees the Risk Management and reports to the Audit Committee as well as the Board of Directors
about risk assessment and management procedures and status from time to time.
13. INTERNAL CONTROL SYSTEMS :

The Company maintains appropriate systems of internal controls, including monitoring procedures, to ensure that all
assets and investments are safeguarded against loss from unauthorized use or disposition. Company policies, guidelines
and procedures provide for adequate checks and balances and are meant to ensure that all transactions are authorized,
recorded and reported correctly.
The Internal Auditors reviews the efficiency and effectiveness of these systems and procedures. Added objectives
include evaluating the reliability of financial and operational information and ensuring compliances with applicable
laws and regulations. The Internal Auditors submit their Report periodically which is placed before and reviewed by the
Audit Committee.
27
INVESTMENT
14. VIGIL MECHANISM / WHISTLE BLOWER POLICY :

The Company has adopted a Whistle Blower Policy to provide a formal mechanism to the Directors and employees
to report their concerns about unethical behaviour, actual or suspected fraud or violation of the Company’s Code of
Conduct or ethics policy. The Policy provides for adequate safeguards against victimization of employees who avail
of the mechanism and also provide for direct access to the Chairman of the Audit Committee. It is affirmed that no
personnel of the Company has been denied access to the Audit Committee Chairman.
15. RELATED PARTY TRANSACTIONS :

All Related Party Transactions that were entered into during the financial year were on an arm’s length basis, in the
ordinary course of business and were in compliance with the applicable provisions of the Act and the SEBI Listing
Regulations. There were no materially significant Related Party Transactions made by the Company with Promoters,
Directors, Key Managerial Personnel which may have a potential conflict with the interest of the Company at large.
All Related Party Transactions are placed before the Audit Committee for approval. Prior omnibus approval of the Audit
Committee is obtained for the transactions which are repetitive in nature. A statement of all Related Party Transactions
is placed before the Audit Committee for its review on a quarterly basis, specifying the nature, value and terms and
conditions of the transactions, if any.
The Company has adopted a Related Party Transactions Policy. The Policy, as approved by the Board, is uploaded on
the Company’s website at the web link: https://tatainvestment.com/images/Policy%20on%20Related%20Party%20
Transactions.pdf
All the Related Party Transactions during the year under review, were at arm’s length and in the ordinary course of
business and the Company did not enter into any material transaction with any related party and accordingly, Company
does not have anything to report in Form AOC-2 and therefore the same has not been provided.
The details of the transactions with Related Parties as per Ind AS 24 are provided in the accompanying financial
statements.
16. CORPORATE SOCIAL RESPONSIBILITY (CSR) :

In terms of Section 135 and Schedule VII of the Act the Board of Directors has constituted a CSR Committee under the
Chairmanship of Mr. F N. Subedar. Mr. A. N. Dalal, Mr. Suprakash Mukhopadhyay and Mr. V. Chandrasekaran are the other
members of the Committee.
The CSR committee of the Board has framed a CSR policy and uploaded it on the website of the company
https://tatainvestment.com/wp-content/uploads/2022/03/TICL-CSR-Policy.pdf
The Annual Report on CSR activities is annexed herewith as “Annexure B”.
17. POLICY ON PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT AT WORK PLACE :
The Company has adopted a policy on Prevention, Prohibition and Redressal of Sexual Harassment at the Workplace,
in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act 2013 and the Rules thereunder. The Policy aims to provide protection to employees at the workplace and prevent
and redress complaints of sexual harassment and for matters connected or incidental thereto, with the objective of
providing a safe working environment, where employees feel secure. The Company has also constituted an Internal
Complaints Committee, known as the Prevention of Sexual Harassment (“POSH”) Committee, to inquire into complaints
of sexual harassment and recommend appropriate action.
The Company had no complaints of sexual harassment at the beginning of the year and has not received any complaints
during the financial year. Accordingly, there are no complaints pending at the end of the financial year 2022-2023.
28
18. DIVIDEND DISTRIBUTION POLICY :

In term of Regulations 43A of SEBI Listing Regulations, the Board of Directors of the Company has adopted a Dividend
Distribution Policy which can be accessed on the website of the Company: https://www.tatainvestment.com/images/
Dividend%20Distribution%20Policy.pdf
19. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS :

There are no significant material orders passed by the Regulators / Courts which would impact the going concern status
of the Company and its future operations.
20. DIRECTORS AND KEY MANAGERIAL PERSONNEL :

Pursuant to the provisions of the Act and the Company’s Articles of Association, Mr. F.N. Subedar (DIN 00028428), retires
by rotation and, being eligible, offers himself for re-appointment. A resolution seeking shareholder approval for his
reappointment forms part of the Notice.
Pursuant to the provisions of Section 149 of the Act, the Independent Directors have submitted declarations that each
of them meet the criteria of independence as provided in Section 149(6) of the Act along with Rules framed thereunder
and Regulation 16(1)(b) of the SEBI Listing Regulations. In terms of Regulation 25(8) of SEBI Listing Regulations there has
been no change in the circumstances affecting their status as Independent Directors of the Company.
During the year under review, the Non-Executive Directors of the Company had no pecuniary relationship or transactions
with the Company, other than sitting fees and commission for the purpose of attending meetings of the Board/
Committee of the Company.
Mr. Manoj Kumar CV, Chief Financial Officer, Company Secretary and Compliance Officer of the Company has resigned
w.e.f. close of working hours on 30th June, 2023. The Board of Directors places on record its appreciation for the services
rendered by him over the years.
Based on the recommendation of the Nomination and Remuneration Committee and the Audit Committee, the Board of
Directors of the Company has approved the appointment of Mr. Manoj Gupta as Chief Financial Officer of the Company
and Mr. Jamshed Patel as the Company Secretary and Compliance Officer of the Company w.e.f. 1st July, 2023.
Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company as on 31st March,
2023 are: Mr. Amit N. Dalal, Executive Director and Mr. Manoj Kumar CV, Chief Financial Officer and Company Secretary
(upto 30th June, 2023).
Details pertaining to Director seeking re-appointment together with other directorships and committee membership
have been given in the annexure to the Notice of the AGM in accordance with the requirements of the SEBI Listing
Regulations and Secretarial Standard-2 on General Meetings.
21. ANNUAL EVALUATION OF BOARD PERFORMANCE AND PERFORMANCE OF ITS COMMITTEES AND OF INDIVIDUAL
DIRECTORS :
Pursuant to the provisions of the Act and SEBI Listing Regulations the Board has carried out an annual evaluation
of its own performance, the performance of the Directors individually as well as the evaluation of the working of its
Committees.
29
INVESTMENT
The Nomination and Remuneration Committee has defined the evaluation criteria, procedure and time schedule for the
Performance Evaluation process for the Board, its committees and individual Directors, including the Chairman of the
Company. The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and
Exchange Board of India on 5th January, 2017.
For evaluating the Board as a whole, views were sought from the Directors on various aspects of the Board’s functioning
such as degree of fulfilment of key responsibilities, Board Structure and composition, establishment, delineation of
responsibilities to various committees, effectiveness of Board processes, information and functioning, Board culture and
dynamics, quality of relationship between the Board and the management.
Similarly, views from the Directors were also sought on performance of individual Directors covering various aspects such
as attendance and contribution at the Board/Committee Meetings and guidance/support to the management outside
Board/Committee Meetings. In addition, the chairman was also evaluated on key aspects of his role, including setting
the strategic agenda of the Board, encouraging active engagement by all Board members and promoting effective
relationships and open communication, communicating effectively with all stakeholders and motivating and providing
guidance to the Executive Director.
Areas on which the Committees of the Board were assessed included degree of fulfilment of key responsibilities,
adequacy of Committee composition, effectiveness of meetings, Committee dynamics and quality of relationship of the
Committee with the Board and the Management.
The performance evaluation of the Independent Directors was carried out by the entire Board. The performance
evaluation of the Chairman and the Non-Independent Directors was carried out by the Independent Directors who also
reviewed the performance of the Board as a whole. The Nomination and Remuneration Committee also reviewed the
performance of the Board, its Committees and of individual Directors.
22. REMUNERATION POLICY :

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection
and appointment of Directors, Senior Management and their remuneration. The Remuneration Policy is stated in the
Corporate Governance Report and can be accessed at Company’s website https://tatainvestment.com/wp-content/
uploads/2020/12/Remuneration_Policy.pdf
23. AUDITORS :
STATUTORY AUDITORS :
In terms of the RBI Guidelines and related FAQs for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors
(SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) [the “RBI Guidelines”] dated 27th April,
2021, entities with asset size of ₹15,000 crore and above as at the end of previous year, the statutory audit should be
conducted under joint audit of a minimum of two audit firms [Partnership firms/Limited Liability Partnerships (LLPs)].
M/s. Suresh Surana & Associates LLP, Chartered Accountants, (Firm Registration No. 121750W/W-100010), were appointed
as Statutory Auditors till conclusion of the 87th Annual General Meeting of the Company and M/s Gokhale & Sathe,
Chartered Accountants (Firm Registration No. 103264W), were appointed as Joint Statutory Auditors till conclusion of
the 86th Annual General Meeting of the Company.
Subject to the approval of the Members, the Board of Directors of the Company has recommended the re-appointment
of M/s Gokhale & Sathe, Chartered Accountants (Firm Registration No. 103264W) as the Joint Statutory Auditors of the
Company pursuant to Section 139 of the Act, from the conclusion of this Annual General Meeting of the Company till the
conclusion of the 88th Annual General Meeting to be held in the year 2025. Members’ attention is drawn to a Resolution
proposing the appointment of M/s Gokhale & Sathe, Chartered Accountants (Firm Registration No. 103264W), as Joint
Statutory Auditors of the Company which is included at Item No. 5 of the Notice convening the Annual General Meeting.
30
As per the provisions of Section 139 of the Act, they have given their consent for the appointment and confirmed that
the appointment, if made, would be in accordance with the conditions as prescribed under the Act and applicable Rules
and the RBI Guidelines.
The Audit Report of M/s. Suresh Surana & Associates LLP and M/s. Gokhale & Sathe, Chartered Accountants on the
Financial Statements of the Company for the Financial Year 2022-23 is a part of the Annual Report. The Report does not
contain any qualification, reservation, adverse remark or disclaimer.
SECRETARIAL AUDITORS :
Pursuant to provisions of Section 204 of the Act and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed M/s. Parikh & Associates, Company Secretaries, to undertake the
Secretarial Audit of the Company. The Report of the Secretarial Audit Report is annexed herewith as “Annexure C”.
The Secretarial Audit Report for the financial year ended 31st March, 2023 does not contain any qualification, reservation,
adverse remark or disclaimer.
COST RECORDS AND COST AUDITORS :

The provisions of Cost Audit and Records as prescribed under Section 148 of the Act, are not applicable to the Company.
24. SECRETARIAL STANDARDS OF ICSI :

The Company is in compliance with the Secretarial Standards on Meetings of the Board of Directors (SS – 1) and General
Meetings (SS – 2) issued by The Institute of Company Secretaries of India and approved by the Central Government.
25. CORPORATE GOVERNANCE :

The Annual Report contains a separate section on the Company’s corporate governance practices, together with a
certificate from the Company’s Auditors confirming compliance, as per SEBI Listing Regulations.
26. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORTING :

A separate section on Business Responsibility and Sustainability Report forms part of this Annual Report as required
under Regulation 34(2)(f ) of SEBI Listing Regulations is annexed herewith as “Annexure D”.
27. ANNUAL RETURN :

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on 31st March, 2023, is available
on the Company’s website https://tatainvestment.com/wp-content/uploads/2023/06/Form_MGT_7_website.pdf
28. REPORTING FRAUD :

During the year under review, the Statutory Auditor and Secretarial Auditor have not reported any instances of frauds
committed in the Company by its Officers or Employees, to the Audit Committee under Section 143(12) of the Act details
of which needs to be mentioned in this Report.
29. CONSERVATION OF ENERGY, ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO :

Being an investment company and not involved in any industrial or manufacturing activities, the Company’s activities
involve very low energy consumption and has no particulars to report regarding conservation of energy and technology
absorption. However, efforts are made to further reduce energy conservation.
During the year under review, the Company did not have any foreign exchange expenditure and foreign exchange
earnings.
31
INVESTMENT
30. PARTICULARS OF EMPLOYEES AND REMUNERATION :

The information required under Section 197(12) of the Act read with Rule 5(1) of The Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, is annexed as “Annexure E”.
The information required under Section 197(12) of the Act read with Rules 5 (2) and (3) of The Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 is provided in the Annexure forming part of the Report. In terms
of the first proviso to Section 136 of the Act, the Report and Accounts are being sent to the Shareholders excluding
the aforesaid Annexure. Any Shareholder interested in obtaining the same may write to the Company Secretary at the
Registered e-mail ID of the Company: [email protected]. None of the employees listed in the said Annexure is related to any
Director of the Company.
31. ACKNOWLEDGEMENTS :
The Board wishes to place on record their sincere appreciation for the continued support which the Company has
received from all its stakeholders and above all, its employees.
On behalf of the Board of Directors,
NOEL N. TATA
Chairman
DIN: 00024713
Registered Office:
CIN L67200MH1937PLC002622
Mumbai 400 001
Tel. No. 6665 8282, Fax No.6665 7917
32
ANNEXURE A TO THE BOARD’S REPORT

FORM AOC-1
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures
PART A : SUBSIDIARIES
(` in lacs)
Particulars Simto Investment
Company Limited
1. Reporting period for the subsidiary concerned, if different from the holding company’s N.A
reporting period
2. Reporting currency and Exchange rate as on the last date of the relevant Financial year in N.A
the case of foreign subsidiaries.
3 Date of acquiring subsidiary 31-08-2012
4. Share capital 152.79
5. Other Equity (including application money) 22,703.33
6. Total assets 46,951.70
7. Total Liabilities 24,095.58
8. Investments 45,793.61
9. Turnover 744.50
10. Profit before taxation (274.33)
11. Provision for taxation 288.22
12. Profit after taxation (562.55)
13. Total Comprehensive Income (570.24)
14. Proposed Dividend -
15. % of shareholding 97.70
PART B : ASSOCIATES AND JOINT VENTURES

Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associate Companies and Joint
Ventures
(` in lacs)
Tata Asset Tata Trustee Amalgamated
Name of the Associates Management Pvt. Ltd. Company Pvt. Ltd. Plantations Pvt. Ltd.
(Associate) (Associate) (Associate)
1. Latest audited Balance Sheet Date 31.03.2023 31.03.2023 31.03.2023
2. Date of acquiring associate 27.03.1995 05.01.2010 31.03.2009
3. Shares of Associate/ Joint Venture held by
the Company on the year end
No. 8,424,731 2,75,000 36,600,000
Amount of Investment in Associates/Joint
Venture 1,950.09 2.62 3,660.00
Extend of Holdings % 32.09% 50.00% 24.61%
33
INVESTMENT
(` in lacs)
Tata Asset Tata Trustee Amalgamated
Name of the Associates Management Pvt. Ltd. Company Pvt. Ltd. Plantations Pvt. Ltd.
(Associate) (Associate) (Associate)
4. Description of how there is significant There is significant influence due to percentage (%) of Share Capital
influence
5. Reason why the associate/ joint venture is - - -
not consolidated
6. Net worth attributable to Shareholding as 16,075.15 510.21 Nil
per latest Balance Sheet
7. Profit/ Loss for the year
(i) Considered in Consolidation 3,544.26 21.53 Nil
(ii) Not Considered in Consolidation - - -
For and on behalf of the Board of Directors

N. N. TATA (DIN: 00024713) Chairman
F. N. SUBEDAR (DIN: 00028428) Vice Chairman
MANOJ KUMAR C V A. N. DALAL SUPRAKASH MUKHOPADHYAY (DIN: 00019901)

Chief Financial Officer & Executive Director A. SEN (DIN: 00002593)
Company Secretary DIN: 00297603 V. CHANDRASEKARAN (DIN: 03126243)
Directors
ACS: 15140 R. DUBE (DIN: 00021796)
Mumbai, 5th May, 2023 F. KHAMBATA (DIN: 06954123)
34
ANNEXURE B TO THE BOARD’ REPORT

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR)
1. Brief outline on CSR Policy of the Company. Tata Investment Corporation Limited is committed to
contributing to the improvement in the quality of life of
individuals and empowerment of institutions which serve the
community. The Company aims to involve itself in projects and
programmes, with due consideration to the environment and
existing conditions. Whilst all communities may benefit from
the Company’s CSR activities, it would focus on those groups
that are socially and economically weaker sections.
The Company has framed its CSR Policy in compliance with the
provisions of the Companies Act 2013 and the same is placed
on the Company’s website at weblink: https://tatainvestment.
com/wp-content/uploads/2022/03/TICL-CSR-Policy.pdf
2. Composition of CSR Committee. Mr. F.N. Subedar, Chairman
Mr. A.N. Dalal
Mr. Suprakash Mukhopadhyay
Mr. V. Chandrasekaran
F or number of meetings of CSR Committee held during the
year under review and attended by members, please refer the
Corporate Governance report
3. Web-link(s) where Composition of CSR https://tatainvestment.com/committees-of-the-board/
Committee, CSR Policy and CSR Projects https://tatainvestment.com/wp-content/uploads/2022/03/
approved by the board are disclosed on the TICL-CSR-Policy.pdf
website of the company.
https://tatainvestment.com/wp-content/uploads/2023/06/
List-of-CSR-Projects.pdf
4. Executive summary along with web-link(s) Not Applicable
of Impact Assessment of CSR Projects carried
out in pursuance of sub-rule (3) of rule 8, if
applicable.
5. (a) Average net profit of the company as per ` 31,695 lacs
sub-section (5) of section 135.
(b) Two percent of average net profit of the ` 633.90 lacs
company as per sub-section (5) of section
135.
(c) Surplus arising out of the CSR Projects or -
programmes or activities of the previous
financial years.
(d) Amount required to be set-off for the -
financial year, if any.
(e) Total CSR obligation for the financial year ` 633.90 lacs
[(b)+(c)-(d)].
35
INVESTMENT
6. (a) Amount spent on CSR Projects (both ` 665.48 lacs

Ongoing Project and other than Ongoing
Project).
(b) Amount spent in Administrative -
Overheads.
(c) Amount spent on Impact Assessment, if -
applicable.
(d) Total amount spent for the Financial Year ` 665.48 lacs
[(a)+(b)+(c)].
(e) CSR amount spent or unspent for the Total Amount Unspent (in `)
Financial Year. Amount
Total Amount Amount transferred to any
Spent for
transferred to fund specified under Sched-
the Financial
Unspent CSR ule VII as per second proviso
Year
Account as per to sub-section (5) of Section
(in `)
sub-section (6) of 135
Section 135
Amount Date of Name of Amount Date of
transfer the Fund transfer
665.48 lacs NIL NA NA NIL NA
(f ) Excess amount for set-off, if any. -

7. Details of Unspent Corporate Social -
Responsibility amount for the preceding three
Financial Years.
8. Whether any capital assets have been No
created or acquired through Corporate Social
Responsibility amount spent in the Financial
Year.
9. Specify the reason(s), if the company has -
failed to spend two per cent of the average
net profit as per sub- section (5) of Section
135.
(F. N. Subedar) (A. N. Dalal)

Chairman-CSR Committee Executive Director
DIN: 00028428 DIN: 00297603
36
List of CSR Activities
S. Name of the Item from the Local area Location of Amount Mode of Mode of Implementation
No. Project list of activities (Yes/No). the project. spent for the implemen- - Through Implementing
in Schedule VII (State/ project tation - Agency
to the Act. District) (` In lacs) Direct
(Yes/No) Name of CSR
institution Registration
number
1. Contribution to Health Care / Yes Maharashtra, 350.00 No Tavescor CSR00002079

Charitable Trust Education Mumbai Charitable Trust
2. Contribution Promotion of Yes Maharashtra, 75.00 No University of CSR00026364

towards education Mumbai Mumbai
renovation and
preservation of
archives
3. Contribution Environment No Maharashtra, 27.00 Yes Jal Dhan -

towards Sustainability Osmanabad – Water
Environment and Rural Harvesting And
Sustainability and Upliftment Conservation
Rural Upliftment Initiative
Parivartan Vikas
Bachat Ghat
4. Contribution Health Care Yes Maharashtra, 25.00 No Society for CSR00001278

towards Health Gadchiroli Education,
care activities Action and
to tribal and Research in
rural people of Community
Gadchiroli district Health
(SEARCH)
5. Contribution Health Care Yes Maharashtra, 16.50 Yes Sir J. J. Group of -

towards Mumbai Hospitals
procurement
of Surgical
Equipments for
Department of
Neurosurgery
37
INVESTMENT
number
6. Contribution Promotion of Yes Maharashtra, 15.00 No District CSR00019641

towards repairs facilities for Mumbai Benevolent
and construction senior citizens Society of
of institutional Bombay, Sir
premises Jamsetjee
providing Jejeebhoy
residential Dharamshala
services to elderly
abandoned and
destitute senior
citizens
7. Contribution Promotion of Art Yes Maharashtra, 15.00 No National Centre CSR00031593

towards and Culture Mumbai for Performing
support for Arts
promotion and
preservation of
performing arts
and providing
a platform for
world class
artistic events
8. Contribution Health Care Yes Maharashtra, 13.20 Yes Government -

towards Mumbai Dental College
maintenance and & Hospital
repairs of medical
equipments
9. Contribution Health Care Yes Maharashtra, 12.00 No The Jimmy CSR00001543

towards Mumbai Billimoria
home-based, Foundation –
multidisciplinary, PALCARE
palliative care
service for cancer
patients
38
number
10. Contribution Promotion of Yes Maharashtra, 12.00 No Lift for CSR00005826

towards free education Pune Upliftment
teaching for
needy and
underpriviliged
students
11. Contribution Promotion of Yes Maharashtra, 10.00 No Lady Meherbai CSR00040150

towards education Mumbai D. Tata
supplementing Education Trust
scholarship of
larger number
of meritorious
students
12. Contribution Promotion of Yes Maharashtra, 10.00 No Leslie Sawhny CSR00002587

towards skill education Mumbai Endowment
development
programs
empowering
people
13. Contribution Promotion of Yes Maharashtra, 10.00 No Bai R.F.D. CSR0019362

towards setting education Mumbai Panday Girls’
up of computer High School
lab
14. Contribution Promotion of Yes Maharashtra, 10.00 No Sri Auro Mira CSR00000510
towards education Mumbai Service Society
Scholarships for (Delhi)
underprivileged
children
15. Contribution Education and Yes Maharashtra, 10.00 No Together CSR00006736

towards training Promoting Mumbai Foundation
programs for livelihood
developing skills enhancement
and financial activities
independence of
children suffering
from intellectual
disabilities
39
INVESTMENT
number
16. Contribution Education and Yes Maharashtra, 10.00 No The Anchorage CSR00009674
towards Promoting Mumbai
Vocational livelihood
training to enhancement
people suffering activities
from intellectual
disabilities
17. Contribution Health Care Yes Maharashtra, 8.96 Yes Cama & Alblees -
towards an Mumbai Hospital
ambulance for
transportation of
patients
18. Contribution Promotion of Yes Maharashtra, 5.00 No Cricketers CSR00031593

towards welfare Sports Mumbai Foundation
of sportsman
19. Contribution Animal Welfare Yes Maharashtra, 5.00 No Animals Matter CSR00003005
towards welfare Mumbai To Me (AMTM)
of animals
20. Contribution Animal Welfare Yes Maharashtra, 5.00 No In Defense of CSR00004469

towards welfare Mumbai Animals India
of animals
21. Contribution Environment No Kerala, 5.00 No Forest First CSR00004799

towards Sustainability Wayanad Samithi
conservation and
restoration of
degraded forest
lands
22. Contribution Environment Yes Maharashtra, 5.00 No Bombay CSR00022469

towards Sustainability Mumbai Environmental
safeguarding of Action Group
forests, plateaus
and cities from
degradation and
destruction
40
number
23. Contribution Health Care Yes Maharashtra, 5.00 No Utsaah CSR00009927

towards assisting Mumbai Foundation
patients and
enhancing their
core activities
24. Contribution Promotion of Yes Maharashtra, 5.00 No K R Cama CSR00023005

towards education Mumbai Oriental
maintenance of Institute
library
25. Contribution Animal Welfare Yes Maharashtra, 0.82 No Bombay CSR00015967

towards Surgical Mumbai Society for the
Equipments Prevention
for operation of Cruelty
theatres in animal to Animals,
hospital Bai Sakarbai
Dinshaw Petit
Hospital for
Animals
41
INVESTMENT
ANNEXURE C TO THE BOARD’S REPORT
FORM No. MR-3

SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2023
(Pursuant to Section 204 (1) of the Companies Act, 2013 and rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014)
To,
The Members,
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by Tata Investment Corporation Limited (hereinafter called ‘the Company’). Secretarial Audit was
conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances
and expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, opinion received, forms and returns filed and
other records maintained by the company, information to the extent provided by the company, its officers, agents and
authorised representatives during the conduct of secretarial audit, the explanations and clarifications given to us and the
representations made by the Management and considering the relaxations granted by the Ministry of Corporate Affairs and
Securities and Exchange Board of India warranted due to the spread of the Covid-19 pandemic, we hereby report that in our
opinion, the company has, during the audit period covering the financial year ended on March 31, 2023 generally complied
with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance
mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records made available to us and
maintained by the Company for the financial year ended on March 31, 2023 according to the provisions of:
(i) The Companies Act, 2013 (‘the Act’) and the rules made thereunder;
(ii) The Securities Contract (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign
Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992
(‘SEBI Act’)
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
and amendments from time to time; (Not applicable to the Company during the audit period)
(d) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations,
2021; (Not applicable to the Company during the audit period)
(e) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021;
(Not applicable to the Company during the audit period)
(f ) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Act and dealing with client;(Not applicable to the Company during the audit period)
42
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; (Not applicable to the
Company during the audit period) and
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018; (Not applicable to the
Company during the audit period)
(vi) Other laws specifically applicable to the Company namely
1. The Reserve Bank of India Act, 1934
2. Directions issued under the Reserve Bank of India Act, 1934
3.
Non-Banking Financial Company-Systemically important non-deposit taking company (Reserve Bank)
Directions, 2016
We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India with respect to Board and General
Meetings.
(ii) The Listing Agreements entered into by the Company with BSE Limited and National Stock Exchange of India
Limited read with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
During the period under review, the Company has generally complied with the provisions of the Act, Rules,
Regulations, Guidelines, standards etc. mentioned above.
We further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. There was no change in the composition of the Board of Directors that took
place during the period under review.
Adequate notice was given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda
were sent at least seven days in advance other than those held at shorter notice, and a system exists for seeking
and obtaining further information and clarifications on the agenda items before the meeting and for meaningful
participation at the meeting.
As per the minutes, the decisions at the Board Meetings were taken unanimously.
We further report that there are adequate systems and processes in the Company commensurate with the size
and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and
guidelines.
We further report that during the audit period no events occurred which had bearing on the Company’s affairs in
pursuance of the above referred laws, rules, regulations, guidelines, standards, etc.
For Parikh & Associates

Company Secretaries
Sarvari Shah
Partner
FCS No: 9697 CP No: 11717
Mumbai, 5th May, 2023 UDIN: F009697E000260981
PR No.: 1129/2021
This Report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report.
43
INVESTMENT
‘Annexure A’
To,
The Members
Our report of even date is to be read along with this letter.

1. Maintenance of Secretarial record is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and process as were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts
are reflected in Secretarial records. We believe that the process and practices, we followed provide a reasonable basis for
our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Wherever required, we have obtained the Management representation about the Compliance of laws, rules and
regulations and happening of events, etc.
5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility
of management. Our examination was limited to the verification of procedure on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.

Company Secretaries
Sarvari Shah
Partner
FCS No: 9697 CP No: 11717

Mumbai, 5th May, 2023 UDIN: F009697E000260981
PR No.: 1129/2021
44
ANNEXURE D TO THE BOARD’S REPORT

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
SECTION A: GENERAL DISCLOSURES
I. Details of the listed entity
1. Corporate Identity Number (CIN) of the Listed : L67200MH1937PLC002622

Entity
2. Name of the Listed Entity : Tata Investment Corporation Limited
3. Year of incorporation : 1937
4. Registered office address : Elphinstone Building, 10 Veer Nariman Road,
Mumbai - 400 001
5. Corporate address : Elphinstone Building, 10 Veer Nariman Road,
Mumbai - 400 001
6. E-mail : [email protected]
7. Telephone : 022-66658282
022-66657917 (Fax)
8. Website : www.tatainvestment.com
9. Financial year for which reporting is being done : FY 2022-23
10. Name of the Stock Exchange(s) where shares : Bombay Stock Exchange and National Stock Exchange
are listed of India
11. Paid-up Capital : ` 5,059.53 Lacs
12. Name and contact details (telephone, email : Mr. Manoj Kumar CV
address) of the person who may be contacted in : Chief Financial Officer & Company Secretary
case of any queries on the BRSR report. : 022 6665 8282
: [email protected]
13. Reporting boundary - Are the disclosures : The disclosures under this report are made on
under this report made on a standalone basis Standalone basis.
(i.e., only for the entity) or on a consolidated
basis (i.e., for the entity and all the entities
which form a part of its consolidated financial
statements, taken together).
II. Products/services :
14. Details of business activities (accounting for 90% of the turnover) :

S. Description of Main Description of Business Activity % of Turnover of the entity
No. Activity
1. The Company is a The Company operates primarily The Company’s primary sources of
Systemically Important as a long-term Investment income consist of dividends, interest,
Non-Deposit taking NBFC Company with investments in income from derivatives and gains on
registered with Reserve Bank quoted and unquoted securities. sale of long-term investments. This
of India under ‘Investment constitutes 100% of the company’s
and Credit Company. turnover.
45
INVESTMENT
15. Products/Services sold by the entity (accounting for 90% of the entity’s turnover) :
S. Product/Service NIC Code % of total Turnover contributed
No.
1. Same as question 14 6430 Same as question 14
III. Operations :
16. Number of locations where plants and/or operations/offices of the entity are situated :
Location Number of plants Number of offices Total
National - 1 1
International - - -
The Company operates from one location from its Registered Office situated in Mumbai, India.
17. Markets served by the entity :

a. Number of locations
Locations Number
National (No. of States) 1 (Maharashtra)
International (No. of Countries) -
b. What is the contribution of exports as a percentage of the total turnover of the entity?
Not applicable
c. A brief on types of customers
The Company is a non-deposit taking non-banking financial company, primarily involved in long-term
investments such as equity shares and equity-related securities. It does not have any customer interface.
IV. Employees
18. Details as at the end of Financial Year :

a. Employees and workers (including differently abled) :
S. Particulars Total (A) Male Female

No. No. (B) % (B / A) No. (C) % (C / A)
Employees
1. Permanent (D) 21 17 80.95 4 19.05
2. Other than Permanent (E) - - - - -
3. Total employees (D + E) 21 17 80.95 4 19.05
Workers
4. Permanent (F) - - - - -
5. Other than Permanent (G) - - - - -
6. Total workers (F + G) - - - - -
46
b. Differently abled Employees and workers :
S. Particulars Total (A) Male Female

No. No. (B) % (B / A) No. (C) % (C / A)
Employees
1. Permanent (D) - - - - -
2. Other than Permanent (E) - - - - -
3. Total differently abled employees - - - - -
(D + E)
Differently Abled Workers
4. Permanent (F) - - - - -
5. Other than permanent (G) - - - - -
6. Total differently abled workers - - - - -
(F + G)
19. Participation/Inclusion/Representation of women :

Total No. and percentage of Females
(A) No. (B) % (B / A)
Board of Directors 8 1 12.5
Key Management Personnel* 2 - -
*Mr. A. N. Dalal (Executive Director) and Mr Manoj Kumar CV (CFO & CS) are the Key Management Personnel of the
Company.
20. Turnover rate for permanent employees and workers :
FY 2022-23 FY 2021-22 FY 2020-21
Male Female Total Male Female Total Male Female Total
Permanent
4.76% 9.52% 14.28% - - - 9.10% 4.55% 13.65%
Employees
Permanent
- - - - - - - - -
Workers
47
INVESTMENT
V. Holding, Subsidiary and Associate Companies (including joint ventures)
21. (a) Names of holding / Subsidiary / Associate Companies / Joint Ventures :
S. Name of the holding/ Indicate whether % of shares held Does the entity
No. subsidiary/ associate companies/ holding/ by listed entity indicated at
joint ventures (A) Subsidiary/ column A,
Associate/ Joint participate in
Venture the Business
Responsibility
initiatives of the
listed entity? (Yes/
No)
1. Simto Investment Company Ltd. Subsidiary 97.70 No
2. Tata Asset Management Private Ltd. Associate 32.09 No
3. Tata Trustee Company Private Ltd. Associate 50.00 No
4. Amalgamated Plantations Private Ltd. Associate 24.61 No
VI. CSR Details
22. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013 : Yes
(ii) Turnover (in `) - ` 31,695.00 lacs*
(iii) Net worth (in `) - ` 1,940,225.25 lacs
*Average of previous 3 financial years
VII. Transparency and Disclosures Compliances
23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on
Responsible Business Conduct :
There was no case of violation of Tata Code of Conduct in 2022-23 and no case was reported under the Company’s
whistle blower policy, Anti Bribery and Anti-Corruption Policy during the year.
Stakeholder group from Grievance FY 2022-23 FY 2021-22

whom complaint is Redressal
received Mechanism
in Place
(Yes/No) Number Number Remarks Number Number Remarks
(If Yes, then of com- of com- of com- of com-
provide plaints plaints plaints plaints
web-link for filed pending filed pending
grievance during resolu- during resolu-
redress the year tion at the year tion at
policy) close of close of
the year the year
Communities Yes; - - - - - -
Tata Code
of Conduct
(TCoC)
48
Stakeholder group from Grievance FY 2022-23 FY 2021-22

whom complaint is Redressal
received Mechanism
in Place
(Yes/No) Number Number Remarks Number Number Remarks
(If Yes, then of com- of com- of com- of com-
provide plaints plaints plaints plaints
web-link for filed pending filed pending
grievance during resolu- during resolu-
redress the year tion at the year tion at
policy) close of close of
the year the year
Investors (other than Yes; - - - - - -
shareholders) Tata Code
of Conduct
(TCoC)
Shareholders Yes; 3 - Resolved 2 - Resolved
Tata Code
of Conduct
(TCoC)
Employees and workers Yes; - - - - - -
Tata Code
of Conduct
(TCoC)
Customers Not - - - - - -
Applicable
Value Chain Partners Not - - - - - -
Applicable
Other (please specify) Not - - - - - -
Applicable
The Tata Code of Conduct is available at:
https://www.tata.com/content/dam/tata/pdf/Tata%20Code%20Of%20Conduct.pdf
24. Overview of the entity’s material responsible business conduct issues

Please indicate material responsible business conduct and sustainability issues pertaining to
environmental and social matters that present a risk or an opportunity to your business, rationale for
identifying the same, approach to adapt or mitigate the risk along-with its financial implications, as per
the following format :
The most relevant material Issues identified for :
1. Governance/Economic Corporate Governance and Ethics
2. Social Talent Management
3. Governance/Economic Sustainable Investing
49
INVESTMENT
The details of each of the material issues is detailed in the table below :
1. Corporate Governance and Ethics
Indicate Rationale for identifying In case of risk, approach to Financial implications of

whether the risk/ opportunity adapt or mitigate the risk or opportunity
risk or (Indicate positive or
opportunity negative implications)
(R/O)
Risk • TICL stakeholders • Introducing an anti- Financial implications will be
seek accountability for money laundering negative as poor corporate
compliant, ethical and policy. governance or unethical
transparent business • Conducting regular practices lead to loss of
conduct. refresher sessions and IT confidence of stakeholders
• Safety and security of training for employees including investors and
critical and confidential to ensure data security. customers.
data.
2. Talent Management

whether the risk/opportunity adapt or mitigate the risk or opportunity
(R/O)
Opportunity A good talent pool will help The Company arrange Good talent management
TICL develop leadership for and encourages its will have positive financial
capabilities among all its employees to undertake implications as it will give
employees and ensure functional and soft-skill a competitive edge to
continuity of business. training programs. the company and ensure
continuity of business.
3. Sustainable Investing

whether the risk/opportunity adapt or mitigate the risk or opportunity
(R/O)
Opportunity • The global trend of The Company looks to The financial implications
investment is now invest in companies which will be positive. If TICL
inclined towards demonstrate good ESG invests in companies that
sustainable portfolios practices. have good ESG performance,
• Companies with good it is likely that the risk
ESG /Sustainability adjusted returns will be
performance are shown improved.
to be delivering better
returns over the long
term.
50
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting
the NGRBC Principles and Core Elements.
Disclosure Questions P P P P P P P P P
1 2 3 4 5 6 7 8 9
Policy and Management Processes
1. a. Whether your entity’s policy/ Yes Yes Yes Yes Yes Yes Yes Yes Yes
policies cover each principle
and its core elements of the
NGRBCs. (Yes/No)
b.
Has the policy been Yes Yes Yes Yes Yes Yes Yes Yes Yes
approved by the Board? (Yes/
No)
c. Web Link of the Policies, if • Tata Code of Conduct (TCoC);
available. • Corporate Social Responsibility Policy
• Whistle Blower Policy
• Sustainability Policy
• Policy on Prevention of Sexual Harassment of Women at Workplace
• Anti-Bribery and Anti-Corruption policy.
All Mandatory policies are available on the website of the Company. (https://
tatainvestment.com/investor-information/)
2. Whether the entity has translated Yes Yes Yes Yes Yes Yes Yes Yes Yes
the policy into procedures. (Yes /
No)
3. Do the enlisted policies extend to The policies have been communicated to all the internal stakeholders. Tata Code
your value chain partners? (Yes/ of Conduct has been communicated to other external stakeholders based on their
No) relevance.
4.
Name of the national No No No No No No No No No
and international codes/
certifications/labels/ standards
(e.g. Forest Stewardship Council,
Fairtrade, Rainforest Alliance,
Trustea) standards (e.g. SA 8000,
OHSAS, ISO, BIS) adopted by
your entity and mapped to each
principle.
5. Specific commitments, goals and The Company has developed detailed action plans and goals for each of the
targets set by the entity with material issues aligned with the NGRBC principles, these will be detailed under the
defined timelines, if any. relevant principle in section C of this Report.
6. Performance of the entity against
the specific commitments, goals
Detailed under the relevant principles in section C of this Report.
and targets along-with reasons in
case the same are not met.
51
INVESTMENT
1 2 3 4 5 6 7 8 9
Governance, Leadership and Oversight
7. Statement by Director responsible The Company is deeply committed to achieving ESG-related objectives and
for the business responsibility continues to prioritize related agenda over the near and medium term. The
report, highlighting ESG Company’s focus on ESG parameters is best reflected through values that are
related challenges, targets and imbibed in all spheres of activity of the Company.
achievements (listed entity The Company has adopted the Tata Code of Conduct which guides interactions
has flexibility regarding the with all key stakeholders including employees, vendors, communities, investors,
placement of this disclosure environment & society at large.
Corporate Social Responsibility is an integral part of it’s culture. One of the key
features of its CSR projects is focus on participatory and collaborative approach
with the community.
8.
Details of the highest authority
responsible for implementation
Executive Director.
and oversight of the Business
Responsibility policy(ies).
9. Does the entity have a specified
Committee of the Board/ Director
Yes, Corporate Social Responsibility Committee
responsible for decision making
Details on: https://tatainvestment.com/committees-of-the-board/
on sustainability related issues?
(Yes / No). If yes, provide details.
10. Details of Review of NGRBCs by the Company:
Subject for Review Indicate whether review was Frequency
undertaken by Director / Committee (Annually/ Half yearly/ Quarterly/
of the Board/ Any other Committee Any other – please specify)
P P P P P P P P P P P P P P P P P P
1 2 3 4 5 6 7 8 9 1 2 3 4 5 6 7 8 9
Performance against As a practice, policies on business responsibility of the Company are reviewed
Above policies and follow up action periodically or on a need basis by the Senior Leadership Team. During this
assessment, the efficacy of the policies is reviewed and necessary changes to
policies & procedures are implemented.
Compliance with statutory
requirements of relevance to the All compliance requirements with respect to the NGRBC principles have been
principles, and, rectification of any fulfilled.
non-compliances
11.
Has the entity carried out P P P P P P P P P
independent assessment/ 1 2 3 4 5 6 7 8 9
evaluation of the working of its
policies by an external agency?
Yes, Tata Sustainability Group.
(Yes/No). If yes, provide name of
the agency.
52
1 2 3 4 5 6 7 8 9
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
The entity does not consider the
Principles material to its business
(Yes/No)
The entity is not at a stage where
it is in a position to formulate and
implement the policies on specified
principles (Yes/No) All Principles are covered by the Policies.
The entity does not have the financial
or/human and technical resources
available for the task (Yes/No)
It is planned to be done in the next
financial year (Yes/No)
Any other reason (please specify)
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements
with key processes and decisions. The information sought is categorized as “Essential” and “Leadership”. While the essential
indicators are expected to be disclosed by every entity that is mandated to file this report, the leadership indicators may be
voluntarily disclosed by entities which aspire to progress to a higher level in their quest to be socially, environmentally and
ethically responsible.
PRINCIPLE 1: Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical,
Transparent and Accountable.
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year :
Segment Total number of Topics / principles %age of persons in

training and awareness covered under the respective category
programmes held training and its impact covered by the awareness
programmes
Board of Directors During the year, the Board of Directors of the Company
invested their time on various updates pertaining to the
business, regulations, ESG, etc.
Key - Tata Code of Conduct
Managerial Personnel - Anti-money laundering
Employees other than BoD -
Anti-bribery and anti- 100%
and KMPs corruption
5
- Whistle blower
-
Prevention of Sexual
Harassment at the
Workplace
Workers Not applicable Not applicable Not applicable
53
INVESTMENT
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by
the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial
year, in the following format (Note: the entity shall make disclosures on the basis of materiality as specified in
Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as disclosed on the
entity’s website) :
Not Applicable as no fines or penalties have been imposed in the reporting period.
Monetary
NGRBC Name of the Amount Brief of the Has an appeal been
Principle regulatory/ (In `) Case preferred? (Yes/No)
enforcement agencies/
judicial institutions
Penalty/ Fine
Settlement NIL
Compounding Fee
Non-Monetary
NGRBC Name of the Amount Brief of the Has an appeal been
Principle regulatory/ (In `) Case preferred? (Yes/No)
enforcement agencies/
Imprisonment
NIL
Punishment
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary
or non-monetary action has been appealed.
Case Details Name of the regulatory/enforcement agencies/

Not applicable
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
provide a web-link to the policy.
Yes, The Company has an Anti-bribery and Anti-corruption policy. The Policy has been developed in alignment of Tata
Code of Conduct and group guidelines.
Web link - https://tatainvestment.com/investor-information/
5.
Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery/ corruption :
No such action taken during the financial year 2022-23 and 2021-22.
6. Details of complaints with regard to conflict of interest :

No such action taken during the financial year 2022-23 and 2021-22.
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by
regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest.
Not applicable.
54
Leadership Indicators
1. Awareness programs conducted for value chain partners on any of the Principles during the financial year :
Total Number of awareness Topics/principles covered under % of value chain partners covered
programs held the training (by the value of business done
with such partners) under the
awareness programs
Not applicable since the Company is an Investment company.
2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board?
(Yes/No) If Yes, provide details of the same.
Yes, every Director of the Company discloses his/her concern or interest in the Company or companies or bodies
corporate, firms, or other association of individuals and any change therein, annually or upon any change, which includes
the shareholding.
Further, a declaration is also taken annually from the Directors under the Code of Conduct confirming that they will
always act in the interest of the Company and ensure that any other business or personal association which they may
have, does not involve any conflict of interest with the operations of the Company and the role therein.
In the Meetings of the Board, the Directors abstain from participating in the items in which they are concerned or
interested.
For identifying and tracking conflicts of interest involving the Directors/KMPs of the Company, the Secretarial team
maintains a database of the Directors and the entities in which they are interested. This list is shared with the Finance &
Accounts department for monitoring and tracking transaction(s) entered by the Company with such parties. Additionally,
the Senior Management also affirms annually that they have not entered into a material, financial and commercial
transactions, which may have a potential conflict with the interest of the Company at large.
PRINCIPLE 2: Businesses should provide goods and services in a manner that is sustainable and safe
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social impacts of product and processes to total R&D and capex investments made by the
entity, respectively.
FY2022-23 FY2021-22 Details of improvements in

environmental and social impacts
R&D
Not applicable
Capex
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
Not applicable.
b If yes, what percentage of inputs were sourced sustainably?

Not applicable.
55
INVESTMENT
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of
life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
Not applicable. The Company is engaged only in investment activities as a Non-Banking Financial Company and does
not have any goods and raw materials utilization as a part of its products and services. However, the Company is also
cognizant of its role in supporting environmental sustainability. As part of the above initiative, the Company sources its
office stationery which confirms with FSC certification and gradually increasing the LED power saving equipment.
4. W
hether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether
the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution
Control Boards? If not, provide steps taken to address the same.
No.
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?
NIC Code Name of % of total Boundary Whether Results

Product/Service Turnover for which the conducted by communicated
contributed Life Cycle independent in public
Perspective / external agency domain (Yes/No)
Assessment was (Yes/No) If yes, provide
conducted the web-link.
Not Applicable
2. If there are any significant social or environmental concerns and/or risks arising from production or disposal
of your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other
means, briefly describe the same along-with action taken to mitigate the same.
Not applicable.
3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing
industry) or providing services (for service industry).
Indicate input material Recycled or re-used input material to total material

FY 2022-23 FY 2021-22
NIL
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled,
and safely disposed, as per the following format :
FY 2022-23 FY 2021-22
Re-Used Recycled Safely Re-Used Recycled Safely
Disposed Disposed
Plastics (including packaging) - 0.01 - - 0.01 -
E-waste - 0.04 - - 0.01 -
Hazardous waste - - - - - -
Other waste - 0.15 - - 0.29 -
Note: Tata Investment Corporation Limited is committed to responsible waste management and takes measures to
dispose of plastics, e-waste, and other waste in an environmentally sustainable manner.
56
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.
Not applicable.
PRINCIPLE 3: Businesses should respect and promote the well-being of all employees, including those in their value
chains
1. a. Details of measures for the well-being of employees :
Category % of Employees covered by

Total Health Accident Maternity Paternity Day Care
(A) Insurance Insurance Benefits Benefits Facilities
Number % Number % Number % Number % Number %
(B) (B / A) (C) (C / A) (D) (D / A) (E) (E / A) (F) (F / A)
Permanent employees
Male 17 17 100 17 100 - - 17 100 17 100
Female 4 4 100 4 100 4 100 - - 4 100
Total 21 21 100 21 100 4 100 17 100 21 100
Other than Permanent employees
Male
Female The Company does not have employees other than Permanent Employees.
Total
b. Details of measures for the well-being of workers :
Category % of Workers covered by

Total Health Accident Maternity Total Health
(A) Insurance Insurance benefits (A) Insurance
Number % Number % Number % Number % Number %
(B) (B / A) (C) (C / A) (D) (D / A) (E) (E / A) (F) (F / A)
Permanent workers
Male
Female The Company does not employ workers.
Total
Other than Permanent workers
Male
Female The Company does not employ temporary workers.
Total
57
INVESTMENT
2. Details of retirement benefits, for Current Financial Year and Previous Financial Year.
Benefits FY 2022-23 FY 2021-22

No. of No. of workers Deducted and No. of No. of Deducted and
employees covered as deposited employees workers deposited
covered as a % of total with the covered as covered as with the
a % of total workers authority a % of total a % of total authority
employees (Y/N/N.A.) employees workers (Y/N/N.A.)
PF 100 Not applicable Y 100 Not applicable Y
Gratuity 100 Not applicable Y 100 Not applicable Y
Super- 100 Not applicable Y 100 Not applicable Y
annuation
Fund/ NPS
3. Accessibility of workplaces Are the premises / offices of the entity accessible to differently abled employees and
workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps
are being taken by the entity in this regard.
Yes, the office is accessible to differently abled employees.
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so,
provide a web-link to the policy.
Yes, this is addressed in the Tata Code of Conduct.
Weblink: - https://www.tata.com/about-us/tata-code-of-conduct
5. Return to work and Retention rates of permanent employees and workers that took parental leave.
Gender Permanent Employees Permanent Workers

Return to work rate Retention rate Return to work rate Retention Rate
Male
Female No such instances reported. Not applicable
Total
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and
worker? If yes, give details of the mechanism in brief.
Yes / No If Yes, then give details of the mechanism in brief
Permanent workers
The Company does not have any Workers under employment.
Other than permanent workers
The Company follow an “open-door” approach. Any employee having issues
Permanent employees
with related to work may contact senior management freely.
Other than permanent employees The Company does not have employees other than Permanent Employees.
58
7. Membership of employees and worker in association(s) or Unions recognized by the listed entity :
Category FY2022-23 FY2021-22
Total No. of % Total No. of %

employees employees (B/A) employees employees (D / C)
/ workers in / workers in / workers in / workers in
respective respective respective respective
category category, who category category,
(A) are part of (C) who are
association(s) part of
or Union association(s)
(B) or Union
(D)
Total 21 - - 23 - -
Permanent
Employees
- Male 17 - - 19 - -
- Female 4 - - 4 - -
Total - - - - - -
Permanent
Workers
- Male
Not applicable.
- Female
8. Details of training given to employees and workers :

Total On health and On skill Total On health and On skill
(A) safety measures upgradation (D) safety measures upgradation
Number % Number % Number % Number %
(B) (B / A) (C) (C / A) (E) (E / D) (F) (F / D)
Employees
Male 17 17 100 16 94.12 - - - - -
Female 4 4 100 4 100 - - - - -
Total 21 21 100 20 95.24 - - - - -
Workers
Male
Female Not applicable.
Total
59
INVESTMENT
9. Details of performance and career development reviews of employees and worker :
Total Number % Total Number %

(A) (B) (B / A) (C) (D) (C / D)
Employees
Male 17 17 100 19 19 100
Female 4 4 100 4 4 100
Total 21 21 100 23 23 100
Workers
Male
Female Not applicable.

Total
10. Health and safety management system :

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/
No). If yes, the coverage such system? –
The Company adheres to the Tata Code of Conduct, which provides guidance on healthy working conditions for
employees. Due to the nature of the operations of the Company, there are no critical occupational health and safety
risks.
b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine
basis by the entity?
Due to the nature of the work, there are no critical occupational health and safety risks.
c. Whether you have processes for workers to report the work-related hazards and to remove themselves from
such risks. (Y/N) -
As an investment company, Tata Investment Corporation Limited does not employ workers. However, the Company
encourages all stakeholders to track and reduce any potential work-related hazards. The Company ensures that all
necessary actions are taken to mitigate the risks and provide a safe work environment.
d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare services?
(Yes/ No)-
Yes, the Company is committed to the health and wellbeing of its employees and provides access to comprehensive
medical and healthcare services, including Mediclaim Insurance, Group Personal Accident Policy, and Group Term
Insurance Policy. This ensures that employees have access to necessary healthcare services, not only in the workplace
but also outside of work.
60
11. Details of safety related incidents, in the following format :
Safety Incident/Number Category FY2022-23 FY2021-22

Lost Time Injury Frequency Employees - -
Rate (LTIFR) (per one
million-person hours
worked) Workers Not applicable Not applicable
Total recordable work- Employees - -

related injuries
Workers Not applicable Not applicable
No. of fatalities Employees - -
Workers Not applicable Not applicable
High consequence work- Employees - -
related injury or ill-health
(excluding fatalities) Workers Not applicable Not applicable
12. Describe the measures taken by the entity to ensure a safe and healthy work place.
The Company has identified health and safety of its employees as one of its focus areas during ESG strategy development.
The following steps are taken to enhance the health and safety of employees.
Health & Well Being Safety
• Ensure regular health check-ups • Provision of regular safety training including mock
• Conduct awareness sessions. drills.
• Explore provisions of improved access to health and • Build a culture of safety and introduce best practices.
emergency services
• Provide employee assistance program.
The Company has also identified the KPIs and targets for Health and Safety, as shown below:
Aspect KPIs FY 2021-22 Target

Safety Employees covered by
Yes 100
Safety training (%)
Safety training (Hours/
Not available 2
Capita)
LTIFR Not available -
Fatalities - -
Health Employees provided with
100 100
health coverage (%)
61
INVESTMENT
13. Number of Complaints on the following made by employees and workers :
Filed during Pending Remarks Filed during Pending Remarks

the year resolution the year resolution
at the end of at the end of
year year
Working Conditions
NIL
Health & Safety
14. Assessments for the year :
Filed during the year % of your plants and offices that were assessed (by entity
or statutory authorities or third parties)
Health and safety practices 100%; Company operates from one location in Mumbai
Working Conditions 100%; Company operates from one location in Mumbai
15 Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks / concerns arising from assessments of health & safety practices and working conditions.
There were no safety related incidents or significant risks/concerns related to health and safety.
1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees
(Y/N) (B) Workers (Y/N)
Yes. All employees are covered under the Group Insurance Policy.
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited
by the value chain partners.
The Company monitors and tracks the compliance related to statutory dues by contractors supplying third party
resources. Periodic audits are also conducted to ensure compliance.
3. Provide the number of employees / workers having suffered high consequence work- related injury / ill-health
/ fatalities (as reported in Q11 of Essential Indicators above), who have been are rehabilitated and placed in
suitable employment or whose family members have been placed in suitable employment :
Category Total no. of affected employees/ No. of employees/workers that are

workers rehabilitated and placed in suitable
employment or whose family
members have been placed in suitable
employment
FY 2022-23 FY 2021-22 FY 2022-23 FY 2021-22
Employees
NIL
Workers
62
4. Does the entity provide transition assistance programs to facilitate continued employability and the management
of career endings resulting from retirement or termination of employment? (Yes/ No)
Yes.
5. Details on assessment of value chain partners:
% of value chain partners (by value of business done

with such partners) that were assessed
Health and safety practices Not applicable.
Working Conditions Not applicable.
6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
assessments of health and safety practices and working conditions of value chain partners.
Not applicable.
PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders
1. Describe the processes for identifying key stakeholder groups of the entity.
The key stakeholders of the Company were identified and prioritized during the materiality exercise conducted with
facilitation from Tata Sustainability Group.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder
group.
Stakeholder Group Whether identified Channels of Frequency of Purpose and scope

as Vulnerable & communication engagement of engagement
Marginalized Group (Email, SMS, (Annually/ Half including key
(Yes/No) Newspaper, yearly/ Quarterly topics and concerns
Pamphlets, / others – please raised during such
Advertisement, specify) engagement
Community
Meetings, Notice
Board, Website),
Other
Employees No Emails/ Meetings Annual -

Shareholders and No Meetings Annual -
investors
Communities No Emails/ Meetings Ongoing -
Tata Group No Emails/ Meetings Ongoing -
Companies in TICL’s No Emails Annual -
investment portfolio
63
INVESTMENT
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and
social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
The Company has always maintained that a constant and proactive engagement with key stakeholders enables the
Company to better communicate its strategies and performance. A continuous engagement helps align expectations,
thereby enabling the Company to better serve its stakeholders. The Board is kept abreast of various developments and
feedback on the same is sought from the Directors.
2. Whether stakeholder consultation is used to support the identification and management of environmental, and
social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on these
topics were incorporated into policies and activities of the entity.
Yes, through materiality assessment, the Company engages with various stakeholders in terms of identifying and
prioritizing the issues pertaining to economic, environmental, and social topics.
3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/
marginalized stakeholder groups.
The Company is committed to contributing to the improvement in the quality of life of individuals and empowerment
of institutions which serve the community. The Company aims to involve itself in projects and programmes, with due
consideration to the environment and existing conditions.
The following are focus areas of the Company’s CSR efforts:

1. Medical & Healthcare
2. Education
3. Women Empowerment
4. Skills Development/Vocational Training
5. Environmental Sustainability
6. Animal Welfare
7. Others
In addition, the Company responds to any disasters, depending upon where they occur and its ability to respond
meaningfully with Tata Sustainability Group. The CSR programmes or projects or activities of the Company are delivered
directly or through trusts or societies, NGO(s), Implementation Agencies or other entities.
Whilst all communities benefit from the Company’s CSR activities, it concentrates on providing aid to vulnerable and
marginalized groups.
64
PRINCIPLE 5: Businesses should respect and promote human rights

1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in
the following format :
Category FY 2022-23 FY 2021-22

Total No. of % Total No. of %
(A) employees (B/A) (C) employees (D/C)
/ workers / workers
covered covered
(B) (D)
Employees
Permanent - - - - - -
Other than permanent - - - - - -
Total Employees - - - - - -
Workers
Permanent
Other than permanent Not applicable.
Total Workers
2. Details of minimum wages paid to employees and workers, in the following format :
Total Equal to More than Total Equal to More than
(A) Minimum Wage Minimum Wage (D) Minimum Wage Minimum Wage
Number % Number % Number % Number %

(B) (B / A) (C) (C / A) (E) (E / D) (F) (F / D)
Employees
Permanent
Male 17 - - 17 100 19 - - 19 100
Female 4 - - 4 100 4 - - 4 100
Other than
Permanent
Male
Not applicable.
Female
Workers
Permanent
Male Not applicable.
Female
Other than
Permanent
Male Not applicable.
Female
65
INVESTMENT
3. Details of remuneration/salary/wages, in the following format :
Male Female
Number Median Number Median

remuneration/ remuneration/
salary/ wages of salary/ wages of
respective category respective category
Board of Directors (BoD) 7 ` 32.50 Lacs 1 ` 27.60 Lacs
Key Managerial Personnel 2 ` 351.72 Lacs - -
Employees other than BoD
15 ` 14.98 Lacs 4 ` 18.85 Lacs
and KMP
Workers - - - -
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues
caused or contributed to by the business? (Yes/No)
Yes.
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
Human Rights is one of the core values of the Company. The Company is committed to maintaining a safe and harmonious
business environment and workplace for everyone, irrespective of ethnicity, region, sexual orientation, race, caste,
gender, religion, disability, work, designation, and such other parameters.
6. Number of Complaints on the following made by employees and workers :
FY 2022-23 FY 2021-22
Filed during Pending Remarks Filed during Pending Remarks

the year resolution the year resolution
at the end of at the end
year of year
Sexual Harassment
Discrimination at
workplace
Child Labour
Forced Labour/ NIL
Involuntary Labour
Wages
Other Human
Rights related
issues
7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
The Company has a POSH Committee as well as an Internal Committee and Whistle Blower Policy to prevent adverse
consequences to the complainant in discrimination and harassment cases. Further, the Company is guided by the Tata
Code of Conduct.
66
8. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Yes, the coverage is as part of Tata Code of Conduct clauses.
9. Assessments for the year :
% of your plants and offices that were assessed (by entity

Child labour
Forced/involuntary labour
Sexual harassment
The Company is in compliance with the laws, as applicable.
Discrimination at workplace
Wages
Others – please specify
the assessments at Question 9 above.
Not applicable.
1. Details of a business process being modified / introduced as a result of addressing human rights grievances/
complaints.
None, due to NIL grievance.
2. Details of the scope and coverage of any Human rights due diligence conducted.
None.
3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of
Persons with Disabilities Act, 2016?
Yes, the office is accessible to differently abled persons.
4. Details on assessment of value chain partners :
% of your plants and offices that were assessed (by entity

Sexual Harassment
Discrimination at workplace
Child Labour
The Company is in compliance with the laws, as applicable.
Forced Labour/ Involuntary Labour
Wages
the assessments at Question 4 above.
None.
67
INVESTMENT
PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format :
Parameter FY 2022-23 FY 2021-22

Total electricity consumption (A) 40,860 kWh 29,970 kWh
Total fuel consumption (B) Not applicable Not applicable
Energy consumption through other sources (C) Not applicable Not applicable
Total Energy Consumed (A+B+C) 40,860 kWh 29,970 kWh

*Note - Figures are not comparable with previous year owing to the COVID-19 pandemic, office was intermittently operational.
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance,
Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the
PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action taken, if
any :
Not applicable.
3. Provide details of the following disclosures related to water, in the following format :
The Company’s usage of water is primarily restricted to employees’ consumption purposes only.
4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
implementation :
Not applicable.
5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format :
Parameter Please specify unit FY 2022-23 FY 2021-22
NOx
SOx
Particulate matter (PM)

The Company takes environmental stewardship seriously and is committed to
Persistent organic minimizing impact on the environment. As an investment company, direct air
emissions are limited. However, the Company recognizes the indirect emissions
pollutants (POP) associated with its investments and works closely with investee companies to
encourage sustainable practices and reduce adverse environmental footprint.
Volatile organic compounds (VOC)
Hazardous air pollutants (HAP)
68
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following
format :
Parameter Unit FY 2022- 23 FY 2021-22

Total Scope 1 emissions (Break- NIL
up of the GHG into CO2, CH4, N2O, (The Company has
HFCs, PFCs, SF6, NF3, if available) negligible
direct emissions.
Metric tonnes of CO2 Company has
-
equivalent understood the need
to monitor the indirect
emission through
investments and takes
appropriate actions.)
Total Scope 2 emissions (Break-
up of the GHG into CO2, CH4, N2O, Metric tonnes of CO2
41 -
HFCs, PFCs, SF6, NF3, if available) equivalent
Total Scope 1 and Scope 2

Metric tonnes of CO2 Negligible amount. -
emissions per rupee of turnover
Total Scope 1 and Scope 2
emission intensity (optional)
– the relevant metric may be
selected by the entity
7. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details :
To offset its Carbon Liabilities for FY2022-23, The Company has retired 45 Verified Emission Reductions (VER) using the
Gold Standards Certification Program through the 400 MW Solar Power Project at Bhadla, Rajasthan, India. Electricity at
the power project is generated using renewable solar energy. Further, the project reduces anthropogenic emissions of
greenhouse gases estimated at ~694,471 tCO2e p.a., thereon replacing 732,874 MWh/year amount of electricity with
renewable energy. The generated electricity is exported to the regional grid system, which in turn diversifies the mix of
thermal/fossil-fuel based power plants connected to national grid.
8. Provide details related to waste management by the entity, in the following format :

Total Waste generated (in metric tonnes)
Plastic waste (A) 0.01 Not available
E-waste (B) 0.005 Not available
Bio-medical waste (C) Not applicable Not applicable
Construction and demolition waste (D) Not applicable Not applicable
Battery waste (E) Not applicable Not applicable
Radioactive waste (F) Not applicable Not applicable
Other Hazardous waste. Please specify, if
Not applicable Not applicable
any. (G)
Other Non-hazardous waste generated (H).
Please specify, if any.
Paper – 0.005 Not available
(Break-up by composition i.e. by materials
relevant to the sector)
Total (A+B + C + D + E + F + G+ H) 0.02 Not available
69
INVESTMENT

For each category of waste generated, total waste recovered through recycling, re-using or other recovery
operations (in metric tonnes)
Category of waste
(i) Recycled Not available Not available
(ii) Re-used Not available Not available
(iii) Other recovery operations Not available Not available
Total Not available Not available
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste
(i) Incineration Not applicable Not applicable
(ii) Landfilling Not applicable Not applicable
(iii) Other disposal operations Not applicable Not applicable
Total Not applicable Not applicable
Note: E-Waste is disposed-off responsibly by the Company through an e-waste management vendor.
9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted
by your company to reduce usage of hazardous and toxic chemicals in your products and processes and the
practices adopted to manage such wastes :
Not applicable.
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where
environmental approvals / clearances are required, please specify details in the following format :
S. Location of Type of Whether the conditions of environmental approval

No. operations/ operations / clearance are being complied with? (Y/N) If no, the
offices reasons thereof and corrective action taken, if any.
Not applicable.
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in
the current financial year :
Name and EIA Date Whether conducted Results Relevant

brief details of Notification by independent communicated in Web link
project No. external agency public domain
(Yes / No) (Yes / No)
Not applicable.
12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water
(Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection
act and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following format :
Yes.
70
1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable
sources, in the following format :

Total electricity consumption (A) 40,860 kWh 29,970 kWh
Total fuel consumption (B) Not applicable Not applicable
Energy consumption through other sources
Not applicable Not applicable
(C)
Total Energy Consumed (A+B+C) 40,860 kWh 29,970 kWh
Note - Figures are not comparable with previous year owing to the COVID-19 pandemic, Office was intermittently operational.
2. Provide the following details related to water discharged :

Not applicable.
3. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres) :
For each facility / plant located in areas of water stress, provide the following information:
(i) Name of the area
(ii) Nature of operations
(iii) Water withdrawal, consumption and discharge
Not applicable.
4. Please provide details of total Scope 3 emissions & its intensity, in the following format :
Parameter Unit FY 2022- 23 FY 2021-22

Total Scope 3 emissions Scope 3 Direct - Investment: 4,86,000
(Break-up of the GHG into Metric tonnes of tons CO2e Additionally, 14 tons CO2e
CO2, CH4, N2O, HFCs, PFCs, CO2 generated arising from Employee Not available
SF6, NF3, if available) equivalent Commute, Business Travel, and
Waste generated in Operations
Total Scope 3 emissions Metric tonnes of
Negligible amount. Not available
per rupee of turnover CO2
Total Scope 3 emission
intensity (optional) – the
Not available
relevant metric may be
selected by the entity
* Only listed equity investments are considered for calculating scop-3 emissions from investments. Listed equity
accounts for more than 90% of total investment portfolio. Investment emissions calculated as per estimated scope 1+2
data available at Bloomberg
71
INVESTMENT
5. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide
details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention
and remediation activities :
Not applicable.
6. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve
resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide
details of the same as well as outcome of such initiatives, as per the following format :
Not applicable.
S. No. Initiative undertaken Details of the initiative (Web- Outcome of the initiative
link, if any, may be provided
along-with summary)
1 Waste including, plastic, metal,
Waste recycling (including
paper and e-waste sent for Zero waste to the landfills.
e-waste)
recycling.
7. Does the entity have a business continuity and disaster management plan?
Yes, the Company has BCP including Disaster Recovery plan.
8. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What
mitigation or adaptation measures have been taken by the entity in this regard :
No such incident has occurred.
9. Percentage of value chain partners (by value of business done with such partners) that were assessed for
environmental impacts :
Not applicable.
PRINCIPLE 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that
is responsible and transparent
1. a. Number of affiliations with trade and industry chambers/ associations.
b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such
body) the entity is a member of/ affiliated to.
S. No. Name of the trade and industry chambers/ Reach of trade and industry chambers/
associations associations (State/National)
1 Bombay Chambers of Commerce & Industry
National
2 IMC Chamber of Commerce and Industry
2. Provide details of corrective action taken or underway on any issues related to anti- competitive conduct by the
entity, based on adverse orders from regulatory authorities.
Name of Authority Brief of Case Corrective action taken

None.
72
1. Details of public policy positions advocated by the entity :

The Company makes representations through industry bodies. The Company’s representatives participate in various
discussions including advocacy pursued by such industry bodies. The advocacy of such bodies is a collective effort to
communicate with key stakeholders from the viewpoint of industry.
PRINCIPLE 8: Businesses should promote inclusive growth and equitable development

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the
current financial year :
Name and brief SIA notification Date of Whether Results Relevant web
details of the No. notification conducted by an communicated link
project external agency on the public
(Yes/No) domain (Yes/No)
Not applicable.
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken
by your entity, in the following format :
Name of the State District No. of project % PAFs covered Amount paid to
project for affected families by R&R the PAFs in FY
which R&R is (PAFs) (In `)
ongoing
Not applicable.
3. Describe the mechanisms to receive and redress grievances of the community :

The Company is committed to contributing to the improvement in the quality of life of individuals and empowerment
of institutions which serve the community. The Tata Code of Conduct and related policies are available to the public on
the Company’s website.
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers :
FY 2022-23 FY 2021-22
Directly sourced from MSMEs/ small
producers
Not applicable.
Sourced directly from within the
district and neighbouring districts
73
INVESTMENT
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments
(Reference: Question 1 of Essential Indicators above) :
Details of negative social impact identified Corrective action taken
Not applicable.
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts
as identified by government bodies :
State Aspirational District Amount Spent (` in lacs)
Maharashtra Osmanabad 27.00
Maharashtra Gadchiroli 25.00
3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers
comprising marginalized /vulnerable groups? (Yes/No) :

No (procurement is done based on competitiveness). However, the Company encourages marginalized and
vulnerable groups.
(b) From which marginalized /vulnerable groups do you procure?

Not applicable.
(c) What percentage of total procurement (by value) does it constitute?

Not applicable.
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in
the current financial year), based on traditional knowledge :
S. No. Intellectual Property Owned/ Acquired Benefit shared Basis of calculating

based on traditional (Yes/No) (Yes / No) benefit share
knowledge
Not applicable.
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related
disputes wherein usage of traditional knowledge is involved :
Name of authority Brief of the case Corrective action taken
None.
74
6. Details of beneficiaries of CSR Projects :
S. No. Beneficiary Project Name No. of persons % of

benefitted from beneficiaries
CSR Projects from
vulnerable and
marginalized
groups
Jal Dhan – Water Harvesting and
Conservation Initiative (Parivartan Environment Sustainability
1 1,657,576* 100%
Vikas Bachat Ghat) and Rural Upliftment
(Dist. Osmanabad, MH)
Society for Education, Action and
2 Research in Community Health (Dist. Healthcare 1,072,942* 100%
Gadchiroli, MH)
3 Tavescor Charitable Trust Healthcare/Education
4 Mumbai University Education
5 Lift for Upliftment Education
6 Auro Mira Service Society Education
7 Lady Meherbai D. Tata Education Trust Education
8 Bai R.F.D. Panday Girls’ High School Education
While the Company is actively
9 K R Cama Oriental Institute Education
sponsoring and granting donations
10 Sir J.J. Group of Hospitals Healthcare towards hospitals, schools and animal
The Jimmy Billimoria Foundation – welfare initiatives, to name a few, a
11 Healthcare
PALCARE quantitative value of the number of
12 CAMA Hospital Healthcare beneficiaries from marginalized group
that are benefitting from these CSR
13 Utsaah Foundation Healthcare
projects is difficult to quantify. Due
Government Dental College and to the nature of the project in certain
14 Healthcare
Hospital cases (such as grants towards Surgical
15 Bombay Environmental Action Group Environment Sustainability equipment for operation theatres in
16 Forest First Samithi Environment Sustainability animal hospital), it is not feasible to
attribute benefits arising out of such
17 Together Foundation Vocational Training grant to vulnerable/marginalized
18 The Anchorage Vocational Training groups.
19 Leslie Sawhny Endowment Vocational Training
Furthermore, the Company undertakes
20 Animals Matter To Me (AMTM) Animal Welfare periodic impact assessment studies to
21 In Defense of Animals India Animal Welfare assess the efficacy of the CSR grants.
The Bai Sakarbai Dinshaw Petit
22 Animal Welfare
Hospital for Animals
Senior Citizen Residential
23 Sir Jamsetjee Jejeebhoy Dharamshala
Care
24 Cricketers Foundation Promotion of Sports
25 National Centre Performing Arts Promotion of Art & Culture
*No. of persons benefitted is based on India census data from 2011. Actual number of persons benefitted could be higher as
per 2023 population data.
75
INVESTMENT
PRINCIPLE 9: Businesses should engage with and provide value to their consumers in a responsible manner
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
The Company does not have a customer interface.
2. Turnover of products and/ services as a percentage of turnover from all products/service that carry information
about :
As a percentage of total turnover

Environmental and social parameters relevant to the product
Safe and responsible usage Not applicable.
Recycling and/or safe disposal
3. Number of consumer complaints in respect of the following :
FY 2022-23 FY 2021-22
Received Pending Remarks Received Pending Remarks
during the resolution at during the resolution at
year end of year year end of year
Data privacy
Advertising
Cyber-security
Delivery of essential
services NIL
Restrictive Trade
Practices
Unfair Trade Practices
Other
4. Details of instances of product recalls on account of safety issues :
Number Reasons for recall
Voluntary recalls
Not applicable.
Forced recalls
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available,
provide a web-link of the policy.
Yes. The Company is guided by the Tata Code of Conduct (TCoC) which is a group level policy document. The policy
provides guidance on the group’s commitment to data security and maintaining data privacy of various stakeholders. In
addition, the Company has an internal policy document on cyber- and data-security. The document is not hosted on the
website of the Company.
76
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of
essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls;
penalty / action taken by regulatory authorities on safety of products / services.
Not applicable.
1. Channels / platforms where information on products and services of the entity can be accessed (provide web
link, if available).
The Company is an investment company and does not have a customer interface. However, details about the Company’s
profile and operations can be accessed at https://tatainvestment.com/
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.
Not applicable.
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.

Not applicable.
4. Does the entity display product information on the product over and above what is mandated as per local
laws? (Yes/No/Not Applicable) If yes, provide details in brief. Did your entity carry out any survey with regard to
consumer satisfaction relating to the major products / services of the entity, significant locations of operation of
the entity or the entity as a whole? (Yes/No)
Not applicable.
5. Provide the following information relating to data breaches:

a. Number of instances of data breaches along-with impact.
NIL.
b. Percentage of data breaches involving personally identifiable information of customers.

NIL.
77
INVESTMENT
ANNEXURE E TO THE BOARD’S REPORT
[Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014]
1. The ratio of the remuneration of each Director to the median remuneration of the Employees of the Company for the
financial year 2022-23:
(Explanation: (i) the expression “median” means the numerical value separating the higher half of a population from the
lower half and the median of a finite list of numbers may be found by arranging all the observations from lowest value to
highest value and picking the middle one; (ii) if there is an even number of observations, the median shall be the average
of the two middle values)
2. The percentage increase in remuneration of each Director, Chief Financial Officer & Company Secretary, if any, in the
financial year:
Directors Ratio to Median Percentage increase/(decrease)

Remuneration (%)
Mr. N. N. Tata 2.72:1 #
Mr. F. N. Subedar 2.44:1 14.38
Mr. A. N. Dalal 38.45:1 13.52
Mr. Supraksh Mukhopadhyay @ - -
Mr. A. Sen 2.16:1 17.39
Mr. V. Chandrasekaran 1.95:1 16.80
Mr. R. Dube 2.18:1 24.43
Mrs. F. Khambata 1.84:1 #
@ In line with the internal guidelines, no payment is made towards commission to the Non-Executive Director of the
Company, who are in full time employment with any other Tata Company.
# Since the information is for the part of the year, either current or past, the same is not comparable.
The percentage increase in the remuneration of the Chief Financial Officer & Company Secretary is 8.23%.
3. The percentage increase in the median remuneration of employees in the financial year: 8.92%.
4. The number of permanent employees on the rolls of Company: 21
5. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last
financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof
and point out if there are any exceptional circumstances for increase in the managerial remuneration:
78
The average percentage increase in the salaries of employees other than the managerial personnel in the last financial
year is 11.93%, as against an increase of 13.52% in the salary of the Executive Director (managerial personnel as defined
under the Act). The increment given to each individual employee is based on the employees’ potential, experience as
also their performance and contribution to the Company’s progress over a period of time and also benchmarked against
a comparable basket of relevant companies in India.
6. Affirmation that the remuneration is as per the Remuneration Policy of the Company
It is affirmed that the remuneration paid is as per the Remuneration Policy for Directors, Key Managerial Personnel and
other employees adopted by the Company.
On behalf of the Board of Directors,
NOEL N. TATA
Chairman
DIN: 00024713
79
INVESTMENT
REPORT ON CORPORATE GOVERNANCE
Company’s Philosophy on Code of Governance :
The Company seeks to adopt good corporate governance practices and ensure compliance with all relevant laws and
regulations. The Company conducts its activities in a manner that is fair and transparent and also perceived to be such by
others.
The Company is in compliance with the applicable corporate governance requirements specified in Regulation 17 to 27 read
with Schedule V and clauses (b) to (i) of sub-regulation (2) of Regulation 46 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations 2015, SEBI Listing Regulations as applicable , with regard to corporate governance.
Board of Directors :
As on 31st March, 2023, the Board of Directors of the Company comprised of eight members, of whom seven are Non-Executive
Directors. The profiles of Directors are available at https://tatainvestment.com/board-of-directors/. The composition of the
Board is in conformity with Regulation 17 of the SEBI Listing Regulations read with Section 149 of the Companies Act, 2013
(“Act’). None of the Directors on the Board holds directorships in more than ten public companies. None of the Independent
Directors serves as an Independent Director on more than seven listed entities. The Executive Director does not serve as an
Independent Director in more than three listed entities. Necessary disclosures regarding Committee positions in other public
companies as on 31st March, 2023, have been made by the Directors. None of the Directors are related to each another.
All Independent Directors are Non-Executive directors as defined under Regulation 16(1)(b) of the SEBI Listing Regulations
read with Section 149(6) of the Act along with rules framed thereunder. In terms of Regulation 25(8) of SEBI Listing
Regulations, they have confirmed that they are not aware of any circumstance or situation which exists or may be reasonably
anticipated that could impair or impact their ability to discharge their duties. A Declaration on compliance with Rule 6(3)
of the Companies (Appointment and Qualification of Directors Rules), 2014 along with a declaration as provided in the
Notification dated October 22, 2019, issued by the Ministry of Corporate Affairs (“MCA”), regarding the requirement relating
to enrolment in the Data Bank for Independent Directors, has been received from all the Independent Directors, along with
declaration made under Section 149(6) of the Act. A formal letter of appointment has been issued to all the Independent
Directors. The terms and conditions of their appointment are disclosed on the Company’s website.
Board and Committee Meetings :
During the year under review, 5 Board Meetings, 16 meetings of various Committees and 1 Independent Directors Meetings
were held. The Board Meetings were held on 25th April, 2022, 26th July, 2022, 1st November, 2022, 17th January, 2023 and
6th March, 2023. The category of each Director, together with attendance at Board Meetings, name of other listed entities
in which the Director is a Director and the number of Directorships and Committee Chairmanships / Memberships held by
them in other public limited companies as well as shareholding in the Company, as on 31st March, 2023 are given below:
80
Name of Directors DIN Category Board No. of Directorships No. of Membership of No. of Directorship in
of Meetings of other Indian mandatory Board Ordinary other listed entities
Director attended companies as on Committees of other Shares held (Category of
during 31st March, 2023# companies as on as on Directorship)
2022-2023 31st March, 2023@ 31st March,
2023
Chairman Member Chairman Member Ordinary
Shares
Mr. N. N. Tata 00024713 Non 5 5 5 1 2 19,145 Non Independent,
Independent Non Executive
1. Trent Limited
2. Titan Company
Limited
3. Voltas Limited
4. Tata Steel Limited
Mr. F. N. Subedar 00028428 Non 5 1 4 1 3 2,455 Non Independent,

Independent Non-Executive
Debt Listed
1. Tata Capital
Limited
2. Tata Capital
Financial Services
Limited
Independent, Non-
Executive
3. DCB Bank
Mr. A. N. Dalal 00297603 Executive 5 - 3 1 3 - Independent, Non

Director Executive
1. Phoenix Mills
Limited
2. Sutlej Textiles &
Industries Limited
Mr Suprakash 00019901 Non- 5 1 3 1 1 - -

Mukhopadhyay Independent
Mr. Abhijit Sen 00002593 Independent 5 - 7 3 5 - Independent, Non-
Executive
1. Kalyani Forge
Limited
2. Ugro Capital
Limited
3. Manappuram
Finance Limited
Debt Listed
4. Asirvad
Microfinance
Limited
81
INVESTMENT
Name of Directors DIN Category Board No. of Directorships No. of Membership of No. of Directorship in
of Meetings of other Indian mandatory Board Ordinary other listed entities
Director attended companies as on Committees of other Shares held (Category of
during 31st March, 2023# companies as on as on Directorship)
2022-2023 31st March, 2023@ 31st March,
2023
Chairman Member Chairman Member Ordinary
Shares
Mr. V. Chandrasekaran 03126243 Independent 5 - 6 5 6 - Independent, Non-
Executive
1. Tamil Nadu
Newsprint &
Papers Limited
2. Grasim Industries
Limited
3. Care Ratings
Limited
Debt Listed
4. Aseem
Infrastructure
Finance Limited
5. Aditya Birla
Housing Finance
Limited.
Mr. Rajiv Dube 00021796 Independent 5 - 2 1 1 - Independent, Non-
Executive
1. Tata Chemicals
Limited
Debt Listed
2. Tata International
Limited
Mrs. Farida Khambata 06954123 Independent 5 - 2 0 1 - Independent, Non-
Executive
1. Tata Steel Limited
#Excluding directorship in private limited companies, foreign companies & companies registered under Section 8 of the Act.
@ Including membership of Audit Committee & Stakeholders’ Relationship Committee of other public limited companies
only.
All the Directors had attended the last Annual General Meeting held on 27th June, 2022.
Committees of Directors :
Details of the various Committees of the Board of Directors of the Company as on 31st March, 2023, the number of Committee
meetings held and the number of meetings attended by each Director (shown within brackets) during the year 2022-2023
are as under:
Name of the Director

Audit Committee :
(5 meetings held during the year) Mr. A. Sen – Chairman (5), Mr. F. N. Subedar (5),
(25.04.2022, 21.07.2022, 26.07.2022, 01.11.2022, 17.01.2023) Mr. Rajiv Dube (5)
82
Nomination and Remuneration Committee : Mr. Rajiv Dube - Chairman (2),

(2 meetings held during the year) Mr. N. N. Tata (2), Mrs. Farida Khambata (2)
(18.04.2022, 06.03.2023)
Stakeholders’ Relationship Committee : Mr. F. N. Subedar – Chairman (2)

(2 meetings held during the year) Mr. A. N. Dalal (2),
(15.09.2022, 30.03.2023) Mr. V. Chandrasekaran (2)
Investment Committee : Mr. N. N. Tata – Chairman (3)

(3 meetings held during the year) Mr. F. N. Subedar (3),
(11.05.2022, 26.09.2022, 15.02.2023) Mr. Suprakash Mukhopadhyay (3),
Mr. V. Chandrasekaran (3)
Mrs. Farida Khambata (-)*
Asset Liability, Risk Management and IT Strategy/Steering Mr. A. Sen – Chairman (2),
Committee : Mr. A. N. Dalal (2),
(2 meetings held during the year) Mr. Suprakash Mukhopadhyay (2)
(24.06.2022, 28.11.2022)
Corporate Social Responsibility Mr. F. N. Subedar – Chairman (2)

Committee : Mr. A. N. Dalal (2),
(2 meetings held during the year) Mr. Suprakash Mukhopadhyay (2),
(21.04.2022, 15.09.2022) Mr. V. Chandrasekaran (2)
Independent Directors Meeting : Mr. Rajiv Dube - Chairman (1),

(1 meeting held during the year) Mr. A. Sen (1),
(06.03.2023) Mr. V. Chandrasekaran (1),
Mrs. Farida Khambata (1)
*Appointed as a member of Investment Committee w.e.f. 6th March, 2023.
The Board has identified the following skills/expertise/competencies fundamental for the effective functioning of
the Company which are currently available with the Board :
Understanding of the company’s business policies, values, vision, goals, strategic plan, corporate governance and knowledge
about the securities markets
• Investment management
• Accounting and Financial skills
• Risk Management
• Strategic thinking and decision making
83
INVESTMENT
The eligibility of a person to be appointed as a Director of the Company is dependent on whether the person possesses the
requisite skill sets identified by the Board as above. Being an Investment Company which primarily invests on long term basis
in diverse sectors in capital markets, the Directors so appointed are from varied backgrounds who possess special skills with
regards to the Company’s investment activities. These are as follows :
Name of the Directors Understanding Investment Accounting Risk Strategic

of the management and Financial Management thinking
company’s skills and decision
policies making
Mr. N. N. Tata Y Y Y Y Y
Mr. F. N. Subedar Y Y Y Y Y
Mr. A. N. Dalal Y Y Y Y Y
Mr. Suprakash Mukhopadhyay Y Y Y Y Y
Mr. Abhijit Sen Y Y Y Y Y
Mr. V. Chandrasekaran Y Y Y Y Y
Mr. Rajiv Dube Y Y Y Y Y
Mrs. Farida Khambata Y Y Y Y Y
Note : Y-Yes
Audit Committee :
The Audit Committee has been constituted in compliance with (i) Section 177 of the Act (ii) Regulation 18 of the SEBI Listing
Regulations and (iii) the Reserve Bank of India Non - Banking Financial Companies Guidelines. All the Members of the Audit
Committee, except Mr. F. N. Subedar are Independent Directors.
The terms of reference of the Audit Committee, inter alia, include:-
a) Oversight of the Company’s financial reporting process and the disclosure of its financial information to ensure that
the financial statement is correct, sufficient and credible;
b) Recommendation for appointment, remuneration and terms of appointment of auditors of the Company;
c) Approval of payment to statutory auditors for any other services rendered by them;
d) Reviewing with the management, the annual financial statements and auditor’s report thereon before submission
to the Board for approval, with particular reference to the items mentioned in Para A (4) of Part C of Schedule II of the
SEBI Listing Regulations;
e) Reviewing with the management, the quarterly financial statements before submission to the Board for approval;
f ) Reviewing with the management, the statement of uses / application of funds raised through an issue (public issue,
rights issue, preferential issue, etc.) (as also provided in the Act), the statement of funds utilized for purposes other
than those stated in the offer document / prospectus / notice and the report submitted by the monitoring agency
monitoring the utilisation of proceeds of a public or rights issue, and making appropriate recommendations to the
Board to take up steps in this matter;
g) Review and monitor the auditor’s independence and performance, and effectiveness of audit process;
h) Approval or any subsequent modification of transactions of the Company with related parties;
i) Scrutiny of inter-corporate loans and investments;
j) Valuation of undertakings or assets of the Company, wherever it is necessary;
k) Evaluation of internal financial controls and risk management systems;
l) Reviewing with the management, performance of statutory and internal auditors, adequacy of the internal control
systems;
84
m) Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department,
staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal
audit;
n) Discussion with internal auditors of any significant findings and follow up thereon;
o) Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected
fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board;
p) Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-
audit discussion to ascertain any area of concern;
q) To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders
(in case of non-payment of declared dividends) and creditors;
r) To review the functioning of the Whistle Blower mechanism;
s) Approval of appointment of CFO (i.e., the whole-time Finance Director or any other person heading the finance
function or discharging that function) after assessing the qualifications, experience and background, etc. of the
candidate;
t) Reviewing the utilization of loans and/or advances from/investment by the holding company in the subsidiary
exceeding rupees 100 crores or 10% of the asset size of the subsidiary, whichever is lower including existing loans/
advances/investments;
u) consider and comment on rationale, cost-benefits and impact of schemes involving merger, demerger, amalgamation
etc., on the listed entity and its shareholders.
v) To review management discussion and analysis of financial condition and results of operations;
w) To review statement of significant related party transactions (as defined by the Audit Committee), submitted by
management;
x) To review management letters / letters of internal control weaknesses issued by the statutory auditors;
y) To review Internal audit reports relating to internal control weaknesses;
z) The appointment, removal and terms of remuneration of the Chief internal auditor shall be subject to review by the
Audit Committee;
aa) To oversee financial reporting controls and process for material subsidiaries;
ab) To oversee compliance with legal and regulatory requirements including the Tata Code of Conduct (“TCoC”) for the
company and its material subsidiaries;
ac) To oversee the implementation of code of conduct for prevention of insider trading; and
ad) Carrying out any other function as is mentioned in the terms of reference of the Audit Committee.
The Audit Committee reports its findings to the Board at the subsequent meeting and its recommendations are
implemented by the management.
Nomination and Remuneration Committee :

The Nomination and Remuneration Committee has been constituted in compliance with Section 178 of the Act, 2013 and
Regulation 19 of the SEBI Listing Regulations.
The Committee as on 31st March, 2023 comprises of three Directors viz. Mr. Rajiv Dube (Chairman), Mr. N. N. Tata, and
Mrs. Farida Khambata.
85
INVESTMENT
The terms of Reference of the Nomination & Remuneration Committee are as follows :
a) Recommend to the Board the setup and composition of the Board and its Committees. This shall include formulation
of the criteria for determining qualifications, positive attributes and independence of a director. The committee will
consider periodically reviewing the composition of the Board with the objective of achieving an optimum balance of
size, skills, independence, knowledge, age, gender and experience; For every appointment of an Independent Director,
the Nomination and Remuneration Committee shall evaluate the balance of skills, knowledge and experience on the
Board and on the basis of such evaluation, prepare a description of the role and capabilities required of an Independent
Director. The person recommended to the Board for appointment as an Independent Director shall have the capabilities
identified in such description. For the purpose of identifying suitable candidates, the Committee may:
i. use the services of an external agencies, if required;
ii. consider candidates from a wide range of backgrounds, having due regard to diversity; and
iii. consider the time commitments of the candidates
b) Recommend to the Board the appointment or reappointment of Directors;
c) Devising a policy on Board diversity;
d) Recommend to the Board appointment of Key Managerial Personnel (“KMP”) and executive team members of the
Company (as defined by this committee);
e) Support the Board and Independent Directors in evaluation of the performance of the Board, its Committees and
individual Directors. This shall include formulation of criteria for evaluation of Independent Directors and the Board.
Additionally, the Committee may also oversee the performance review process of the KMP and the executive team of the
Company;
f ) Recommend to the Board the overall remuneration, , payable to Directors, executive team/ KMP, senior management as
well as the rest of the employees;
g) On an annual basis, recommend to the Board the remuneration payable to Directors, executive team and senior
management;
h) Oversee familiarisation programmes for Directors;
i) Oversee the HR philosophy, HR and People strategy and HR practices including those for leadership development,
rewards and recognition, talent management and succession planning (specifically for Board, KMP and executive team);
j) Provide guidelines for remuneration of Directors on material subsidiaries, (if any); and
k) Performing such other duties and responsibilities as may be consistent with the provisions of the Committee charter.
Directors’ Appointment and Remuneration Policy :

The Company’s philosophy for remuneration of Directors, Key Managerial Personnel and all other employees is based on
the commitment of fostering a culture of leadership with trust. The Company has adopted a Policy for remuneration of
Directors, Key Managerial Personnel and other employees, which is aligned to this philosophy. The key factors considered in
formulating the Policy are as under:
(a) the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors of the
quality required to run the Company successfully;
(b) relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and
(c) remuneration to Directors, Key Managerial Personnel and senior management involves a balance between fixed and
incentive pay reflecting short and long-term performance objectives appropriate to the working of the Company and its
goals.
86
Key principles governing this remuneration policy are as follows :

Remuneration for Independent Directors and Non-Independent Non-Executive Directors :
a) Independent Directors (“ID”) and Non-Independent Non-Executive Directors (“NED”) may be paid sitting fees (for
attending the meetings of the Board and of committees of which they may be members) and commission within
regulatory limits.
b) Within the parameters prescribed by law, the payment of sitting fees and commission will be recommended by the
Nomination and Remuneration Committee (NRC) and approved by the Board.
c) Overall remuneration (sitting fees and commission) should be reasonable and sufficient to attract, retain and motivate
Directors aligned to the requirements of the Company taking into consideration the challenges faced by the Company
and its future growth imperatives.
d) Overall remuneration should be reflective of size of the Company, complexity of the sector/ industry/ Company’s
operations and the Company’s capacity to pay the remuneration.
e) Overall remuneration practices should be consistent with recognized best practices.
f) Quantum of sitting fees may be subject to review on a periodic basis, as required.
g) The aggregate commission payable to all the NEDs and IDs will be recommended by the NRC to the Board based on
Company performance, profits, return to investors, shareholder value creation and any other significant qualitative
parameters as may be decided by the Board.
h) The NRC will recommend to the Board the quantum of commission for each Director based upon the outcome of the
evaluation process which is driven by various factors including attendance and time spent in the Board and Committee
meetings, individual contributions at the meetings and contributions made by Directors other than in meetings.
i) In addition to the sitting fees and commission, the Company may pay to any Director such fair and reasonable
expenditure, as may have been incurred by the Director while performing his/ her role as a Director of the Company.
This could include reasonable expenditure incurred by the Director for attending Board/Board Committee meetings,
General meetings, Court convened meetings, meetings with shareholders/creditors/management, site visits, induction
and training (organized by the Company for Directors) and in obtaining professional advice from independent advisors
in the furtherance of his/ her duties as a Director.
Remuneration for Managing Director (“MD”)/ Executive Directors (“ED”)/ KMP/ rest of the employees :
a) The extent of overall remuneration should be sufficient to attract and retain talented and qualified individuals suitable
for every role. Hence remuneration should be market competitive, driven by the role played by the individual, reflective
of size of the Company, complexity of the sector/ industry/ Company’s operations and the Company’s capacity to pay
consistent with recognized best practices and aligned to any regulatory requirements.
b) The remuneration mix for the MD/ EDs is as per the contract approved by the shareholders. In case of any change, the
same would require the approval of the shareholders.
c) Basic/ fixed salary is provided to all employees to ensure that there is a steady income in line with their skills and
experience.
d) In addition to the basic/ fixed salary, the Company provides employees with certain perquisites, allowances and benefits
to enable a certain level of lifestyle and to offer scope for savings and tax optimization, where possible. The Company
also provides all employees with a social security net (subject to limits) by covering medical expenses and hospitalization
through re-imbursements or insurance cover and accidental death and dismemberment through personal accident
insurance.
e) The Company provides retirement benefits as applicable.
87
INVESTMENT
f ) In addition to the basic/ fixed salary, benefits, perquisites and allowances as provided above, the Company provides MD/
EDs such remuneration by way of commission, calculated with reference to the net profits of the Company in a particular
financial year, as may be determined by the Board, subject to the overall ceilings stipulated in Section 197 of the Act.
The specific amount payable to the MD/ EDs would be based on performance as evaluated by the Board or the NRC and
approved by the Board.
g) The Company provides the rest of the employees a performance linked bonus. The performance linked bonus would be
driven by the outcome of the performance appraisal process and the performance of the Company.
The Directors are paid sitting fees and commission in accordance with Section 197 and 198 of the Act. A total remuneration
of ` 204.8 lacs was paid to the Non-Executive Directors during the year ended 31st March, 2023. The remuneration paid
to each Non-Executive Director is given below :
(` in lacs)
Name of the Director Sitting fees paid during Commission for FY 2022- 2023
FY 2022- 2023 to be paid in FY 2023-2024
Mr. N. N. Tata 5.80 35.00
Mr. F.N. Subedar 8.60 28.00
Mr. Suprakash Mukhopadhyay@ 5.60 -
Mr. A. Sen 7.40 25.00
Mr. V. Chandrasekaran 6.20 23.00
Mr. Rajiv Dube 7.60 25.00
Mrs. Farida Khambata 4.60 23.00
TOTAL 45.80 159.00
@ In line with the internal guidelines of the Company, no payment is made towards commission to the Non-Executive Directors of
the Company, who are in full time employment with any other Tata Company.
The commission to the Non-Executive Directors is based on the net profits of the Company for the year, the number of
meetings of the Board and/or Committees attended by the Directors and their contribution to the Company in terms of
deliberations at the Board/Committee Meetings as well as in the over-all functioning of the Company. The Company does not
have a scheme for grant of stock-options to the Executive Director, Non-Executive Directors or Employees of the Company.
The Company pays remuneration by way of salary, perquisites and allowances (fixed component) and commission (variable
component) to its Executive Director. Salary and perquisites are paid within the range approved by the shareholders.
Commission payable to the Executive Director is determined with reference to performance of the individual during the
preceding year and to the net profits of the Company for the year and is determined by the Board of Directors at the end
of the financial year along with annual incremental effective 1st April for the next year based on the recommendation of
the Nomination and Remuneration Committee within the limits fixed by the shareholders and subject to over-all ceilings
stipulated in Section 197 and 198 of the Act. The specific amount sanctioned to the Executive Director is payable after the
Annual Accounts have been approved by the Board of Directors. The remuneration paid to the Executive Director during the
year 2022-2023 is given below :
(` in lacs)
Name Salary Perquisites Provident Fund Performance Bonus
for 2021-2022 paid
in 2022-23
Mr. A. N. Dalal 342.60 - 13.34 220.00
88
Stakeholders’ Relationship Committee :

In compliance with Section 178 of the Act and Regulation 20 of the SEBI Listing Regulations, the Stakeholders’ Relationship
Committee has been constituted.
The Committee as on 31st March, 2023 comprises of three Directors viz. Mr. F. N. Subedar (Chairman), Mr. A. N. Dalal and
Mr. V. Chandrasekaran.
Terms of reference of Stakeholders Relationship Committee are as follows :
1. Resolving the grievances of security holders of the Company including complaints related to transfer/transmission
of shares, non-receipt of annual report, non-receipt of declared dividends, issue of new/duplicate certificate, general
meetings etc.
2. Review of measures taken for effective exercise of voting rights by shareholders.
3. Review of adherence to service standards adopted by the Company in respect of various services being rendered by
Share Transfer Agent.
4. Review of various measures and initiatives taken by the Company for reducing quantum of unclaimed dividends and
ensuring timely receipt of dividend warrants/annual reports/statutory notices by the shareholders of the company.
The Committee approves / monitors transfers, transmissions, consolidation, issue of duplicate certificate, monitors
the shareholding pattern as well as the redressal of complaints of shareholders by the Registrars, oversees overall
improvement of the quality of investor services, performance of Registrar and Transfer Agents, oversees compliance
relating to dividend payment, transfer of unclaimed amount of dividend and shares to IEPF Authority where dividend
is outstanding for seven consecutive years, implementation of the Code of Conduct for Prevention of Insider Trading.
Mr. Manoj Kumar C V, Chief Financial Officer & Company Secretary is also the Compliance Officer.
The Registrars had received correspondence from 406 shareholders in the aggregate on various matters during the year.
There were 46 queries regarding dividend warrants including changes on live warrants or issue of fresh cheques against time
barred instruments, 335 requests for registration of change of address, Bank details, ECS, nomination, document registration,
transmission of shares, loss of securities etc. and 25 correspondence for other miscellaneous matters. There were 3 complaints
reported which were resolved during the year. There was no complaint pending as on 31st March, 2023.
Investment Committee :
The Investment Committee as on 31st March, 2023, comprises of Mr. N. N. Tata (Chairman), Mr. F. N. Subedar,
Mr. Suprakash Mukhopadhyay, Mr. V. Chandrasekaran and Mrs. Farida Khambata.
During the year under review, the Board has reconstituted the Committee by appointing Mrs. Farida Khambata as member
of the Investment Committee with effect from 6th March, 2023.
The investment policy and specific recommendations form an important part of the discussions at the Investment Committee
meetings. Specific investment decisions, based on detailed analysis and recommendations of the executives, are taken by
Investment Committee circulars with full disclosure and subsequent review at Board / Committee Meetings.
Asset Liability & Risk Management & IT Strategy/Steering Committee :

In accordance with the Reserve Bank of India guidelines and SEBI Listing Regulations, an Asset Liability, Risk Management
and IT Strategy/Steering Committee of the Board has been constituted for implementation of the Asset Liability
Management system and to review its functions periodically. The Committee also reviews the Risk Management Policy of the
Company from time to time. As on 31st March, 2023, the Committee comprises of Mr. A. Sen (Chairman), Mr. A. N. Dalal and
Mr. Suprakash Mukhopadhyay.
89
INVESTMENT
The terms of reference of the Asset Liability, Risk Management & IT Strategy/Steering Committee are as follows :
1. Formulate a detailed risk management policy which shall include:
a) A frame work for identification of internal and external risks faced by the Company, in particular including financial,
operational, sectoral, sustainability (particularly, ESG related risks), information, cyber security risks or any other risk
as may be determined by the Committee;
b) Measures for risk mitigation including systems and process for internal control of identified risks and
c) Business continuity plan;
2. Ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks associated with
the business of the Company;
3. Monitor and oversee implementation of the risk management policy, including evaluating the adequacy of risk
management systems;
4. Periodically review risk management policy, at least once in two years, including by considering the changing industry
dynamics and evolving complexity;
5. Keep the Board of Directors informed about the nature and content of its discussions, recommendations and actions to
be taken;
6. The appointment, removal and terms of remuneration of the Chief Risk Officer (if any) shall be subject to review by the
Risk Management Committee;
7. Overseeing Asset Liability and IT Steering/Strategy in terms of RBI Regulations.
Corporate Social Responsibility Committee :

The Corporate Social Responsibility (CSR) Committee comprising of Mr. F. N. Subedar (Chairman), Mr. A. N. Dalal,
Mr. Suprakash Mukhopadhyay and Mr. V. Chandrasekaran, has been constituted under Section 135 of the Act.
The terms of reference of Corporate Social Responsibility Committee are as follows :

a) Formulate and recommend to the Board, a CSR Policy indicating the activity or activities to be undertaken by the
Company in areas or subject as specified in Schedule VII of the Act ;
b) Recommend the amount to be spent on the CSR activities ;
c) Monitor the Company’s CSR policy periodically ;
d) Attend to such other matters and functions as may be prescribed from time to time.
The Board has adopted the CSR Policy as formulated and recommended by the Committee. The same is displayed on the
website of the Company
https://tatainvestment.com/wp-content/uploads/2022/03/TICL-CSR-Policy.pdf . An Annual Report on CSR activities for the
year 2022-23 forms a part of the Board’s Report.
Independent Directors Meeting :

In terms of Section 149 of the Act and Regulation 25(3) of the SEBI Listing Regulations, a separate meeting of the Independent
Directors was held, inter alia, to discuss:
a) Evaluation of the Performance of Non-Independent Directors and the Board of Directors as a whole;
b) Evaluation of the performance of the Chairman of the Company, taking into account the views of the Executive and Non-
Executive Directors; and
c) Evaluation of the quality, content and timeliness of flow on information between the Management and the Board that is
necessary for the Board to effectively and reasonably perform its duties.
All Independent Directors were present at the Meeting.
90
Board and Director Evaluation and criteria for evaluation :

Pursuant to the provisions of the Act and SEBI Listing Regulations, the Board has carried out the annual performance
evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Committees.
The Nomination and Remuneration Committee has defined the evaluation criteria, procedure and time schedule for
performance evaluation process for the Board, its Committees and Directors, including Chairman of the Company.
The criteria laid down by the Committee are:
A. Criteria for Board Evaluation :
i. Structure of the Board
ii. Meetings of the Board
iii. Functions of the Board
iv. Strategy and performance evaluation
v. Governance and compliance
vi. Evaluation of Risks
vii. Grievance redressal
viii. Stakeholder value
ix. Board and management
B. Criteria for Evaluation of Independent and Non-Independent Directors :
i. Attendance.
ii. Contribution at Board Meetings.
iii. Guidance/ support to management outside Board/ Committee Meetings.
iv. For the Chairman of the Board, additional criteria include providing effective leadership to the Board; setting an
effective strategic agenda of the Board; encouraging active engagement by all the members of the Board, promoting
effective relationships and open communication; communicating effectively with all stakeholders and enabling
meaningful relationships; and motivating and providing guidance to the Managing Director & CEO.
C. Criteria for Evaluation of Board Committees :

i. Degree of fulfilment of key responsibilities.
ii. Adequacy of Board Committee composition.
iii. Effectiveness of meetings.
iv. Committee dynamics.
v. Quality of relationship of the Committee with the Board and the management.
Familiarisation Programme :
The Company has Familiarisation Programme for the Independent Directors with respect to the Company, their roles, rights,
responsibilities and details of such Familiarisation Programme is available in the Company’s website at:
https://tatainvestment.com/wp-content/uploads/2023/04/FAMILIARISATION-PROGRAMME-FOR-INDEPENDENT-
DIRECTORS.pdf
91
INVESTMENT
Subsidiary Company :
The Company has an unlisted subsidiary. The Audit Committee reviews the investments made by the unlisted subsidiary
company. The minutes of the board meetings are periodically placed before the Board of Directors of the Company.
The Company has framed Policy for determining the Material Subsidiary and which is available at the Company’s website at:
https://tatainvestment.com/images/Policy%20on%20Material%20Subsidiaries.pdf
General Body Meetings :

The Annual General Meeting of the Company will be held on 27th June, 2023 at 11.00 a.m. (IST) through Video Conferencing
(“VC”) / Other Audio Visual Means (“OAVM”).
No extraordinary general meeting of the members was held during FY 2022-2023.
Details relating to the last three Annual General Meetings of the Company and Special Resolutions passed thereat are given
below:
Year Location Date Time (IST) Number of Details of Special

Special resolution
Resolutions
approved at the
AGM
2021-22 Meeting 27th June, 2022 4.00 p.m. - -
conducted
through VC /
OAVM pursuant to
the MCA Circular
2020-21 Meeting 5th July, 2021 11.00 a.m. 1 Appointment of
conducted Mr. Rajiv Dube
through VC / (DIN: 00021796)
OAVM pursuant to as an Independent
the MCA Circular Director
2019-20 Meeting 16th July, 2020 11.00 a.m. - -
conducted
through VC /
OAVM pursuant to
the MCA Circular
Details of special resolutions passed through postal ballot, the persons who conducted the postal ballot exercise, details of
the voting pattern and procedure of postal ballot: There was no special resolution passed through Postal Ballot during the
year.
Details of special resolution proposed to be conducted through postal ballot: None of the businesses proposed to be
transacted at the ensuing AGM requires passing of a special resolution through postal ballot.
A certificate has been received from Parikh and Associates, Practicing Company Secretaries, that none of the Directors on the
Board of the Company has been debarred or disqualified from being appointed or continuing as directors of companies by
the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such statutory authority.
92
Disclosures :
i) There are no materially significant related party transactions of the Company which have potential conflict with the
interests of the Company at large. The Company has formulated a Related Party Transactions Policy and the same is
displayed on the Company’s website at: https://tatainvestment.com/images/Policy%20on%20Related%20Party%20
Transactions.pdf
ii) The particulars of transactions between the Company and its related parties are in accordance with Ind AS 24 & set out
in Note No.15 to the Accounts. These transactions are in the ordinary course and are not likely to have any conflict with
the interest of the Company.
iii) There were no pecuniary relationships or transactions of the non-executive directors vis-à-vis the Company, other than
payment of Board fees/commission and investments (if any) in shares / securities of the Company.
iv) There were no material transactions of the Company with its promoters, directors, management or their relatives that
may have potential conflict with the interest of the Company at large.
v) There were no penalties or strictures imposed on the Company by the Stock Exchanges or SEBI or any statutory authority
on any matter related to capital markets at any time during the last 3 years.
vi) The Company has complied with all the mandatory and non-mandatory requirements of the SEBI Listing Regulations
relating to Corporate Governance and also complied with Clauses (b) to (i) of Regulation 46 (2) relating to the dissemination
of information on the website of the Company. The status of compliance with the non-mandatory requirements listed in
Part E of Schedule II of the SEBI Listing Regulations, is as under:
• The Non-Executive Chairman maintains a separate office, for which the Company is not required to reimburse
expenses.
• The financial statements of the Company are with unmodified audit opinion.
• The Internal Auditor reports to the Audit Committee.
vii) The Company does not have any commodity price risk, foreign exchange risk and hedging activities.
viii) An amount of ` 34.56 lacs was paid by the Company and its on a consolidated basis, to the Statutory Auditors and all
the entities in the network firm/network entity of which the Statutory Auditor is a part, for all the services rendered in
financial year 2022-23.
ix) The Company has not received any complaint of sexual harassment during the financial year 2022-23.
CEO/CFO Certification :
The Executive Director and the Chief Financial Officer & Company Secretary have certified to the Board that:
(a) They have reviewed the financial statements and the cash flow statement for the year and that to the best of their
knowledge and belief:
(i) these statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading;
(ii) these statements together present a true and fair view of the Company’s affairs as on 31st March, 2023 and are in
compliance with the existing Ind AS, applicable laws and regulations.
93
INVESTMENT
(b) There are, to the best of their knowledge and belief, no transactions entered into by the Company during the year which
are fraudulent, illegal or violative of the Company’s Code of Conduct.
(c) They accept responsibility for establishing and maintaining internal controls for financial reporting and that they have
evaluated the effectiveness of the internal control systems of the Company and have reported to the auditors and the
Audit Committee that they are not aware of any deficiencies in the design or operation of internal controls. In the event
such deficiencies do arise, the same shall be reported to the auditors and the Audit Committee forthwith.
(d) They have indicated to the auditors and the Audit Committee that there have been -
(i) no changes in internal control during the year;
(ii) no changes in accounting policies during the year, other than those mentioned in the Notes to the Financial
Statements,
(iii) no instances of fraud of which they have become aware and / or the involvement therein of any of the management
or any employee of the Company.
Code of Conduct :
The Company has adopted the Tata Code of Conduct for all employees of the Company, including the Executive Director. The
Board has also approved a Code of Conduct for the Non-Executive Directors of the Company, which incorporates the duties
of Independent Directors as laid down in the Act. Both the Codes are posted on the Company’s website at https://www.tata.
com/about-us/tata-code-of-conduct
A declaration to the effect that all Board members and senior management personnel have confirmed compliance with the
Code of Conduct during the year ended 31st March, 2023 duly signed by the Executive Director is annexed hereto.
The Company has adopted the Code of Conduct for Prevention of Insider Trading & Code of Corporate Disclosure Policy and
uploaded it on the website of the Company: https://tatainvestment.com/images/Code_of_Conduct.pdf.
Whistle Blower Policy / Vigil Mechanism :

A Whistle Blower Policy has been adopted by the Board of Directors. The Policy provides for adequate safeguards against
victimisation of employees and also provides for access to the Audit Committee. The Policy has been appropriately
communicated within the Company. It is affirmed that no personnel has been denied access to the Audit Committee
Chairman.
The Policy, as approved by the Board, is uploaded on the Company’s website at: link the page https://tatainvestment.com/
images/Whistle_Blower_Policy.pdf
Means of Communication :
The unaudited quarterly results and the audited results for the year are published in two English newspaper (Business
Standard, The Mint) and atleast one vernacular newspaper (Navshakti) shortly after its submission to the Stock Exchanges.
The Company’s website www.tatainvestment.com contains relevant information including matters pertaining to investor
relations, shareholder benefits, as well as quarterly/annual financial results.
94
Share Transfer System :

TSR Consultants Private Limited (TCPL) are the Registrar and Transfer Agents of the Company. TCPL has a network of Investor
Relation Centres (IRCs) at Mumbai, Bengaluru, Jamshedpur, Kolkata, Ahmedabad and New Delhi to accept the documents /
bankers requests / queries / correspondence from the investors / shareholders of the Company.
According to the SEBI Listing Regulations, no shares can be transferred unless they are held in dematerialised mode. Members
holding shares in physical form are therefore requested to convert their holdings into dematerialized mode to avoid loss of
shares and fraudulent transactions and avail better investor servicing. Accordingly, only valid transmission or transposition
cases may be processed by the Registrar of the Company, subject to compliance with the guidelines prescribed by SEBI.
Shares in physical form for transfer/transmission should be lodged with the office of the Company’s Registrar / Company.
The Chief Financial Officer & Company Secretary who is also the Compliance Officer verifies the Transfer Register sent by the
Registrars. The Stakeholder’s Relationship Committee approves the transfer of shares.
TCPL has an Investor Interface Cell which handles all queries/correspondence/requests received across the counter/walk
in investors, over the phone and by e-mail. Written communication received from the Investors is segregated into different
categories on the basis of the nature of the query received. The concerned workgroup takes the required action in respect of
the same by accessing the current shareholder information on TCPL database.
The details are verified and responded through customised and fully automated systems for handling such correspondence.
Copies of the responses for complaints/letters received through statutory bodies, wherever required, are forwarded to the
Company for their reference and records.
The endeavour is to attend to shareholder requests and redress their queries speedily and to their satisfaction, keeping in
mind the statutory/regulatory time frame. Investors’ grievances, if any, are resolved by the Compliance Officer, failing which,
they would be referred to the Stakeholders’ Relationship Committee.
Management Discussion and Analysis :

Management Discussion and Analysis forms part of the Board’s Report.
General Shareholder Information :
Compliance Officer Mr. Manoj Kumar CV
Registered Office Elphinstone Building, 10, Veer Nariman Road,

(Address for correspondence) Mumbai 400 001.
Tel. No. 022 -6665 8282 Fax : 022- 6665 7917
E-mail address :[email protected]
Annual General Meeting Tuesday, 27th June, 2023 at 11:00 a.m. (IST)
(Date, time and venue)
The Company is conducting the meeting through VC / OAVM pursuant to the MCA
Circular dated 5th May, 2020 and other relevant circulars and as such there is no
requirement to have a venue for the AGM. For details, please refer to the Notice of
this AGM.
Financial Year The Financial Year of the Company ends on 31st March each year.
Book Closure Date Tuesday, 13th June, 2023 to Tuesday, 20th June, 2023
95
INVESTMENT
Dividend Payment A dividend of ` 48/- per share (480%) for the year ended 31st March, 2023 on the
existing Ordinary Share Capital of ` 50.60 crores, if approved, would be paid, in case
of shares held in physical form, to those Members whose names appear on the
Register of Members on 12th June, 2023, after giving effect to the transfers lodged
and found to be complete and in order. In respect of shares held in electronic form,
dividend would be paid to the beneficial owners of shares as at the end of business
hours on 12th June, 2023, furnished by National Securities Depository Ltd. and
Central Depository Services (India) Ltd.
Listing on Stock Exchanges 1. BSE Ltd.,

P.J. Towers, Dalal Street, Mumbai 400 001.
2. The National Stock Exchange of India Ltd.,
Bandra-Kurla Complex, Mumbai 400 051.
Listing fees have been paid upto the year ending 31st March, 2024 to each of the
Stock Exchanges.
Stock Code BSE : 501301 NSE : TATAINVEST
ISIN INE672A01018
Demat of Shares Available on National Securities Depository Ltd. (NSDL) and Central Depository
Services (India) Ltd. (CDSL). 99.52% of the Company’s shares are in dematerialised
mode. Annual Custodial charges have been paid to both Depositories upto 31st
March, 2024.
Market Price Data BSE NSE

High Low High Low
` ` ` `
April 2022 1,538.00 1,355.20 1,538.00 1,350.00
May 2022 1,590.00 1,357.90 1,588.95 1,357.95
June 2022 1,556.00 1,218.00 1,556.95 1,215.95
July 2022 1,539.85 1,328.00 1,539.00 1,329.20
August 2022 1,615.25 1,451.60 1,617.00 1,450.00
September 2022 2,886.50 1,605.00 2,883.40 1,599.95
October 2022 2,509.15 2,251.45 2,508.60 2,250.20
November 2022 2,534.55 2,313.65 2,533.00 2,277.00
December 2022 2,370.00 1,922.05 2,370.00 1,921.05
January 2023 2,354.70 2,059.15 2,355.00 2,060.00
February 2023 2,275.30 1,965.00 2,275.00 1,965.00
March 2023 2,064.95 1,735.00 2,061.50 1,730.00
96
Stock Performance of the Company vis a vis BSE SENSEX

65000
2350
2200 S
SHARE PRICE ON BSE
2050 60000 E
N
1900
S
1750
55000 E
1600
X
1450
1300 50000
TICL Month End Close BSE Sensex Month End Close
Registrar & Transfer Agents :

REGISTERED OFFICE : TSR CONSULTANTS PRIVATE LIMITED
(Formerly known as TSR Darashaw Consultants Private Limited)
C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg,
Vikhroli West, Mumbai 400083
Tel. : +91-8108118484 Fax : 022-66568494
E-mail : [email protected] website : www.tcplindia.co.in
BRANCH OFFICES :
Mumbai Building 17/19, Office no. 415 Rex Chambers,
Ballard Estate, Walchand Hirachand Marg,
Fort, Mumbai-400 001
Tel: 7304874606
Bengaluru C/o. Mr. D. Nagendra Rao, “Vaghdevi” 543/A,
7th Main, 3rd Cross, Hanumanthnagar
Bengaluru – 560019
Tel. : 080-26509004
Jamshedpur Qtr. No. L-4/5, Main Road, Bistupur
(Beside Chappan - Bhog Sweet Shop)
Jamshedpur - 831001
Tel. : 0657-2426937
Kolkata Vaishno Chamber, Flat No. 502 & 503, 5th Floor,
6, Brabourne Road Kolkata – 700001
Tel. :033-40081986
New Delhi Noble Heights, 1st Floor, Plot No NH-2, C-1 Block, LSC
Near Savitri Market, Janakpuri, New Delhi – 110058
Tel : +91-11-49411000
Email : [email protected]
97
INVESTMENT
Ahmedabad Amarnath Business Centre-1 (ABC-1), Beside Gala Business Centre

Nr. St. Xavier’s College Corner, Off. C.G. Road,
Ellisbridge, Ahmedabad – 380006
Tel : +91-79-26465179
E-mail: [email protected]
Distribution of Shareholding as on 31.03.2023 :
No. of shares %
Promoter Company and other Tata Companies............................................................................... 37,128,947 73.38
Directors & their Relatives........................................................................................................................ 36,152 0.07
Public Financial Institutions / Nationalised Banks /Insurance Companies &State
Governments................................................................................................................................................ 452,472 0.89
Non-residents / FIIs/ FPIs.......................................................................................................................... 1,002,929 1.98
Other Bodies Corporate, Clearing Members, LLP, Other Banks, Body Corporate-
NBFC, Body Corporate-Non-NBFC, Foreign Bank, Domestic-DR, IEPF, Trust, Alternate
Investment Fund ........................................................................................................................................ 1,318,990 2.61
Mutual Funds................................................................................................................................................ 15,302 0.03
Others.............................................................................................................................................................. 10,640,504 21.04
50,595,296 100.00
Distribution Schedule as on 31.03.2023 :
Sr. No. of shares Holdings Amount % of total No. of Holders % to total

No. (`) Capital Holders
1 1 to 500 3,173,522 31,735,220 6.27 91,960 97.09
2 501 to 1000 962,619 9,626,190 1.90 1,285 1.36
3 1001 to 2000 985,480 9,854,800 1.95 683 0.72
4 2001 to 3000 672,384 6,723,840 1.33 269 0.28
5 3001 to 4000 464,640 4,646,400 0.92 131 0.14
6 4001 to 5000 387,525 3,875,250 0.77 86 0.09
7 5001 to 10000 1,106,094 11,060,940 2.18 160 0.17
8 Greater than 10000 42,843,032 428,430,320 84.68 138 0.15
Total 50,595,296 505,952,960 100.00 94,712 100.00
DECLARATION REGARDING ADHERENCE TO THE CODE OF CONDUCT BY THE BOARD MEMBERS AND SENIOR
MANAGEMENT PERSONNEL :
In accordance with Part D of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015,
I hereby confirm that, all the Directors and the Senior Management Personnel of the Company have affirmed compliance to
the Code of Conduct, as applicable to them for the financial year ended 31st March, 2023.
For Tata Investment Corporation Limited

A. N. DALAL
Executive Director
DIN : 00297603
Mumbai, 5th May, 2023.
98
AUDITORS’ CERTIFICATE ON CORPORATE GOVERNANCE

TO THE MEMBERS OF TATA INVESTMENT CORPORATION LIMITED
Independent Auditor’s Report on compliance with the conditions of Corporate Governance as per provisions of
Chapter IV of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended.
To,
The Members of
Elphinstone Building,
10,Veer Nariman Road,
Mumbai - 400001
1. The Corporate Governance Report prepared by Tata Investment Corporation Limited (“the Company”), contains the
details as required by provisions of the regulations 17 to 27, 46 (2) (b) to (i) and paras C, D and E of Schedule V of
the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as
amended (“the Listing Regulations”) for the year ended 31 March 2023. This report is required by the Company for
inclusion in the Annual Report of the Company, which shall be submitted to the Stock Exchange and shareholders of
the Company.
Management’s responsibility
2. The preparation of the Corporate Governance Report is the responsibility of the Management of the Company including
the preparation and maintenance of all relevant supporting records and documents. This responsibility also includes
the design, implementation and maintenance of internal control relevant to the preparation and presentation of the
Corporate Governance Report.
3. The Management along with the Board of Directors is also responsible for ensuring that the Company complies with
the conditions of Corporate Governance as stipulated in the Listing Regulations, issued by the Securities and Exchange
Board of India.
Auditor’s Responsibility
4. Pursuant to the requirements of the Listing Regulations, our responsibility is to provide a reasonable assurance
as to whether the Company has complied with the conditions of Corporate Governance as stipulated in the Listing
Regulations.
5. We conducted our examination of the Corporate Governance Report in accordance with the Guidance Note on Reports
or Certificates for Special Purposes and the Guidance Note on Certification of Corporate Governance, both issued by the
Institute of Chartered Accountants of India (“ICAI”). The Guidance Note on Reports or Certificates for Special Purposes
requires that we comply with the ethical requirements of the Code of Ethics issued by Institute of Chartered Accountants
of India.
6. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control
for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services
Engagements.
7. The procedures selected depend on the auditor’s judgement, including the assessment of the risks associated in
compliance of the Corporate Governance Report with the applicable criteria. Summary of key procedures performed
include:
i) Reading and understanding of the information prepared by the Company and included in its Corporate Governance
Report;
ii) Obtained and verified that the composition of the Board of Directors with respect to executive and non-executive
directors including composition of independent directors, have been met throughout the reporting period;
99
INVESTMENT
iii) Obtained and read the Register of Directors as on March 31, 2023 and verified that at least one-woman director was
on the Board of Directors during the year;
iv) Obtained and read minutes of the following meetings held from 01 April 2022 to 31 March 2023;
(a) Board of Directors
(b) Audit committee
(c) Annual General Meeting
(d) Nomination and Remuneration committee
(e) Stakeholders’ Relationship committee
(f ) Risk Management Committee
v) Obtained necessary declarations from the Directors of the Company;
vi) Obtained and read the policy adopted by the Company for related party transactions;
vii) Obtained the schedule of related party transactions during the year and balances at the year end. Obtained and
read the minutes of the audit committee meeting where in such related party transactions have been pre-approved
prior by the audit committee; and
viii) Performed necessary inquiries with the management and also obtained necessary specific representations from
the management.
8. The above-mentioned procedures include examining evidence supporting the particulars in the Corporate Governance
Report on a test basis. Further, our scope of work under this report did not involve us performing audit tests for the
purpose of expressing an opinion on the fairness or accuracy of any of the financial information or the financial
statements of the Company taken as a whole.
Opinion
9. Based on the procedures performed by us as referred in paragraph 7 above and according to the information and
explanations given to us, we are of the opinion that the Company has complied with the conditions of Corporate
Governance as stipulated in the Listing Regulations, as applicable for the year ended 31st March, 2023 referred to in
paragraph 1 above.
Other matters and Restriction on Use
10. This Report is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with
which the management has conducted the affairs of the Company.
11. This Report is addressed to and provided to the members of the Company solely for the purpose of enabling it to
comply with its obligations under the Listing Regulations and should not be used by any other person or for any other
purpose. Accordingly, we do not accept or assume any liability or any duty of care or for any other purpose or to any
other party to whom it is shown or into whose hands it may come without our prior consent in writing. We have no
responsibility to update this Report for events and circumstances occurring after the date of this Report.
For Suresh Surana & Associates & LLP

Chartered Accountants
Firm’s Registration Number: 121750W/W-100010
Santosh Maller
Partner
Membership Number: 143824
UDIN: 23143824BGQQEB8405
100
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015)
To,
TATA INVESTMENT CORPORATION LIMITED
Elphinstone Building,
10,Veer Nariman Road,
Mumbai - 400001
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Tata
Investment Corporation Limited having CIN L67200MH1937PLC002622 and having registered office at Elphinstone
Building, 10,Veer Nariman Road, Mumbai - 400001 (hereinafter referred to as ‘the Company’), produced before us by the
Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub
clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number
(DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its
officers and considering the relaxations granted by the Ministry of Corporate Affairs and Securities and Exchange Board of
India warranted due to the spread of the COVID-19 pandemic, We hereby certify that none of the Directors on the Board
of the Company as stated below for the Financial Year ending on 31st March, 2023 have been debarred or disqualified
from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of
Corporate Affairs, or any such other Statutory Authority.
Sr. No. Name of Director DIN *Date of Appointment in Company

1. Mr. Noel Naval Tata 00024713 09/06/2004
2. Mr. Farokh Nariman Subedar 00028428 11/03/2005
3. Mr. Amit Dalal 00297603 01/01/2015
4. Mr. Suprakash Mukhopadhyay 00019901 14/06/2018
5. Mr. Abhijit Sen 00002593 04/08/2019
6. Mr. Venkatadri Chandrasekaran 03126243 16/03/2020
7. Mr. Rajiv Dube 00021796 15/10/2020
8. Ms. Farida Khambata 06954123 19/01/2022
*the date of appointment is as per the MCA Portal.
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management
of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an
assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has
conducted the affairs of the Company.

Practising Company Secretaries
Sarvari Shah
FCS: 9697 CP: 11717
UDIN: F009697E000261058
101
INVESTMENT
INDEPENDENT AUDITOR’S REPORT

Report on the audit of the Standalone Financial Statements
Opinion
We have audited the standalone financial statements of Tata Investment Corporation Limited (‘the Company’), which
comprise the balance sheet as at 31 March, 2023, the statement of profit and loss (including other comprehensive income),
the statement of changes in equity and the statement of cash flows for the year then ended, and notes to financial statements
including a summary of the significant accounting policies and other explanatory information (hereinafter referred to as “the
standalone financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and
give a true and fair view in conformity with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of
the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles
generally accepted in India, of the state of affairs of the Company as at 31 March, 2023, the profit, total comprehensive
income, changes in equity and its cash flows for the year ended on that date.
Basis for opinion
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs)
prescribed under Section 143 (10) of the Act. Our responsibilities under those Standards are further described in the
“Auditor’s Responsibilities for the audit of the standalone financial statements section” of our report. We are independent of
the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together
with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of
the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate
to provide a basis for our audit opinion on the standalone financial statements.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
standalone financial statements of the current period. These matters were addressed in the context of our audit of the
standalone financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. We have determined the matters described below to be the key audit matters to be communicated in our
report.
We have fulfilled the responsibilities described in the Auditors’ responsibilities for the audit of the standalone financial
statements section of our report, including in relation to these matters. Accordingly, our audit included the performance
of procedures designed to respond to our assessment of the risks of material misstatement of the standalone financial
statements. The results of our audit procedures, including the procedures performed to address the matters below, provide
the basis for our audit opinion on the accompanying standalone financial statements.
Sr. No. Key Audit Matter Auditor’s Response

1. Fair Valuation of Investments in Principal audit procedures followed:
Unquoted Instruments • Understanding of the process, evaluating the design and
testing the operating effectiveness of such controls in respect
of valuation of investments by management.
• Evaluating management’s controls over collation of relevant
information used for determining estimates for valuation and
impairment testing of investments.
102

The Company’s investments in unquoted • Testing appropriate implementation of policy of valuation
instruments (other than investment in and impairment testing by management.
Subsidiary and Associates) are measured at • Reconciling the financial information mentioned in fair
fair value at each reporting date and these valuation and impairment testing to underlying source
fair value measurements significantly impact details. Also, testing the reasonableness of management’s
the Company’s financial performance. The estimates considered in such assessment.
Company’s investments in subsidiary and • Obtaining independent valuation reports of unquoted
associates are measured at cost less provision investments.
for impairment, if any. Within the Company’s
• Testing the reasonableness of management’s estimates
investment portfolio, the valuation of certain
considered in such assessment.
assets such as unquoted investments require
significant judgement because of quoted • Assessing the competence, capabilities and objectivity of
prices being unavailable and limited liquidity the experts used by management in the process of valuation
in these markets. models.
• Assessing the factual accuracy conclusion reached by the
Refer note 5(a), 7.5, 7.5.1 and 17 note to the
management and appropriateness of the disclosures made in
standalone financial statements.
the standalone financial statements in respect of investments.
Other matter
The Standalone Financial Statements for the year ended 31 March, 2022, included in the standalone financial statements
have been audited by one of the Joint Auditors i.e. Suresh Surana & Associates LLP as sole statutory auditors. They have
expressed an unmodified opinion for the above period vide their audit report dated 25 April, 2022. These reports have been
relied upon by Gokhale & Sathe (Joint Auditors) for the purpose of the audit of the standalone financial statements.
Our opinion on the standalone financial statements, and our report on Other Legal and Regulatory Requirements below, is
not modified in respect of the above matter.
Information other than the standalone financial statements and auditor’s report thereon
The Company’s Board of Directors is responsible for the other information. The other information comprises the information
included in the Board Report including Annexures thereon but does not include the standalone financial statements and
our auditor’s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the standalone financial statements, or
our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Management’s responsibility for the standalone financial statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the
preparation of these standalone financial statements that give a true and fair view of the financial position, financial
performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with
Indian Accounting Standards (Ind AS) and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring
the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone
financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
103
INVESTMENT
In preparing the standalone financial statements, management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
The Board of Directors is also responsible for overseeing the Company’s financial reporting process.
Auditors’ responsibilities for the audit of the standalone financial statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether
the Company has adequate internal financial controls with reference to the standalone financial statements in place and
the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the standalone financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures,
and whether the standalone financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements
may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone
financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
104
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on other Legal and Regulatory requirements
1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of India
in terms of Section 143(11) of the Act, and on the basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and explanations given to us, we give in the “Annexure A”, a
statement on the matters specified in the paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit;
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from
our examination of those books;
c) The balance sheet, the statement of profit and loss (including other comprehensive income), the statement of
changes in equity and the statement of cash flows dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified
under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
e) On the basis of written representations received from the directors of the Company as on 31 March, 2023 and taken
on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2023 from being appointed
as a director in terms of Section 164(2) of the Act;
f ) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in “Annexure B”;
g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of
Section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration
paid by the Company to its directors during the year is in accordance with the provisions of Section 197 read with
Schedule V to the Act; and
h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the
explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial
statements (Refer note 11 to the standalone financial statements);
ii. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses; and
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.
iv. a) The Management has represented that, to the best of its knowledge and belief,no funds (which are material
either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed
funds or share premium or any other sources or kind of funds) by the Company to or in any other person
or entity, including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries;
105
INVESTMENT
b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have been received by the Company from any person or
entity, including foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and
(ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
v. a) The final dividend proposed in the previous year, declared and paid by the Company during the year is in
accordance with Section 123 of the Act, as applicable.
b) The Board of Directors of the Company have proposed final dividend for the year which is subject to the
approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in
c) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using
accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company
with effect from April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors)
Rules, 2014 is not applicable for the financial year ended March 31, 2023.
For Suresh Surana & Associates LLP For Gokhale & Sathe
Chartered Accountants Chartered Accountants
Firm Regn. No. 121750W /W-100010 Firm Regn. No.103264W
Santosh Maller Rahul Joglekar

Partner Partner
Membership No.: 143824 Membership No.: 129389
UDIN: 23143824BGQQDY5861 UDIN: 23129389BGUYEY6443
Mumbai, 5th May, 2023 Mumbai, 5th May, 2023
106
ANNEXURE ‘A’ TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 1 under the heading ‘Report on Other Legal and Regulatory Requirements’ of our report
of even date)
i (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and
situation of its property, plant and equipment and relevant details of Right-of-use assets.
(B) The Company has maintained proper records showing full particulars of its intangible assets.
(b) The Company has a regular program of physical verification of property, plant and equipment and right-of-use
assets so to cover all the assets at reasonable intervals which, in our opinion, is reasonable having regard to the size
of the Company and the nature of its assets. Pursuant to the program, property, plant and equipment have been
physically verified by the Management during the year. According to the information and explanations given to us,
no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and the records examined by us, the Company owns
four immovable properties being apartments in Mumbai. The Company acquired these immovable properties
through the agreement between the Company and other companies of the Tata group. The common agreement
appropriately specifies the details of ownership of the four apartments owned by the Company. In respect of
immovable property taken on lease and disclosed as right of use asset in the standalone Ind AS financial statements,
the lease agreement is in the name of the Company.
(d) The Company has not revalued its property, plant and equipment (including right-of-use assets) and intangible
assets during the year.
(e) According to the information and explanations given to us, no proceedings have been initiated or are pending
against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and
rules made thereunder.
ii. (a) The Company is an investment company primarily engaged in investment in securities, debentures and other
products. Accordingly, it does not hold any inventories and hence, reporting under clause 3(ii)(a) of the Order is not
applicable.
(b) The Company has not been sanctioned working capital limits in excess of ` 5.00 crores, in aggregate, at any point
of time during the year, from banks or financial institutions on the basis of security of current assets and hence,
reporting under clause 3(ii)(b) of the Order is not applicable to the Company.
iii. According to the information and explanations given to us, during the year, the Company has made investments in
companies and other parties. In our opinion, the investments made during the year are, prima facie, not prejudicial
to the interest of the Company. Further, the Company has during the year granted loan repayable on demand to its
Subsidiary company, and the details are as follows:
(` In Lacs )
Particulars To Related party – Subsidiary Total
Aggregate of loans/advances in the nature of loan repayable on 2,000 2,000
demand
Percentage of loans/ advances in the nature of loans to total loans 100% 100%
Balance outstanding at the balance sheet date Nil Nil
In respect of the aforesaid loans provided to the subsidiary company, in our opinion the terms and conditions under
which the loan has been granted are prima facie, not prejudicial to the Company’s interest.
The Company has not provided any loans or advances in the nature of loans or stood guarantee or security, secured
or unsecured, to companies, firms, limited liability partnerships or any other parties during the year other than the
Subsidiary company and hence, reporting under clause 3(iii)(c) to 3(iii)(e) of the Order is not applicable to the Company.
iv. In our opinion and according to the information and explanations given to us, the Company has not given loan to any
director in accordance with the provisions of Section 185 of the Companies Act, 2013. The Company has not given any
loans or guarantees. The Company is a Non-banking financial company, due to which its investments are exempted
under Section 186(11)(b). The Company has not made investments through more than two layers of investment
companies in accordance with the provisions of Section 186(1) of the Act. Accordingly, the Company has complied with
the provisions of Sections 185 and 186 of the Act, as applicable.
107
INVESTMENT
v. In our opinion and according to the information and explanations given to us, the Company has not accepted any
deposits or amounts which are deemed to be deposits within the meaning of Sections 73 to 76 of the Act and the rules
made thereunder. Accordingly, reporting under clause 3(v) of the Order are not applicable to the Company.
vi. The Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Act, for any of
the services rendered by the Company and hence, clause 3(vi) of the Order is not applicable to the Company.
vii. In respect of statutory dues:
(a) According to the information and explanations given to us, the Company has been regular in depositing undisputed
statutory dues including provident fund, employees’ state insurance, income tax, goods and services tax, and any
other statutory dues as applicable to it with the appropriate authorities. There are no arrears in respect of these
statutory dues were outstanding as at the last day of the financial year for a period of more than six months from
the date they became payable.
(b) There are no dues referred to in subclause (a) above which have not been deposited on account of any dispute.
viii. According to information and explanations given to us, no previously unrecorded transactions have been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).
ix. (a) The Company has not taken any loans or other borrowings from any lender. Hence reporting under clause 3(ix)(a)
of the Order is not applicable to the Company.
(b) The Company has not been declared willful defaulter by any bank or financial institution or government or any
government authority.
(c) The Company has not taken any term loan during the year and there are no outstanding term loans at the beginning
of the year and hence, reporting under clause 3(ix)(c) of the Order is not applicable to the Company.
(d) The Company has not raised any loans on short basis and hence, reporting under clause 3(ix)(d) of the Order is not
applicable to the Company.
(e) On an overall examination of the financial statements of the Company, we report that the Company has not taken
any funds from any entity or person on account of or to meet the obligations of its subsidiary or associates.
(f ) According to information and explanation given to us and procedure perform by us, the company has not raised
any loans during the year and hence reporting on clause 3(ix)(f ) of the Order is not applicable to the Company.
x. (a) According to the information and explanations given to us, the Company has not raised moneys by way of public
offer (including debt instruments) during the year. Accordingly, reporting under clause 3(x)(a) of the Order is not
applicable to the Company.
(b) According to information and explanations given to us, the Company has not made any preferential allotment
or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year.
Accordingly, reporting under clause 3(x)(b) of the Order is not applicable to the Company.
xi. (a) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the standalone
financial statements and according to the information and explanations given to us, we report that no material
fraud by the Company or on the Company has been noticed or reported during the year.
(b) According to information and explanations given to us, no report under sub-section (12) of Section 143 of the Act
has been filed in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014 with the
Central Government, during the year and up to the date of this report.
(c) As represented to us by the management, there were no whistle blower complaints received by the Company
during the year.
xii. According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, reporting
under clause 3(xii) of the Order is not applicable to the Company.
xiii. According to the information and explanations given to us, in our opinion, transactions with related parties are in
compliance with Sections 177 and 188 of the Act. The details of such related party transactions have been disclosed in
the standalone financial statements as required by the applicable Indian Accounting Standards.
xiv. (a) In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its
business.
108
(b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year and
till date.
xv. According to the information and explanations given to us and based on our examination of the records of the Company,
the Company has not entered into any non-cash transactions with directors or persons connected with them during the
year. Accordingly, provisions of Section 192 of the Companies Act, 2013 are not applicable to the Company.
xvi. (a) The Company is required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934 and has
obtained the requisite registration as a non-banking financial institution under Section 45 – IA of the Reserve Bank
of India Act, 1934.
(b) The Company has not conducted any Non – Banking Financial activities without a valid Certificate of registration
from Reserve Bank of India as per the Reserve Bank of India Act, 1934.
(c) According to the information and explanations given to us by the management, the Company is not a Core
Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India.
(d) According to the information and explanations given to us by the management, the Group has five CICs which are
registered with the Reserve Bank of India and two CIC which is not required to be registered with the Reserve Bank
of India.
xvii. According to the information and explanations given to us, the Company has not incurred any cash losses in the financial
year and in the immediately preceding financial year.
xviii. There has been no resignation of statutory auditors during the year and accordingly reporting under clause 3(xviii) of
the Order is not applicable to the Company.
xix. According to the information and explanations given to us and on the basis of the financial ratios, ageing and
expected dates of realization of financial assets and payment of financial liabilities, other information accompanying
the standalone 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 the 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, will get discharged
by the Company as and when they fall due.
xx. (a) There are no unspent amounts towards Corporate Social Responsibility (CSR) on other than ongoing projects
requiring a transfer to a Fund specified in Schedule VII to the Companies Act in compliance with second proviso
to sub-section (5) of Section 135 of the said Act. Accordingly, reporting under clause 3(xx)(a) of the Order is not
applicable to the Company for the year.
(b) In respect of ongoing projects, there are no amounts required to be transferred to unspent Corporate Social
Responsibility (CSR) account as specified under Section 135(6) of the Act as at the end of the previous financial
year and for the current financial year. Accordingly, reporting under clause 3(xx)(b) of the Order is not applicable to
the Company.

Partner Partner
109
INVESTMENT
ANNEXURE - B TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 2(f) under the heading ‘Report on Other Legal and Regulatory Requirements’ of our report
of even date)
We have audited the internal financial controls over financial reporting of Tata Investment Corporation Limited (“the
Company”) as of 31 March 2023 in conjunction with our audit of the standalone financial statements of the Company for the
year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal
control over financial reporting criteria established by the Company considering the essential components of internal
control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”)
issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation
and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to Company’s policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Act.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls with reference to these standalone
financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on “Audit of Internal
Financial Controls Over Financial Reporting” (the “Guidance Note”) issued by the Institute of Chartered Accountants of India
and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an
audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with
reference to these financial statements was established and maintained and if such controls operated effectively in all
material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
with reference to these standalone financial statements and their operating effectiveness. Our audit of internal financial
controls with reference to these standalone financial statements included obtaining an understanding of internal financial
controls with reference to these standalone financial statements, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the standalone
financial statements, whether due to fraud or error.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on
the Company’s internal financial controls with reference to these standalone financial statements.
Meaning of Internal Financial Controls with reference to standalone financial statements
A company’s internal financial control with reference to standalone financial statements is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A company’s internal financial control with reference
to standalone financial statements includes those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being
made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets
that could have a material effect on the financial statements.
110
Inherent Limitations of Internal Financial Controls with reference to standalone financial statements
Because of the inherent limitations of internal financial controls with reference to standalone financial statements, including
the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may
occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to standalone
financial statements to future periods are subject to the risk that the internal financial control with reference to standalone
financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to standalone
financial statements and such internal financial controls with reference to standalone financial statements were operating
effectively as at 31 March, 2023, based on the internal financial control with reference to standalone financial statements
criteria established by the Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Control Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Partner Partner
111
INVESTMENT
STANDALONE BALANCE SHEET AS AT 31ST MARCH, 2023

(` in lacs)
Particulars Note No. As at As at
31.03.2023 31.03.2022
ASSETS
(1) Financial Assets
(a) Cash and cash equivalents............................................................................................................................. 7.1 388.83 499.85
(b) Bank Balance other than cash and cash equivalents........................................................................... 7.2 3,477.42 301.29
(c) Receivables.......................................................................................................................................................... 7.3
(I) Trade receivables................................................................................................................................... 4.41 3,995.29
(d) Loans ...................................................................................................................................................................... 7.4 1.31 2.70
(e) Investments......................................................................................................................................................... 7.5 2,047,202.42 2,078,028.29
(f ) Other Financial assets...................................................................................................................................... 7.6 15,107.49 96.51
2,066,181.88 2,082,923.93
(2) Non-Financial Assets
(a) Current tax assets (Net)................................................................................................................................... 7.7 1,223.19 1,232.24
(b) Property, Plant and Equipment.................................................................................................................... 7.8 25.86 18.64
(c) Other intangible assets................................................................................................................................... 7.9 6.13 8.94
(d) Right of use assets............................................................................................................................................. 7.10 117.97 196.62
(e) Other non financial assets.............................................................................................................................. 7.11 111.92 103.86
1,485.07 1,560.30
Total assets.................................................................................................................................... 2,067,666.95 2,084,484.23
LIABILITIES AND EQUITY
LIABILITIES
(1) Financial Liabilities
(a) Derivative financial instruments.................................................................................................................. 7.12 - 846.77
(b) Payables................................................................................................................................................................
(I) Trade Payables........................................................................................................................................ 7.13
(i) total outstanding dues of micro enterprises and small enterprises....................... - -
(ii) total outstanding dues of creditors other than micro enterprises and small
384.65 355.73
enterprises...................................................................................................................................
(c) Other financial liabilities................................................................................................................................. 7.14 882.03 922.80
1,266.68 2,125.30
(2) Non-Financial Liabilities
(a) Current tax liabilities (Net)............................................................................................................................. 7.15 157.49 157.49
(b) Provisions............................................................................................................................................................. 7.16 802.55 709.12
(c) Deferred tax liabilities (Net)........................................................................................................................... 7.17 125,189.50 128,180.69
(d) Other non-financial liabilities....................................................................................................................... 7.18 25.48 26.94
126,175.02 129,074.24
(3) Equity
(a) Equity Share Capital......................................................................................................................................... 7.19 5,059.53 5,059.53
(b) Other Equity........................................................................................................................................................ 7.20 1,935,165.72 1,948,225.16
Total equity................................................................................................................................... 1,940,225.25 1,953,284.69
Total liabilities and equity........................................................................................................... 2,067,666.95 2,084,484.23
Accompanying Notes are an integral part of the Standalone Financial Statements.
In terms of our report attached For and on behalf of the Board of Directors
For SURESH SURANA & ASSOCIATES LLP For GOKHALE & SATHE N. N. TATA (DIN: 00024713) Chairman
Chartered Accountants Chartered Accountants F. N. SUBEDAR (DIN: 00028428) Vice Chairman
(Firm’s Registration No. 121750W / W-100010) (Firm’s Registration No. 103264W)
SANTOSH MALLER RAHUL JOGLEKAR SUPRAKASH MUKHOPADHYAY (DIN: 00019901)

Partner Partner
A. SEN (DIN: 00002593)
Membership No. 143824 Membership No. 129389
V. CHANDRASEKARAN (DIN: 03126243)
Directors
MANOJ KUMAR C V (ACS : 15140) A. N. DALAL (DIN: 00297603) R. DUBE (DIN: 00021796)
Chief Financial Officer & Executive Director F. KHAMBATA (DIN: 06954123)
Company Secretary
112
STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2023
(` in lacs)
Particulars Note No. Year Ended Year Ended
31.03.2023 31.03.2022
Revenue from operations
Dividend Income.................................................................................................................................................................... 18,786.73 12,764.20
Interest Income....................................................................................................................................................................... 8.1 3,905.05 3,769.45
Net gain on fair value changes.......................................................................................................................................... 8.2 6,088.87 8,788.73
Total Revenue from operations.......................................................................................................... 28,780.65 25,322.38
Other Income........................................................................................................................................................................... 8.3 53.48 29.52
Total Income......................................................................................................................................... 28,834.13 25,351.90
Expenses
Employee Benefits Expenses.............................................................................................................................................. 8.4 1,386.00 1,286.20
Finance Costs........................................................................................................................................................................... 8.5 10.35 9.14
Depreciation, amortization and impairment............................................................................................................... 7.8, 7.9 & 7.10 94.72 90.81
Other expenses....................................................................................................................................................................... 8.6 1,487.86 1,157.02
Total Expenses..................................................................................................................................... 2,978.93 2,543.17
Profit Before Tax.................................................................................................................................. 25,855.20 22,808.73
Tax Expense:
(1) Current Tax...................................................................................................................................................................... 2,064.85 2,256.95
(2) Deferred Tax................................................................................................................................................................... (299.91) 415.36
1,764.94 2,672.31
Profit After Tax (A)............................................................................................................................... 24,090.26 20,136.42
Other Comprehensive Income
(a) (i) Items that will not be reclassified to profit or loss :
– Changes in fair valuation of equity instruments............................................................................ (7,827.60) 602,700.02
– Remeasurement loss on defined benefits plans............................................................................ (58.49) (76.41)
(ii) Tax impacts on above................................................................................................................................... (985.54) (67,865.63)
(8,871.63) 534,757.98
(b) (i) Items that will be reclassified to profit or loss:
– Changes in fair value of bonds / debentures.................................................................................... (611.33) (546.09)
(ii) Tax impacts on above................................................................................................................................... 160.67 59.10
(450.66) (486.99)
Other Comprehensive Income (B)...................................................................................................... (9,322.29) 534,270.99
Total Comprehensive Income for the year (A + B)............................................................................ 14,767.97 554,407.41
Earnings per equity share...................................................................................................................
Basic and Diluted (`) 9 47.61 39.80
Accompanying Notes are an integral part of the Standalone Financial Statements.

Partner Partner
A. SEN (DIN: 00002593)
Directors
Company Secretary
113
INVESTMENT
STANDALONE STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31ST MARCH, 2023
(` in lacs)
For the Year ended
31.03.2023 31.03.2022
A. CASH FLOW FROM OPERATING ACTIVITIES :
Net profit before tax........................................................................................................................................................................ 25,855.20 22,808.73
Adjustments for :
Depreciation, amortisation and impairment......................................................................................................................................................................... 94.72 90.81
Net gain on fair value changes................................................................................................................................................................................................... (2,118.48) (2,706.20)
Amortisation of deferred lease expenses............................................................................................................................................................................... (0.01) (2.58)
Finance cost on lease liability...................................................................................................................................................................................................... 10.35 9.14
Interest income calculated using effective interest rates................................................................................................................................................. 201.45 (103.01)
Loss on derecognition of property, plant and equipment............................................................................................................................................... 0.87 0.07
Operating profit before working capital changes ........................................................................................................................ 24,044.10 20,096.96
Adjustments for :
Trade Receivables............................................................................................................................................................................................................................ 3,990.88 (3,995.29)
Loans.................................................................................................................................................................................................................................................... 1.39 (0.04)
Other financial assets..................................................................................................................................................................................................................... (183.78) 762.62
Other non-financial assets........................................................................................................................................................................................................... (8.06) (5.76)
Payables.............................................................................................................................................................................................................................................. 28.92 131.30
Derivative financial instruments................................................................................................................................................................................................ (846.77) 622.57
Other financial liabilities 35.84 74.36
Provisions........................................................................................................................................................................................................................................... 34.92 60.73
Other non-financial liabilities...................................................................................................................................................................................................... (1.46) (9.60)
Cash generated from operations.................................................................................................................................................... 27,095.98 17,737.85
Direct taxes paid – (Net of refunds).......................................................................................................................................................................................... (5,571.95) (5,072.95)
Net cash from operating activities................................................................................................................................................. 21,524.03 12,664.90
B. CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of property, plant and equipment (including capital advances)................................................................................................................ (21.71) (14.36)
Sale proceeds of property, plant and equipment................................................................................................................................................................ 0.36 0.06
Purchase of investments............................................................................................................................................................................................................... (301,712.28) (243,221.36)
Sale proceeds of investments .................................................................................................................................................................................................... 326,156.06 240,370.90
Application money towards issue of Cumulative Compulsorily Convertible Prefrence shares in subsidiary................................................ (15,000.00) –
Deposits placed/matured............................................................................................................................................................................................................. (3,150.00) 998.00
Intercorporate deposit placed ................................................................................................................................................................................................... (2,000.00) –
Intercorporate deposit withdrawn............................................................................................................................................................................................ 2,000.00 1,500.00
Net cash from / (used in) investing activities................................................................................................................................. 6,272.43 (366.76)
C. CASH FLOW FROM FINANCING ACTIVITIES :
Cash payments for the principal portion of the lease liability........................................................................................................................................ (69.72) (68.98)
Cash payments for the interest portion of the lease liability........................................................................................................................................... (10.35) (9.14)
Dividend paid .................................................................................................................................................................................................................................. (27,827.41) (12,142.87)
Net cash used in financing activities.............................................................................................................................................. (27,907.48) (12,220.99)
Net (decrease)/increase in cash and cash equivalents (A+B+C)................................................................................................... (111.02) 77.15
Cash and cash equivalents at the beginning of the year.................................................................................................................................................. 499.85 422.70
Cash and cash equivalents at the end of the year............................................................................................................................................................... 388.83 499.85
Notes :
i) The above standalone statement of cash flows has been prepared under the ‘Indirect Method’ as set out in Ind AS 7 - ‘Statement of Cash Flows’.
ii) Since the Company is an investment company, purchase and sale of investments have been considered as part of “Cash flow from investing activities” and interest earned
(net) of ` 3,905.05 lacs (Previous year ` 3,769.45 lacs) and dividend earned of ` 18,786.73 lacs (Previous year ` 12,764.20 lacs) have been considered as part of “Cash flow
from operating activities”.
iii) Direct taxes paid is treated as arising from operating activities and is not bifurcated between investing and financing activities.
iv) Cash and cash equivalents included in the Statement of Cash Flows comprises the following balance sheet items :-
As at As at
31.03.2023 31.03.2022
– – -------(` in lacs)-------- – –
Cash and cash equivalents as per Balance Sheet 388.83 499.85
v) Previous year’s figures have been regrouped, wherever necessary.

Partner Partner
A. SEN (DIN: 00002593)
Directors
Company Secretary
114
STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH, 2023
A. Equity Share Capital
(` in lacs)
As at As at
31.03.2023 31.03.2022
Balance at the beginning of the year............................................................................................................... 5,059.53 5,059.53
Changes in Equity Share Capital due to prior period errors..................................................................................................... - -
Restated balance at the beginning of the current reporting period..................................................................................... 5,059.53 5,059.53
Changes in equity share capital during the current year.......................................................................................................... - -
Balance at the end of the year.......................................................................................................................... 5,059.53 5,059.53
B. Other equity
(` in lacs)
Reserves and Surplus Other Comprehensive Total
Income
Capital Capital Secu- General Impair- Statutory Retained Debt Equity
Reserve Re- rities Reserve ment Reserve Earnings Instru- Instruments
demp- premium Reserves (u/s 45-IC ments Through
tion (as per of RBI Act, Through Other Com-
Reserve RBI 1934) Other prehensive
guide- Compre- income
lines) hensive
income
Balance as at April 1, 2021............................. 4,163.35 450.00 30,502.06 56,458.18 6.90 65,700.34 98,344.81 714.63 1,149,620.35 1,405,960.62
Profit for the year.......................................................... - - - - - - 20,136.42 - - 20,136.42
Other Comprehensive Income for the year........ - - - - - - (57.18) (486.99) 534,815.16 534,270.99
Total Comprehensive Income........................ - - - - - - 20,079.24 (486.99) 534,815.16 554,407.41
Reclassification of gain on sale of equity instru- - - - - - - 43,060.81 - (43,060.81) -
ments classified as fair value through OCI*........
Final Dividend on Ordinary shares......................... - - - - - - (12,142.87) - - (12,142.87)
Transfer to/from retained earnings........................ - - - - - 4,027.28 (4,027.28) - - -
Balance as at March 31, 2022......................... 4,163.35 450.00 30,502.06 56,458.18 6.90 69,727.62 145,314.71 227.64 1,641,374.70 1,948,225.16
Profit for the year.......................................................... - - - - - - 24,090.26 - - 24,090.26
Other Comprehensive Income for the year........ - - - - - - (43.77) (450.66) (8,827.86) (9,322.29)
Total Comprehensive Income........................ - - - - - - 24,046.49 (450.66) (8,827.86) 14,767.97
Reclassification of gain on sale of equity instru- - - - - - - 36,221.19 - (36,221.19) -
ments classified as fair value through OCI*........
Final Dividend on Ordinary shares......................... - - - - - - (27,827.41) - - (27,827.41)
Transfer to/from retained earnings........................ - - - - - 12,062.29 (12,062.29) - - -
Balance as at March 31, 2023......................... 4,163.35 450.00 30,502.06 56,458.18 6.90 81,789.91 165,692.69 (223.02) 1,596,325.65 1,935,165.72
* Profit on sale of equity shares - ` 39,752.06 lacs, [tax thereon ` 3,530.87 lacs] (Previous Year - ` 45,828.14 lacs, [tax thereon ` 2,767.33 lacs]).

Partner Partner
A. SEN (DIN: 00002593)
Directors
Company Secretary
115
INVESTMENT
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2023
1. Background Information
Tata Investment Corporation Limited referred to as (“The Company” or “TICL”) is a non-banking financial Company (“NBFC”) registered with the Reserve
Bank of India (“RBI”) under the category of Investment Company. The Company is a Systemically Important Non Banking Financial Company. Pursuant
to the Scale Based Classification of NBFCs, introduced by RBI, the Company has received a communication dated 18th April, 2023 from RBI categorising
it as a Middle Layer NBFC.
The Company’s activities primarily comprises of investing in listed and unlisted equity shares, debt instruments and mutual funds etc. of companies in
a wide range of industries. The shares of Company are listed on the Bombay Stock Exchange and National Stock Exchange. The Company is subsidiary
of Tata Sons Private Limited.
The standalone financial statements of the Company as on 31st March, 2023 were approved and authorised for issue by the Board of Directors on
5th May, 2023.
2. Statement of Compliance with Ind AS
These standalone financial statements have been prepared in accordance with the Indian Accounting Standards (referred to as “Ind AS”) prescribed
under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules as amended from time to time.
3. Basis of Preparation of Standalone Financial Statements

The standalone financial statements have been prepared on accrual basis under the historical cost convention except for certain financial instruments
measured at fair value at the end of each reporting period as explained in accounting policies below.
The standalone financial statements are presented in Indian Rupees (`) and all values are rounded to the nearest lac, except for Note No. 24 relating to
disclosures mandated by RBI.
4. Use of estimates
The preparation of standalone financial statements in conformity with the recognition and measurement principles of Ind AS requires management
of the Company to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures including
disclosures of contingent assets and contingent liabilities as at the date of financial statements and the reported amounts of revenues and expenses
during the period. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognized in the period in which the estimates are revised and in future periods which are affected.
Key sources of estimation of uncertainty at the date of the standalone financial statements, which may cause a material adjustment to the carrying
amounts of assets and liabilities within the next financial year, is in respect of: fair valuation of unquoted equity investments, impairment of financial
instruments, provisions and contingent liabilities and long term retirement benefits.
5. Significant Accounting policies

(a) Financial Instruments
Classification
A Financial instrument is any contract that gives rise to a financial asset of one entity and financial liability or equity instruments of another entity.
Financial assets, other than equity, are classified into, Financial assets at fair value through other comprehensive income (FVOCI) or fair value
through profit and loss account (FVTPL) or at amortised cost. Financial assets that are equity instruments are classified as FVTPL or FVOCI.
Financial liabilities are classified as amortised cost category and FVTPL.
Business Model assessment and Solely payments of principal and interest (SPPI) test
Classification and measurement of financial assets depends on the business model and results of SPPI test. The Company determines the business
model at a level that reflects how groups of financial assets are managed together to achieve a particular business objective. This assessment
includes judgement reflecting all relevant evidence including;
- How the performance of the business model and the financial assets held within that business model are evaluated and reported to the
entity’s key management personnel
- The risks that affect the performance of the business model (and the financial assets held within that business model) and, in particular, the
way those risks are managed
116
- How managers of the business are compensated (for example, whether the compensation is based on the fair value of the assets managed
or on the contractual cash flows collected)
- The expected frequency, value and timing of sales are also important aspects of the Company’s assessment
If cash flows after initial recognition are realised in a way that is different from the Company’s original expectations, the Company does not
change the classification of the remaining financial assets held in that business model, but incorporates such information when assessing newly
originated or newly purchased financial assets going forward.
Initial recognition
The classification of financial instruments at initial recognition depends on their contractual terms and the business model for managing the
instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or
issue of financial assets and financial liabilities (other than financial assets and financial liabilities at FVTPL) are added to or deducted from the fair
value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition
of financial assets or financial liabilities at FVTPL are recognised immediately in the Statement of profit or loss.
Financial assets and financial liabilities, with the exception of loans, debt securities and deposits are recognised on the trade date i.e. when a
Company becomes a party to the contractual provisions of the instruments. Loans, debt securities and deposits are recognised when the funds
are transferred to the customers account. Trade receivables are measured at the transaction price.
Subsequent measurement
Financial assets at amortised cost
Financial assets having contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal outstanding and that are held within a business model whose objective is to hold such assets in order to collect such contractual cash
flows are classified in this category. Subsequently these are measured at amortised cost using effective interest method less any impairment
losses.
Debt Instruments at FVOCI

Debt instruments that are measured at FVOCI have contractual terms that give rise on specified dates to cash flows that are solely payments
of principal and interest on principal outstanding and that are held within a business model whose objective is achieved by both collecting
contractual cash flows and selling financial assets. These instruments largely comprise long-term investments made by the Company.
FVOCI debt instruments are subsequently measured at fair value with gains and losses arising due to changes in fair value recognised in OCI.
Interest income and gains and losses are recognised in profit or loss in the same manner as for financial assets measured at amortised cost. These
investments are subjected to impairment under Expected Credit Loss method.
On derecognition, cumulative gains or losses previously recognised in OCI are reclassified from OCI to profit or loss.
Equity Instruments at FVOCI

These include financial assets that are equity instruments as defined in Ind AS 32 “Financial Instruments: Presentation” and are not held for trading
and where the Company’s management has elected to irrevocably designated the same as Equity instruments at FVOCI upon initial recognition.
Subsequently, these are measured at fair value and changes therein are recognised directly in other comprehensive income, net of applicable
income taxes.
Gains and losses on these equity instruments are never recycled to profit or loss. However, on derecognition of an equity instrument, the realised
gains or losses (net of taxes) are transferred to retained earnings.
Dividends from these equity investments are recognised in the statement of profit and loss when the right to receive the payment has been
established.
Fair value through Profit and loss account

Financial assets are measured at FVTPL unless it is measured at amortised cost or at FVOCI on initial recognition. The transaction costs directly
attributable to the acquisition of financial assets at fair value through profit or loss are immediately recognised in profit or loss.
117
INVESTMENT
Derivatives recorded at fair value through profit or loss

The Company transacts in derivative financial instruments which are in the nature of covered call option contracts. Such derivative financial
instruments are initially recognised at fair value on the date on which the derivative contract is entered into and are subsequently re-measured
at their fair value at the end of each reporting period. Derivatives are classified as financial assets when the fair value is positive and as financial
liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of such derivative financial instruments are
taken directly to statement of profit and loss and included in net gain on fair value changes. The Company has not designated any derivative
instruments as a hedging instrument.
Financial Liabilities and equity instruments

Classification as debt or equity
Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual arrangements
entered into and the definitions of a financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity
instruments are recorded at the proceeds received, net of direct issue costs.
Other Financial Liabilities

These are measured at amortised cost using effective interest rate.
Derecognition of Financial assets and Financial liabilities

The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expires or it transfers the financial
asset and substantially all the risks and rewards of ownership of the asset to another entity.
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires.
Impairment of financial assets

The Company recognizes a loss allowance for expected credit losses on a financial asset that is at amortized cost or fair value through OCI. Loss
allowance in respect of financial assets is measured at an amount equal to life time expected credit losses and is calculated as the difference
between their carrying amount and the present value of the expected future cash flows discounted at the original effective interest rate.
Reclassification of Financial assets

The Company does not re-classify its financial assets subsequent to their initial recognition, apart from the exceptional circumstances when the
Company changes its business model for managing such financial assets. The Company does not re-classify its financial liabilities.
(b) Determination of fair value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date.
The fair value of a financial instrument on initial recognition is normally the transaction price (fair value of the consideration given or received).
Subsequent to initial recognition, the Company determines the fair value of financial instruments that are quoted in active markets using the
quoted bid prices (financial assets held) or quoted ask prices (financial liabilities held) and using valuation techniques for other instruments.
Valuation techniques include discounted cash flow method and other valuation models.
(c) Investment in subsidiary and associates

The Company has chosen to carry the Investments in associates and subsidiary at cost less impairment, if any in the separate financial statements.
(d) Foreign currency transactions and translation

The standalone financial statements of the Company are presented in Indian rupees (`), which is the functional currency of the Company and the
presentation currency for the financial statements.
In preparing the standalone financial statements, transactions in currencies other than the Company’s functional currency are recorded at
the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign
currencies are re-translated at the rates prevailing at the end of the reporting period. Exchange differences arising on the retranslation or
settlement of monetary items are included in the statement of profit and loss for the period.
118
(e) Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three
months or less, that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short term deposits, as defined above, as they are
considered an integral part of the Company’s cash management.
(f) Property plant and equipment and intangible assets

Property, plant and equipment and intangible assets are stated at cost of acquisition less accumulated depreciation / amortisation. Cost includes
all expenses incidental to the acquisition of the Property, plant and equipment and intangible assets and any attributable cost of bringing the
asset to its working condition for its intended use.
(g) Capital work in progress and Capital advances

Cost of assets not ready for intended use, as on the Balance Sheet date, is shown as capital work in progress. Advances given towards acquisition
of property, plant and equipment outstanding at each Balance Sheet date are disclosed in Other Non-Financial Assets.
(h) Depreciation and amortisation of property, plant and equipment and intangible assets
Depreciation on following tangible fixed assets has been provided on the straight-line method as per the useful life prescribed in Schedule II to
the Companies Act, 2013 except in respect of the furniture and fixtures, in which case the life of the assets has been assessed taking into account
the nature of the assets, the estimated usage of the asset on the basis of the managements best estimation of getting economic benefits from
such assets. Further, assets individually costing ` 5000/ – or less are fully depreciated in the year of purchase.
Tangible Assets Useful life in years

(a) Buildings 60
(b) Plant and Equipment 15
(c) Furniture and Fixtures 1
(d) Office Equipment 5
(e) Leasehold improvements are amortised equitably over the remaining period of the lease.
Intangible assets - Software is amortised over its estimated useful life of 4 years on straight line method.
The residual values, useful lives and method of depreciation of property, plant and equipment are reviewed at each financial year end. Changes
in the expected useful life are accounted by changing the amortisation period or methodology, as appropriate, and treated as changes in
accounting estimates.
Property plant and equipment is derecognised on disposal or when no future economic benefits are expected from its use. Any gain or loss
arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is
recognised in other income / expense in the statement of profit and loss in the year the asset is derecognised. The date of disposal of an item of
property, plant and equipment is the date the recipient obtains control of that item in accordance with the requirements for determining when
a performance obligation is satisfied in Ind AS 115.
(i) Impairment of non – financial assets

The carrying amounts of the Company’s property, plant & equipment and intangible assets are reviewed at each reporting period to determine
whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amounts are estimated in order to determine
the extent of impairment loss, if any. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount.
The impairment loss, if any, is recognised in the statement of profit and loss in the period in which impairment takes place.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset for which the estimates of future cash flows have not been adjusted.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount,
however subject to the increased carrying amount not exceeding the carrying amount that would have been determined (net of amortisation or
depreciation) had no impairment loss been recognised for the asset in prior accounting periods. A reversal of an impairment loss is recognised
immediately in the Statement of profit and loss.
119
INVESTMENT
(j) Employee benefits

(i) Short term employee benefits
All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. Benefits
such as salaries, performance incentives, etc., are recognised as an expense at the undiscounted amount in the Statement of profit and loss
for the year in which the employee renders the related service.
(ii) Post Employment Benefits
Post retirement benefits like provident fund, superannuation, gratuity and post retirement medical benefits are provided for as below :
Defined Contribution Plans
Contributions under Defined contribution plans i.e. provident fund & superannuation fund are recognised in the Statement of profit and loss
in the period in which the employee has rendered the service.
Defined Benefit Plans
For defined benefit retirement schemes the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial
valuation being carried out at each year end balance sheet date. Re-measurement gains and losses of the net defined benefit liability/(asset)
are recognised immediately in other comprehensive income. The service cost and net interest on the net defined benefit liability/(asset) is
recognised as an expense within employment costs.
Past service cost is recognised as an expense when the plan amendment or curtailment occurs or when any related restructuring costs or
termination benefits are recognised, whichever is earlier.
The retirement benefit obligation recognised in the balance sheet represents the present value of the defined-benefit obligation as reduced
by the fair value of plan assets.
(iii) Other Long term Benefits

Other long term benefits include compensated absences, Long term service benefit, Pension and sick leave. The liability towards other long
term benefits is determined by independent actuary at every balance sheet date and service cost, net interest on net defined liability/(asset)
and re-measurement gains and losses of net defined liability (assets) are recognised in the Statement of profit and loss.
(k) Accounting for provisions, contingent liabilities and contingent assets

Provisions are recognised in the balance sheet when the Company has a present obligation (legal or constructive) as a result of a past event,
which is expected to result in an outflow of resources embodying economic benefits which can be reliably estimated. Each provision is based
on the best estimate of the expenditure required to settle the present obligation at the balance sheet date. Where the time value of money is
material, provisions are measured on a discounted basis. The expense relating to any provision is presented in the statement of profit and loss net
of any reimbursement.
Constructive obligation is an obligation that derives from an entity’s actions where
(a) by an established pattern of past practice, published policies or a sufficiently specific current statement, the entity has indicated to other
parties that it will accept certain responsibilities and
(b) as a result, the entity has created a valid expectation on the part of those other parties that it will discharge those responsibilities
Contingent liabilities are not recognised in the standalone financial statements. Contingent liabilities are disclosed when there is a possible
obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable
that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
(l) Income taxes

Income tax expense comprises both current and deferred tax. Current and deferred taxes are recognised in the statement of profit and loss,
except when they relate to items credited or debited either in other comprehensive income or directly in equity, in which case the tax is also
recognised in other comprehensive income or directly in equity.
Current income-tax is recognised at the amount expected to be paid to the tax authorities, using the tax rates and tax laws, enacted or substantially
enacted as at the balance sheet date.
120
Taxable profit differs from net profit as reported in the standalone statement of profit and loss because it excludes items of income or expense
that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
Deferred income tax assets and liabilities are recognised for temporary differences arising between the tax base of assets and liabilities and their
carrying amounts in the standalone financial statements and is accounted for using the balance sheet liability method.
Deferred income tax assets are recognised to the extent it is probable that taxable profit will be available against which the deductible temporary
differences and the carry forward of unused tax credits and unused tax losses can be utilised.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow or part of the deferred income tax asset to be utilised.
Deferred tax assets and liabilities are measured using tax rates and laws, enacted or substantially enacted as of the balance sheet date and are
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of
changes in tax rates on deferred income tax assets and liabilities is recognised as an income or expense in the period that includes the enactment
or substantive enactment date.
Deferred tax assets and liabilities are offset to the extent that they relate to taxes levied by the same tax authority and they are in the same taxable
entity, or a Group of taxable entities where the tax losses of one entity are used to offset the taxable profits of another and there are legally
enforceable rights to set off current tax assets and current tax liabilities within that jurisdiction.
(m) Recognition of dividend and interest income

Dividend income (including from FVOCI investments) is recognised when the Company’s right to receive the payment is established, it is probable
that the economic benefits associated with the dividend will flow to the entity and the amount of the dividend can be measured reliably. This is
generally when the shareholders or Board of Directors approve the dividend.
Under Ind AS 109 interest income is recorded using the Effective Interest Rate (EIR) method for all financial instruments measured at amortised
cost, debt instrument measured at FVOCI and debt instruments designated at FVTPL. The EIR is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying amount of the
financial asset.
The EIR (and therefore, the amortised cost of the asset) is calculated by taking into account any discount or premium on acquisition, fees and costs
that are an integral part of the EIR.
(n) Dividends on ordinary shares

The Company recognises a liability to make cash or non-cash distributions to equity holders of the parent when the distribution is authorised and
the distribution is no longer at the discretion of the Company. As per the corporate laws in India, a distribution is authorised when it is approved
by the shareholders. A corresponding amount is recognised directly in equity.
Non-cash distributions are measured at the fair value of the assets to be distributed with fair value remeasurement recognised directly in
equity. Upon distribution of non-cash assets, any difference between the carrying amount of the liability and the carrying amount of the assets
distributed is recognised in the statement of profit and loss.
(o) Leases
As a lessee
The Company recognises a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured
at cost which comprise the initial amount of lease liability adjusted for any lease payments made before the commencement date. The right of
use asset is subsequently depreciated using the straight line method of the balance lease term. In addition, the right of use asset is periodically
reduced by impairment loss, if any and adjusted for certain remeasurements of lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using
the implicit rate in the lease or the incremental borrowing rate, if that rate cannot be readily available at the commencement date of the lease for
the estimated term of the obligation.
Lease payments included in the measurement of the lease liability comprise the amounts expected to be payable over the period of lease. The
lease liability is measured at amortised cost using effective interest rate method. It is remeasured when there is a change in future lease payments
arising from change in the index or rate
Lease liability and right of use asset have been separately presented in the Balance Sheet and lease payments (including interest) have been
classified as financing cash flows.
121
INVESTMENT
(p) Segment reporting

The Company is primarily engaged in the business of investment in companies including group companies. As such the Company’s standalone
financial statements are largely reflective of the investment business and there is no separate reportable segment.
Pursuant to Ind AS 108 – Operating Segments, no segment disclosure has been made in these standalone financial statements, as the Company
has only one geographical segment and no other separate reportable business segment.
(q) Onerous contracts
Provisions for onerous contracts are recognised when the expected benefits to be derived by the Company from a contract are lower than
the unavoidable costs of meeting the future obligations under the contract. The provision is measured at the present value of the lower of
the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the
Company recognises any impairment loss on the assets associated with that contract.
(r) Earnings per Share
Basic EPS is computed using the weighted average number of equity shares outstanding during the period. Diluted EPS is computed using the
weighted average number of equity and dilutive equity equivalent shares outstanding during the period except where the results would be anti-
dilutive.
(s) Offsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right
to offset the recognised amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.
6. Recent Accounting Developments
(a) Ind AS 1 – Presentation of Financial Statements
The amendments require companies to disclose their material accounting policies rather than their significant accounting policies. Accounting
policy information, together with other information, is material when it can reasonably be expected to influence decisions of primary users of
general purpose financial statements. The Company does not expect this amendment to have any significant impact in its financial statements.
(b) Ind AS 12 – Income Taxes

The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The
amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of Ind AS 12 (recognition exemption) so that it no longer
applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The Company is evaluating the
impact, if any, in its financial statements.
(c) Ind AS 8 – Accounting Policies, Changes in Accounting Estimates and Errors

The amendments will help entities to distinguish between accounting policies and accounting estimates. The definition of a change in accounting
estimates has been replaced with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts
in financial statements that are subject to measurement uncertainty”. Entities develop accounting estimates if accounting policies require items
in financial statements to be measured in a way that involves measurement uncertainty. The Company does not expect this amendment to have
any significant impact in its financial statements.
122
7.1 Cash and cash equivalents (` in lacs)
As at As at
31.03.2023 31.03.2022
(a) Cash on hand.................................................................................................................................................................................. 0.19 0.16
(b) Balances with Banks
- In Current Accounts................................................................................................................................................................... 388.64 499.69
388.83 499.85
7.2 Bank Balance other than cash and cash equivalents (` in lacs)
As at As at
31.03.2023 31.03.2022
(a) Bank balances in Unpaid dividend accounts...................................................................................................................... 294.41 301.29
(b) Fixed deposits with bank .......................................................................................................................................................... 3,183.01 -
3,477.42 301.29
7.3 Receivables (` in lacs)
As at As at
31.03.2023 31.03.2022
Trade Receivables
(Unsecured and Considered good)
(a) Receivables against sale of Investments.............................................................................................................................. 4.41 3,955.53
(b) Others................................................................................................................................................................................................ - 39.76
4.41 3,995.29
Note:
i) o trade or other receivable are due from directors or other officers of the Company either severally or jointly with any other person. Nor any
N
trade or other receivable are due from firms or private companies respectively in which any director is a partner, a director or a member.
123
INVESTMENT
ii) Trade receivable ageing
As at 31.03.2023 (` in lacs)
Particulars Not Due Outstanding from due date

of payment
Less than 6 Total

months
Undisputed trade receivables - considered good.............................................................................................. 4.41 - 4.41
Disputed............................................................................................................................................................................ - - -
4.41 - 4.41
As at 31.03.2022 (` in lacs)

of payment
Less than 6 Total

months
Undisputed trade receivables - considered good.............................................................................................. 3,955.53 39.76 3,995.29
Disputed ........................................................................................................................................................................... - - -
3,955.53 39.76 3,995.29
7.4 Loans (` in lacs)
As at As at
31.03.2023 31.03.2022
(Unsecured and Considered good) - Within India
At amortised cost
Loans to employees................................................................................................................................................................................ 1.31 2.70
1.31 2.70
Note:
Additional Disclosure required as per Schedule III amendments dated March 24, 2021: There is no loan outstanding from subsidiary or any
related party as a 31.03.2023 and 31.03.2022.
124
7.5 Investments (` in lacs)

As at As at
31.03.2023 31.03.2022
I. Fair value through Other Comprehensive Income
i) Quoted Equity shares ....................................................................................................................................................... 1,792,411.98 1,902,282.23
ii) Unquoted Equity shares................................................................................................................................................... 156,917.57 87,781.16
iii) Bonds / Debentures .......................................................................................................................................................... 31,846.06 33,911.84
II. Fair value through Profit and Loss
i) Debt / Equity Mutual Fund ............................................................................................................................................. 5,907.41 24,875.49
ii) Government Securities (Gsec)........................................................................................................................................ 9,191.11 7,868.91
iii) InvITs/REITs............................................................................................................................................................................ 10,531.56 10,112.97
iv) Venture Capital Fund......................................................................................................................................................... 4,108.18 2,552.07
III. At amortised cost
i) Certificate of deposits ...................................................................................................................................................... 27,644.93 -
IV. Others
i) Unquoted Equity shares at cost
- In Subsidiary Company ................................................................................................................................................. 3,030.91 3,030.91
- In Associate Companies ................................................................................................................................................ 5,612.71 5,612.71
2,047,202.42 2,078,028.29
Note
a) The scripwise details of the investments are given in note 7.5.1
b) All Investments are within India unless stated otherwise.
c) Book value of the above investments are as follows
i) Quoted Equity shares.................................................................................................................................................................. 207,915.95 200,598.81
ii) Unquoted Equity shares............................................................................................................................................................. 28,702.15 29,173.49
iii) Bonds / Debentures..................................................................................................................................................................... 30,840.00 31,973.21
iv) Debt / Equity Mutual Fund........................................................................................................................................................ 5,884.82 24,214.13
v) Government Securities (Gsec).................................................................................................................................................. 9,353.64 7,941.19
vi) InvITs/REITs...................................................................................................................................................................................... 9,645.92 8,818.40
vii) Venture Capital Fund................................................................................................................................................................... 3,029.72 1,983.95
viii) Certificate of deposits................................................................................................................................................................. 27,419.41 -
322,791.61 304,703.18
d) The Company has elected an irrevocable option to designate its investments in equity instruments through FVOCI, as the said investments are
not held for trading and company continues to invest for long term and remain invested in leaders in sectors, which it believes to have potential
to remain accretive over the long term.
e) Of the total dividend recognised during the year from investment in equity shares designated at FVOCI, ` 564.47 lacs (Previous year 338.49 lacs)
is relating to investment derecognised during the year and ` 18,007.96 lacs (Previous year ` 11,016.73 lac) pertains to investments held at the
end of reporting period.
f) During the year, total cumulative gains (net of taxes) of ` 36,221.19 lacs (Previous year 43,060.81 lacs) on investment in equity shares designated
at FVOCI have been transferred to retained earnings on derecognition of related investments after adjusting for tax effect thereon amounting
to ` 3,530.87 lacs (Previous Year - ` 2,767.33 lacs). The fair value of such investments on the date of derecognition is ` 81,497.37 lacs (Previous
year ` 68,733.21 lacs).
g) During the current or previous reporting periods, the Company has not reclassified any investments since its initial classification.
h) Shares lent as at March 31, 2023, under Stock Lending and Borrowing Scheme of the Securities and Exchange Board of India amount to ` Nil
(previous year ` 1,795.53 lacs).
i) The other disclosure regarding fair value and risk arising from financial instruments are explained in note No.17.
125
INVESTMENT
7.5.1 Details of Investments (` in lacs)

Particulars Face value As at 31.03.2023 As at 31.03.2022
Holding Fair Value Holding Fair Value
A. FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME :-
I) QUOTED EQUITY SHARES :-
1. AUTOMOBILES & AUTO COMPONENTS
Exide Industries Limited................................................................................ 1 1,100,000 1,958.00 1,100,000 1,661.55
Hero MotoCorp Limited ................................................................................. 2 - - 100,000 2,296.80
LG Balakrishnan & Bros. Limited.................................................................. 10 297,500 2,202.84 297,500 1,596.98
Mahindra & Mahindra Limited..................................................................... 5 1,180,000 13,670.89 1,180,000 9,508.44
Maruti Suzuki India Limited.......................................................................... 5 27,500 2,280.48 27,500 2,078.97
SKF India Limited ............................................................................................. 10 1,66,693 7,094.95 166,693 5,897.85
Tata Motors Limited......................................................................................... 2 11,000,000 46,266.00 11,000,000 47,685.00
73,473.16 70,725.59
2. BANKS
Axis Bank Limited............................................................................................. 2 2,389,400 2,0511.80 2,389,400 18,174.97
Bandhan Bank Limited................................................................................... 10 - - 135,000 414.99
Bank of Baroda.................................................................................................. 10 - - 3,800,000 4,240.80
HDFC Bank Limited.......................................................................................... 1 1,830,000 29,458.42 1,830,000 26,900.09
ICICI Bank Limited............................................................................................ 2 2,557,500 22,434.39 2,557,500 18,676.14
Indusind Bank Limited.................................................................................... 10 - - 2,725,099 25,482.40
Kotak Mahindra Bank Limited..................................................................... 5 286,000 4,957.81 142,000 2,491.67
77,362.42 96,381.06
3. CEMENT
ACC Limited........................................................................................................ 10 340,000 5,666.95 340,000 7,315.95
The Ramco Cements Limited....................................................................... 1 - - 425,000 3,269.31
5,666.95 10,585.26
4. CHEMICALS & FERTILIZERS
Castrol India Limited....................................................................................... 5 2,100,000 2,322.60 - -
Tata Chemicals Limited.................................................................................. 10 15,200,000 147,774.40 15,200,000 148,124.00
150,097.00 148,124.00
5. ENGINEERING, CONSTRUCTION & INFRASTRUCTURE
KEI Industries Limited..................................................................................... 2 107,000 1,818.46 90,000 1,137.96
Larsen & Toubro Limited................................................................................ 2 927,900 20,086.72 828,000 14,634.49
21,905.18 15,772.45
6. FAST MOVING CONSUMER GOODS & CONSUMER DURABLES
Asian Paints (India) Limited.......................................................................... 1 356,140 9,835.34 536,940 16,547.15
Colgate-Palmolive (India) Limited.............................................................. 1 - - 145,000 2,235.18
Hindustan Uniliver Limited........................................................................... 1 70,000 1,791.13 70,000 1,434.19
ITC Limited ......................................................................................................... 1 7,129,330 27,337.42 9,023,730 22,631.51
Nestle India Limited........................................................................................ 10 59,000 11,618.19 59,000 10,252.31
Pidilite Industries Limited.............................................................................. 1 899,795 21,179.37 899,795 22,093.12
Procter & Gamble Hygiene & Healthcare Limited................................ 10 - - 18,000 2,595.19
Redington Limited........................................................................................... 2 1,151,329 1,918.69 - -
Tata Consumer Products Limited............................................................... 1 44,273,000 314,360.44 44,273,000 344,111.89
Titan Company Limited.................................................................................. 1 17,875,640 449,590.22 17,875,640 453,353.04
Voltas Limited.................................................................................................... 1 9,960,000 81,497.70 9,960,000 123,952.20
919,128.50 999,205.78
126

7. FINANCIAL SERVICES, INSURANCE & AMC
Aditya Birla Sun Life AMC Limited.............................................................. 5 406,500 1,265.64 191,000 1,017.94
Bajaj Finance Limited...................................................................................... 2 82,375 4,625.69 8,000 580.73
Can Fin Homes Limited.................................................................................. 2 395,000 2,089.95 395,000 2,494.03
HDFC Life Insurance Company Limited................................................... 10 282,400 1,410.16 300,000 1,614.75
HDFC Asset Management Company Limited........................................ 5 204,200 3,483.04 104,000 2,232.00
Housing Development Finance Corporation Limited......................... 2 367,000 9,642.37 367,000 8,766.35
ICICI Lombard General Insurance Company Limited......................... 10 - - 140,000 1,859.90
LIC Housing Finance Company Limited................................................... 2 1,325,000 4,355.28 1,325,000 4,763.38
Life Insurance Corporation of India........................................................... 10 680,000 3,635.62 - -
Mahindra & Mahindra Financial Services Limited................................ 2 1,232,000 2,857.01 - -
Motilal Oswal Financial Services Limited................................................. 1 1,09,748 669.46 111,000 965.26
Nippon Life India Asset Management Limited...................................... 10 720,000 1,511.28 720,000 2,507.76
Power Finance Corporation Limited.......................................................... 10 3,932,000 5,966.81 1,685,000 1,894.78
REC Limited........................................................................................................ 10 2,941,333 3,395.77 1,681,000 2,067.63
SBI Life Insurance Company Limited......................................................... 10 455,000 5,003.41 276,600 3,098.47
49,911.49 33,862.98
8. HEALTHCARE & PHARMACEUTICALS
Glaxo Smithkline Pharmaceuticals Limited............................................ 10 400,000 5,296.60 200,000 3,325.90
Sun Pharmaceutical Industries Limited................................................... 1 1,674,435 16,461.37 1,674,435 15,317.73
Zydus Lifesciences Limited........................................................................... 1 - 895,000 3,120.86
21,757.97 21,764.49
9. HOTELS
Oriental Hotels Limited.................................................................................. 1 1,076,000 848.86 1,076,000 681.65
The Indian Hotels Company Limited......................................................... 1 17,857,265 57,928.97 17,857,265 42,571.72
58,777.83 43,253.37
10. INFORMATION TECHNOLOGY
HCL Technologies Limited............................................................................. 2 268,500 2,916.45 268,500 3,123.59
Infosys Limited.................................................................................................. 5 847,578 12,100.87 847,578 16,165.01
LTI Mindtree Limited....................................................................................... 1 35,770 1,701.94 - -
Mindtree Limited.............................................................................................. 10 - - 49,000 2,108.25
Tata Consultancy Services Limited............................................................ 1 1,014,172 32,512.33 1,014,172 37,917.86
Tata Elxsi Limited.............................................................................................. 10 1,053,655 62,813.64 1,153,655 101,985.99
112,045.23 161,300.70
11. INTERNET & SOFTWARE SERVICES
Matrimony.com Limited (Previous Year Face Value - ` 10)................ 5 177,837 914.35 195,000 1,300.06
MSTC Limited..................................................................................................... 10 - - 494,110 1,513.46
Zomato Limited................................................................................................ 1 2,915,000 1,485.48 1,085,000 892.95
2,399.83 3,706.47
12. METALS & MINING
Steel Authority of India Limited.................................................................. 10 1,200,000 995.76 - -
Tata Steel Limited (Previous Year Face Value - ` 10)............................. 1 41,976,090 43,865.01 4,197,609 54,864.85
44,860.77 54,864.85
127
INVESTMENT

13. OIL & NATURAL RESOURCES
GAIL (India) Limited......................................................................................... 10 9,582,511 10,085.59 6,463,300 10,063.36
Indian Oil Corporation Limited................................................................... 10 2,550,000 1,987.47 1,700,000 2,022.15
Reliance Industries Limited.......................................................................... 10 404,000 9,417.44 398,000 10,483.12
21,490.50 22,568.63
14. POWER GENERATION & TRANSMISSION
NLC India Limited............................................................................................. 10 2,375,000 1,833.26 - -
Powergrid Corporation of India Limited.................................................. 10 940,000 2,121.58 - -
The Tata Power Company Limited.............................................................. 1 6,840,962 13,011.51 6,840,962 16,339.64
16,966.35 16,339.64
15. REAL ESTATE
Mahindra Lifespace Developers Limited................................................. 10 620,000 2,185.81 620,000 2,457.68
2,185.81 2,457.68
16. RETAIL
Avenue Supermarts Limited........................................................................ 10 48,687 1,656.96 - -
Trent Limited...................................................................................................... 1 15,207,540 209,118.88 15,207,540 194,109.04
210,775.84 194,109.04
17. TELECOMMUNICATIONS
Bharti Airtel Limited........................................................................................ 5 465,000 3,482.85 465,000 3,512.61
Bharti Airtel Limited (Partly Paid) (` 1.25 paid)...................................... 5 33,892 124.30 33,892 133.48
3,607.15 3,646.09
18. TRANSPORTATION & LOGISTICS
Container Corporation of India Limited .................................................. 5 - - 537,500 3,614.15
- 3,614.15
Total of Quoted Equity shares .................................................. 1,792,411.98 19,02,282.23
II) UNQUOTED EQUITY SHARES:-

INDIA
Indbazar.com Limited..................................................................................... 10 50,000 - 50,000 *
Indian Seamless Enterprise Limited.......................................................... 10 67,210 190.20 67,210 67.51
Institutional Investor Advisory Services Limited.................................. 10 1,000,000 79.80 1,000,000 81.42
Jamipol Limited................................................................................................ 10 - - 250,000 898.20
National Stock Exchange of India Limited.............................................. 1 1,463,000 41,142.49 1,463,000 38,455.60
Piem Hotels Limited........................................................................................ 10 35,000 688.80 35,000 568.75
Ritspin Synthetics Limited............................................................................. 10 100,000 - 100,000 *
Roots Corporation Limited........................................................................... 10 - - 2,614,379 3,406.54
Tata Autocomp Systems Limited................................................................ 10 2,720,054 6,691.33 2,720,054 1,958.44
Tata Capital Limited......................................................................................... 10 78,161,548 105,518.08 77,196,591 39,987.83
Tata Industries Limited................................................................................... 100 676,790 1,133.89 676,790 1,133.89
Tata Services Limited...................................................................................... 1000 270 2.70 270 2.70
Tata Sons Private Limited ( the holding company )............................. 1000 326 193.27 326 193.27
Voltbek Home Appliances Private Limited............................................. 10 12,770,100 1,277.01 10,270,100 1,027.01
156,917.57 87,781.16
SRI LANKA
Guardian Capital Partners PLC .................................................................... 10 2,720 * 2,720 *
* *
Total of Unquoted Equity shares............................................... 156,917.57 87,781.16
* Denotes balance less than ` 500
128

III) BONDS / DEBENTURES :-
8.00% Housing Development Finance Corporation Ltd. 2032........ 1000000 500 5,278.04 - -
8.55% ICICI Bank Ltd. 2022............................................................................ 1000000 - - 800 8,454.88
8.75% State Bank of India Perpetual (Call-2024 ).................................. 1000000 400 4,250.33 400 4,336.84
8.15% State Bank of India 2022 .................................................................. 1000000 - - 500 5,314.73
7.72% State Bank of India Perpetual (Call-2026 ).................................. 10000000 30 3,123.33 30 3,128.66
7.75% State Bank of India Perpetual (Call-2027 ).................................. 10000000 80 8,280.51 - -
8.90% Tata Capital Financial Services Ltd. Perpetual (Call-2028).... 1000000 400 3,974.65 - -
9.85% Tata International Ltd. Perpetual (Call-2023)............................. 1000000 - - 750 7,691.55
9.10% Tata International Ltd. Perpetual (Call-2025)............................. 1000000 200 2,050.40 - -
7.3029% TMF Holdings Ltd. Perpetual 2027 (Call/Put)....................... 1000000 500 4,888.80 500 4,985.18
Total of Bonds / Debentures ..................................................... 31,846.06 33,911.84
B. FAIR VALUE THROUGH PROFIT AND LOSS

I) DEBT / EQUITY MUTUAL FUND :-
Axis Treasury Advantage Fund Direct Plan (Growth).......................... 1000 - - 1,16,264 3,011.26
HDFC Low Duration Fund Direct Plan (Growth).................................... 1000 - - 4,847,609 2,413.54
ICICI Prudential Ultra Short Term Fund Direct Plan (Growth)........... 1000 - - 11,108,657 2,656.18
Kotak Low Duration Fund Direct Plan (Growth).................................... 1000 - - 81,726 2,371.37
Tata Arbitrage Fund Direct Plan (Growth)............................................... 10 - - 66,419,467 7,960.71
Tata Corporate Bond Fund Direct Plan (Growth).................................. 1000 - - 9,999,500 1,011.32
Tata Liquid Fund Direct Plan (Growth)...................................................... 1000 - - 126,938 4,265.69
Tata Overnight Fund Direct Plan (Growth).............................................. 1000 499,528 5,907.41 105,705 1,185.42
Total of Debt/Equity Mutual Funds........................................... 5,907.41 24,875.49
II) GOVERNMENT SECURITIES (GSEC) :-

5.63% Government of India 2026............................................................... 100 1,500,000 1,478.44 1,500,000 1,519.17
6.64% Government of India 2035............................................................... 100 8,000,000 7,712.67 6,500,000 6,349.74
Total of Government Securities (Gsec)...................................... 9,191.11 7,868.91
III) InvITs/REITs :-
India Infrastructure Trust .............................................................................. - 4,000,000 3,680.00 4,000,000 3,920.00
Mindspace Business Parks REIT................................................................... 100 670,000 2,197.06 670,000 2,321.62
Powergrid Infrastructure Investment Trust............................................. 100 3,795,869 4,654.50 2,880,900 3,871.35
Total of InvITs/REITs................................................................... 10,531.56 10,112.97
IV) VENTURE CAPITAL FUNDS :-
3ONE4 Capital-Fund III ................................................................................. 100000 1,593 2,325.78 700 1,093.31
India Advantage Fund Series 3.................................................................... 100 12,800 91.57 12,800 50.71
Kotak Pre Ipo Opportunities Fund............................................................. 1000 97,424 1,097.83 97,424 1,046.04
Multiples Private Equity Fund Scheme..................................................... 100000 - - 26 13.26
TVS Shriram Growth Fund-3......................................................................... 1000 42,900 593.00 25,000 348.75
Total of Venture Capital Funds.................................................. 4,108.18 2,552.07
129
INVESTMENT

C. AT AMORTISED COST
I) CERTIFICATE OF DEPOSIT :-
Axis Bank Ltd (05-06-2023)........................................................................... 500000 1,600 7,892.99 - -
Axis Bank Ltd (31-05-2023)........................................................................... 500000 2,000 9,882.18 - -
Kotak Mahindra Bank Ltd (07-06-2023).................................................... 500000 2,000 9,869.76 - -
Total of Certificate of Deposit.................................................... 27,644.93 -
D. OTHERS
I) UNQUOTED EQUITY SHARES:-
In Associate Companies (at cost)
Amalgamated Plantations Private Limited............................................. 10 36,600,000 3,660.00 36,600,000 3,660.00
Tata Asset Management Private Limited................................................. 10 8,424,731 1,950.09 8,424,731 1,950.09
Tata Trustee Company Private Limited..................................................... 10 275,000 2.62 275,000 2.62
5,612.71 5,612.71
Subsidiary Company (at cost)
Simto Investment Company Limited........................................................ 10 1,492,650 3,030.91 1,492,650 3,030.91
3,030.91 3,030.91
7.6 Other Financial Assets (` in lacs)
As at As at
31.03.2023 31.03.2022
(Unsecured, considered good)
(a) Security deposits.......................................................................................................................................................................... 96.69 91.53
(b) Dividend declared but not received..................................................................................................................................... 10.80 4.98
(c) Application money towards issue of CCPS in subsidiary company (Note (i))........................................................ 15,000.00 -
15,107.49 96.51
Note
(i) This application money is towards issue of 15,000, 8.7% Cumulative Compulsorily Convertible Preference Shares (“CCPS”) of face value of
` 100,000 each. Date of allotment 27th April, 2023.
7.7 Current tax assets (Net) (` in lacs)
As at As at
31.03.2023 31.03.2022
Advance Tax - Net of provision ` 18,130 lacs (previous year ` 12,549 lacs)...................................................................... 1,223.19 1,232.24
1,223.19 1,232.24
130
7.8 Property, Plant and Equipment (` in lacs)
Gross Block Accumulated Depreciation Net Block
Name of the Asset As at Additions Deductions/ As at As at For the Deductions/ As at Net book
01.04.2022 during Adjustments 31.03.2023 01.04.2022 year Adjustments 31.03.2023 value as at
the year 31.03.2023
A. PROPERTY, PLANT
AND EQUIPMENT
i)
Buildings (Refer note
7.8.1)................................. 1.30 - - 1.30 1.24 0.04 - 1.28 0.02
Previous year......................... (1.30) - - (1.30) (1.22) (0.02) - (1.24) (0.06)
ii) Plant and Equipment. 11.53 - 0.23 11.30 9.21 0.40 0.20 9.41 1.89
Previous year......................... (11.15) (1.49) (1.11) (11.53) (9.78) (0.40) (0.97) (9.21) (2.32)
iii) Furniture and Fixtures. 82.57 3.45 0.76 85.26 82.57 3.45 0.76 85.26 -
Previous year......................... (79.86) (2.71) - (82.57) (79.86) (2.71) - (82.57) -
iv) Office Equipment........ 84.98 16.54 30.02 71.50 68.72 7.88 29.05 47.55 23.95
Previous year......................... (82.73) (6.53) (4.28) (84.98) (65.41) (7.60) (4.29) (68.72) (16.26)
v) Leasehold
Improvements..................... 59.81 - - 59.81 59.81 - - 59.81 -
Previous year......................... (59.81) - - (59.81) (55.52) (4.29) - (59.81) -
GRAND TOTAL................ 240.19 19.99 31.01 229.17 221.55 11.77 30.01 203.31 25.86
Previous year......................... (234.85) (10.73) (5.39) (240.19) (211.79) (15.02) (5.26) (221.55) (18.64)
7.8.1 The Company owns four immovable properties being flats in Mumbai. The Company acquired these immovable properties through the agreement
between the Company and other companies of the Tata group. The common agreement appropriately specifies the details of ownership of the
four apartments owned by the Company.
7.9 Other Intangible assets (` in lacs)
Gross Block Amortisation Net Block
the year 31.03.2022
Software................................. 19.40 1.72 2.11 19.01 10.46 4.30 1.88 12.88 6.13
Previous year......................... (15.18) (4.22) - (19.40) (6.46) (4.00) - (10.46) (8.94)
7.10 Right of use assets (` in lacs)
the year 31.03.2023
Right of Use (ROU) lease

Asset........................................ 235.94 - - 235.94 39.32 78.65 - 117.97 117.97
Previous year......................... (162.30) (235.94) (162.30) (235.94) (129.84) (71.78) (162.30) (39.32) (196.62)
131
INVESTMENT
7.11 Other Non Financial Assets (` in lacs)

As at As at
31.03.2023 31.03.2022
(a) Capital Advances............................................................................................................................................................................. 40.11 38.04
(b) Prepaid Expenses............................................................................................................................................................................. 52.77 52.35
(c) Balance with Government authorities..................................................................................................................................... 13.04 13.47
(d) Other Advances ............................................................................................................................................................................... 6.00 -
111.92 103.86
7.12 Derivative financial instruments (` in lacs)

As at As at
31.03.2023 31.03.2022
Option contracts (written):
Notional Amount.................................................................................................................................................................................... - 26,590.85
Fair Value .................................................................................................................................................................................................. - 846.77

- 846.77
7.13 Trade Payables (` in lacs)

As at As at
31.03.2023 31.03.2022
(I) Trade Payables
(i) total outstanding dues of micro enterprises and small enterprises............................................................................. - -
(ii) total outstanding dues of creditors other than micro enterprises and small enterprises.................................... 384.65 355.73
384.65 355.73
i) Disclosure of amounts due to Micro, Small and Medium enterprises is based on information available with the Company regarding the status
of the suppliers as defined under ‘The Micro, Small and Medium Enterprises Development Act, 2006’ (MSMED). This has been relied upon by the
auditors.
ii) Trade Payables include amount payable to the Holding Company, Tata Sons Private Limited, ` 186.87 lacs (Previous year ` 177.59 lacs).
iii) Trade payables are recognised at their original invoice amounts which represents their fair values on initial recognition. Trade payables are
considered to be of short duration and are not discounted and the carrying values are assumed to approximate their fair values.
iv) Trade Payables ageing Schedule
As at 31.03.2023 (` in lacs)
of payment
Less than 1 Total
year
Other than MSME
(1) Disputed dues....................................................................................................................................................... - - -
(2) Other than Disputed dues
- Billed....................................................................................................................................................................... - 0.46 0.46

- Unbilled dues...................................................................................................................................................... 384.19 - 384.19
384.19 0.46 384.65
132
As at 31.03.2022 (` in lacs)
of payment
Less than 1 Total
year
Other than MSME
Disputed dues................................................................................................................................................................. - - -
Other than Disputed dues
- Billed ................................................................................................................................................................... - 12.39 12.39

- Unbilled dues...................................................................................................................................................... 343.34 - 343.34
343.34 12.39 355.73
7.14 Other Financial Liabilities (` in lacs)
As at As at
31.03.2023 31.03.2022
(a) Unpaid dividends......................................................................................................................................................................... 294.41 301.29
(b) Lease Liability................................................................................................................................................................................ 118.39 188.12
(c) Employee benefits payable...................................................................................................................................................... 415.27 384.40
(d) Others............................................................................................................................................................................................... 53.96 48.99
882.03 922.80
7.15 Current tax liabilities (Net) (` in lacs)
As at As at
31.03.2023 31.03.2022
Provisions for tax - Net of advance tax ` 8,313.45 lacs (previous year ` 8,313.45 lacs)................................................. 157.49 157.49
157.49 157.49
7.16 Provisions (` in lacs)
As at As at
31.03.2023 31.03.2022
Provisions for employee benefits..................................................................................................................................................... 802.55 709.12
802.55 709.12
133
INVESTMENT
7.17 Deferred Tax Liabilities (Net)
Significant components of net deferred tax assets and liabilities as at 31.03.2023 are as follows :
(` in lacs)
Opening Recognised Recognised Closing

Balance in the in OCI Balance
statement
of Profit and
Loss
Deferred tax liabilities in relation to:
Financial Assets carried at fair valued through Profit and Loss......................... 536.48 (234.61) - 301.87
Financial Assets carried at fair valued through Other Comprehensive

107.80 - (160.67) (52.87)
Income...................................................................................................................................
Equity carried at fair valued through Other Comprehensive Income............. 127,560.00 - (2,530.61) 125,029.39
Others..................................................................................................................................... (23.59) (65.30) - (88.89)
Deferred tax liabilities (Net)..................................................................... 128,180.69 (299.91) (2,691.28) 125,189.50
Significant components of net deferred tax assets and liabilities as at 31.03.2022 are as follows :
(` in lacs)

statement
of Profit and
Loss
Financial Assets carried at fair valued through Profit and Loss......................... 176.02 360.46 - 536.48
Financial Assets carried at fair valued through Other Comprehensive 129.85 - (22.05) 107.80
Income...................................................................................................................................
Equity carried at fair valued through Other Comprehensive Income............. 62,442.47 - 65,117.53 127,560.00
Others..................................................................................................................................... (78.49) 54.90 - (23.59)
Deferred tax liabilities (Net)..................................................................... 62,669.85 415.36 65,095.48 128,180.69
7.18 Other Non Financial Liabilities (` in lacs)
As at As at
31.03.2023 31.03.2022
(a) Statutory liabilities........................................................................................................................................................................... 25.48 23.37
(b) Income received in Advance........................................................................................................................................................ - 3.57
25.48 26.94
134
7.19 Equity Share Capital (` in lacs)
Particulars As at As at
31.03.2023 31.03.2022
(a) Authorised Capital
60,000,000 (Previous year 60,000,000) Ordinary shares of ` 10 each........................................................................... 6,000.00 6,000.00
Issued Capital
50,595,796 (Previous year 50,595,796) Ordinary shares of ` 10 each fully paid up................................................. 5,059.58 5,059.58
Subscribed and Paid up Capital
50,595,296 (Previous year 50,595,296) Ordinary shares of ` 10 each fully paid up................................................. 5,059.53 5,059.53
5,059.53 5,059.53
(b) 34,664,663 Ordinary shares - 68.51% (Previous year 34,664,663 Ordinary shares - 68.51%) of ` 10/- each are held by the Holding Company,
Tata Sons Private Limited. No other shareholder holds more than 5% of the Ordinary share capital of the Company. 805,843 Ordinary shares
(Previous Year 805,843) are held by a Subsidiary of the Holding Company and 1,642,111 Ordinary shares (Previous year 847,695 ) are held by
Associates of the Holding Company.
(c) Reconciliation of the number of shares outstanding at the beginning and at the end of the year
2022-23 2021-22
No. of Shares Amount No. of Shares Amount

(` In lacs) (` In lacs)
Outstanding at the beginning of the year...................................................... 50,595,296 5,059.53 50,595,296 5,059.53
Outstanding at the end of the year................................................................... 50,595,296 5,059.53 50,595,296 5,059.53
(d) Par value per share is ` 10 each
(e) The Company has only one class of Ordinary shares having a par value of ` 10 per share. Each shareholder is eligible for one vote per share
held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting,
except in case of interim dividend. In the event of liquidation, the shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amounts, if any, in proportion to their shareholding.
(f) The Company is an Investment company, the objective of the Company is to invest in long term investments, and distributing the profits of
Company by way of dividends in a way that shareholders can participate equitably in the Company’s growth, while maintaining the financial
foundation of the Company and ensure sustainable growth. Accordingly, the Company has framed various policies such as investment policy,
dividend distribution policy which lays down the framework of company’s capital management.
(g) The Board of Directors of the Company, at its meeting held on November 16, 2018 had approved a proposal to buyback upto 4,500,000 equity
shares of the Company for an aggregate amount not exceeding ` 45,000 lacs being 8.17% of the total paid up equity share capital at ` 1000/-
per equity share, which was approved by the shareholders by means of a special resolution through a postal ballot.
A Letter of Offer was made to all eligible shareholders. The Company bought back 4,500,000 equity shares out of the shares that were
tendered by eligible shareholders and extinguished the equity shares bought on February 22, 2019.
Capital Redemption Reserve was created to the extent of Share Capital extinguished ` 450 lacs. Total amount of ` 45,000 lacs from securities
premium was utilised towards the buy-back and ` 346.61 lacs utilised from retained earning towards transaction costs of buy-back.
135
INVESTMENT
7.19.1 The details of Promoters Shareholding are as under :-

(` in lacs)
2022-23 2021-22
No. of % of total % Change No. of % of total % Change
Sr.no Promoter Name
Shares Shares during the Shares Shares during the
year year
1 Tata Sons Private Limited (Promoter)........................... 34,664,663 68.51 - 34,664,663 68.51 -
2 Ewart Investments Limited*............................................ 805,843 1.59 - 805,843 1.59 -
3 Af-taab Investment Company Limited*#.................... - - (1.57) 794,416 1.57 -
4 The Tata Power Company Limited*............................... 794,416 1.57 1.57 - - -
5 Tata Chemicals Limited*................................................... 441,015 0.87 - 441,015 0.87 -
6 Tata Steel Limited*.............................................................. 228,015 0.46 - 228,015 0.46 -
7 Tata Consumer Products Limited* ............................... 146,872 0.29 - 146,872 0.29 -
8 Trent Limited*....................................................................... 31,793 0.06 - 31,793 0.06 -
9 Trent Brands Limited*........................................................ 16,330 0.03 - 16,330 0.03 -
* Forms part of the promoter group

# Merged with The Tata Power Company Limited effective 08 April, 2022.
7.20 Other Equity

(` in lacs)
As at As at
31.03.2023 31.03.2022
Capital Reserve
Balance at the beginning and end of the year............................................................................................................................ 4,163.35 4,163.35
Capital Redemption Reserve

Balance at the beginning and end of the year............................................................................................................................ 450.00 450.00
Securities Premium Reserve

General Reserve
Impairment Reserves (as per RBI guidelines)

Balance at the beginning and end of the year............................................................................................................................ 6.90 6.90
Statutory Reserve (u/s 45-IC of RBI Act, 1934)

Balance at the beginning of the year.............................................................................................................................................. 69,727.62 65,700.34
Add: Transfer from retained earnings............................................................................................................................................. 12,062.29 4,027.28
81,789.91 69,727.62
Retained Earnings
Balance at the beginning of the year.............................................................................................................................................. 145,314.71 98,344.81
Add: Profit for the year ........................................................................................................................................................................ 24,090.26 20,136.42
Add: Realised gains on sale of equity shares carried through FVOCI................................................................................. 36,221.19 43,060.81
Less: Remeasurement loss on define benefits plans................................................................................................................. (43.77) (57.18)
Less: Final Dividend on Ordinary Shares........................................................................................................................................ (27,827.41) (12,142.87)
Less: Transfer to Statutory Reserve.................................................................................................................................................. (12,062.29) (4,027.28)
165,692.69 145,314.71
136
7.20 Other Equity

(` in lacs)
As at As at
31.03.2023 31.03.2022
Items of Other Components of Equity
Debt Instruments Through OCI
Balance at the beginning of the year.............................................................................................................................................. 227.64 714.63
Add: Profit for the year......................................................................................................................................................................... (450.66) (486.99)
(223.02) 227.64
Equity instruments Through OCI
Balance at the beginning of the year.............................................................................................................................................. 1,641,374.70 1,149,620.35
Add: Profit for the year......................................................................................................................................................................... (8,827.86) 534,815.16
Less: Realised gains on sale of equity shares carried through FVOCI................................................................................. (36,221.19) (43,060.81)
1,596,325.65 1,641,374.70
Other Items Of Other Comprehensive Income
Balance at the beginning of the year.............................................................................................................................................. - -
Add: Profit for the year......................................................................................................................................................................... (43.77) (57.18)
Less: Reclassification of Remeasurement loss on define benefits plans............................................................................ 43.77 57.18
- -
1,596,102.63 1,641,602.34
1,935,165.72 1,948,225.16
Nature and purpose of reserves:

Capital Reserve
The Company recognises profit and loss on purchase, sale, issue or cancellation of its own equity instruments to capital reserve.
Capital redemption Reserve

Whenever there is a buy-back or redemption of share capital the nominal value of the capital is transferred to a reserve called Capital Redemption
Reserve so as to retain the capital intact.

Securities Premium Reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provision of the
Companies Act, 2013.
General Reserve
The General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General reserve
is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the
General reserve will not be reclassified subsequently to the statement of profit and loss.
Statutory Reserve
Statutory Reserve represents the reserve created pursuant to the Reserve Bank of India Act, 1934 (the “RBI Act”) and related regulations
applicable to those companies. Under the RBI Act, a non-banking finance company is required to transfer an amount not less than 20% of its
net profit to a reserve fund before declaring any dividend. Appropriation from this reserve fund is permitted only for the purposes specified by
the RBI.
Impairment Reserve
Impairment Reserve represents the reserve created pursuant to the per RBI circular dated March 13, 2020 on ‘Implementation of Indian
Accounting Standards’. Under the circular, where the impairment allowance under Ind AS 109 is lower than the provisioning required as per
prudential norms on Income Recognition, Asset Classification and Provisioning (including standard asset provisioning) the difference should
be appropriated from the net profit to a separate ‘Impairment Reserve’. Withdrawals from this reserve is allowed only after obtaining permission
from the RBI. Though the Company is generally not in the activity of lending loans and advances, however, the provision for standard asset
outstanding as on April 1, 2019 has been reversed and an amount equivalent to 0.40% of standard assets has been transferred to ‘Impairment
Reserve’ as on March 31, 2020 out of abundant caution.
137
INVESTMENT
8.1 Interest Income (` in lacs)
Year Ended Year Ended

31.03.2023 31.03.2022
(a) On Financial Assets measured at fair value through OCI
i) Interest income from investments (net)..................................................................................................................... 3,734.96 3,625.41
(b) On Financial Assets measured at Amortised Cost
i) Interest on bank deposits................................................................................................................................................ 36.68 38.93
ii) Interest on intercorporate deposit............................................................................................................................... 128.49 99.18
iii) Other interest income ...................................................................................................................................................... 4.92 5.93
3,905.05 3,769.45
8.2 Net gain on fair value changes (` in lacs)

31.03.2023 31.03.2022
A. Net gain/ (loss) on financial instruments at fair value through profit and loss account.....................................
- Derivative gain (net) on financial instruments................................................................................................................ 3,970.39 5,858.33
- Government Securities (G-Sec)............................................................................................................................................. (124.31) (223.58)
- Bonds / Debentures................................................................................................................................................................... 306.99 -
- InvITs / REITs................................................................................................................................................................................. (408.93) 1,294.57
- Mutual Funds............................................................................................................................................................................... 1,855.12 1,396.98
- Venture Capital............................................................................................................................................................................ 489.61 462.43
6,088.87 8,788.73
Fair Value changes:
- Realised.......................................................................................................................................................................................... 6,526.35 7,441.72
- Unrealised..................................................................................................................................................................................... (437.48) 1,347.01
6,088.87 8,788.73
Note:
The above gain (net) on derivative financial instruments are in the nature of covered call / put option contracts and are classified as a trading
portfolio.
8.3 Other income (` in lacs)

31.03.2023 31.03.2022
i) Income from shares lent............................................................................................................................................................. 26.04 15.13
ii) Other Income................................................................................................................................................................................. 27.44 14.39
53.48 29.52
8.4 Employee Benefits Expenses (` in lacs)

31.03.2023 31.03.2022
i) Salaries and wages including bonus......................................................................................................................................... 1,179.15 1,116.60
ii) Contribution to provident and other funds............................................................................................................................ 89.37 81.25
iii) Staff welfare expenses.................................................................................................................................................................... 117.48 88.35
1,386.00 1,286.20
138
8.5 Finance Costs (` in lacs)

31.03.2023 31.03.2022
Finance cost on lease liability.............................................................................................................................................................. 10.35 9.14
10.35 9.14
8.6 Other expenses (` in lacs)

31.03.2023 31.03.2022
i) Power ............................................................................................................................................................................................... 6.64 5.47
ii) Rent, rates and taxes..................................................................................................................................................................... 14.41 17.73
iii) Repairs and maintenance........................................................................................................................................................... 3.87 2.36
iv) Insurance........................................................................................................................................................................................... 2.32 2.39
v) Corporate Social Responsibility................................................................................................................................................ 665.48 417.36
vi) Net loss on derecognition of property, plant and equipment...................................................................................... 0.87 0.07
vii) Director's Remuneration ............................................................................................................................................................ 227.62 197.00
viii) Auditors remuneration*
(i) Audit fees................................................................................................................................................................................ 16.00 14.00
(ii) Tax audit fees......................................................................................................................................................................... 1.50 1.50
(iii) For other services................................................................................................................................................................. 10.57 5.62
(iv) For taxation matters............................................................................................................................................................ - 1.88
(v) Out of pocket expenses..................................................................................................................................................... 0.21 0.34
(vi) GST on above........................................................................................................................................................................ 5.09 5.33
33.37 28.67
ix) Miscellaneous expenses.............................................................................................................................................................. 533.28 485.97
1,487.86 1,157.02
* including fees paid to previous auditor during year ended 31.03.2022
8.6.1 Details of CSR expenditure (` in lacs)

31.03.2023 31.03.2022
Amount required to be spent by the Company during the year............................................................................................ 633.90 413.16
Amount of expenditure incurred....................................................................................................................................................... 665.48 417.36
Shortfall at the end of the year............................................................................................................................................................ - -
Total of previous years shortfall.......................................................................................................................................................... - -
Reason for shortfall.................................................................................................................................................................................. Not Not

Applicable Applicable
etails of related party transactions, e.g., contribution to a trust controlled by the company in relation to CSR
D - -
expenditure as per relevant Indian Accounting Standard........................................................................................................
here a provision is made with respect to a liability incurred by entering into a contractual obligation, the
W
movements in the provision during the year shall be shown separately............................................................................ - -
The Company makes its CSR contribution towards promoting education, healthcare, poverty alleviation, environmental sustainability and others.
139
INVESTMENT
8.6.2 Tax Expense (` in lacs)

31.03.2023 31.03.2022
(a) Amounts recognised in the statement of profit and loss
- Current Tax..................................................................................................................................................................................... 2,064.85 2,256.95
- Deferred tax relating to origination and reversal of temporary differences.......................................................... (299.91) 415.36
1,764.94 2,672.31
(b) Amounts recognised in other comprehensive income
- Remeasurement of the defined benefit plans.................................................................................................................. 14.72 19.23
- Equity Instruments through Other Comprehensive Income....................................................................................... (1,000.26) (67,884.86)
- Bonds / Debentures through Other Comprehensive Income..................................................................................... 160.67 59.10
(824.87) (67,806.53)
(c) Reconciliation of the total tax charge
- Accounting profit before tax................................................................................................................................................... 25,855.20 22,808.73
- At India’s statutory income tax rate of 25.168% (2022: 25.168%).............................................................................. 6,507.24 5,740.50
- Non-deductible tax expenses................................................................................................................................................. 188.30 105.04
- Dividend income exempted from tax.................................................................................................................................. (4,728.24) (3,212.49)
- Other adjustments (including fair value changes).......................................................................................................... 202.36 39.26
Income tax expense reported in the Standalone statement of profit and loss............................................ 1,764.94 2,672.31
The effective income tax rate for 31 March 2023 is 6.83% (March 2022:11.72%).............................................................
9. Details of Earnings per share (` in lacs)

31.03.2023 31.03.2022
Profit attributable to Equity shareholders....................................................................................................................................... 24,090.26 20,136.42
Weighted average number of Ordinary shares for computing - Basic and Diluted earnings per share................... 50,595,296 50,595,296
Earnings per Ordinary share (Weighted average) Basic and Diluted (Rupees).................................................................. 47.61 39.80
There have been no transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of the
completion of these standalone financial statements which would require the restatement of EPS.
10. Segment Information
As the Company has no activities other than those of an investment company, the segment reporting under Indian Accounting Standard Ind AS
108 - ‘Operating Segments’ is not applicable. The Company does not have any reportable geographical segment.
140
11. Contingent Liabilities & Commitments (` in lacs)

31.03.2023 31.03.2022
Contingent Liabilities
(a) Income Tax matters decided in the Company’s favour by appellate authorities, where the department is in
further appeal............................................................................................................................................................................................ 11.31 11.31
Commitments
(a) Uncalled liability on investments in Venture Capital Funds..................................................................................................... 1,503.50 2,575.00
(b) Investments partly paid – Equity Shares of ` 5 each in Bharti Airtel Ltd. (` 1.25 per share paid up)......................... 135.99 135.99
12. Dividend of ` 48 per share (previous year ` 55 per share) amounting to ` 24,285.74 lacs (previous year ` 27,827.41 lacs) is proposed on ordinary
shares. The recommended dividend will be accounted for when approved by the shareholders.
13. Disclosures for leasing arrangements
(a) The Company has taken its office premises on operating lease for a period of 3 years beginning October 1, 2021
(b) Amount recognised during the year

(` in lacs)
31.03.2023 31.03.2022
a) Depreciation on ROU Asset........................................................................................................................................................ 78.65 71.78
b) Finance cost on lease liability.................................................................................................................................................... 10.35 9.14
(c) The movement in the lease liabilities during the year ended March 31, 2023 is as under :
Opening effect of lease liability.......................................................................................................................................................... 188.12 36.00
Add: Additions........................................................................................................................................................................................... - 221.10
Add: Finance cost accrued during the year.................................................................................................................................... 10.35 9.14
Less: Deletions........................................................................................................................................................................................... - -
Less: Payment of lease liabilities during the year......................................................................................................................... (80.08) (78.12)
Balance at the end of the year............................................................................................................................................................. 118.39 188.12

(d) The details regarding the contractual maturities of lease liabilities as of March 31, 2023 on an undiscounted
basis:
a) Less than one year......................................................................................................................................................................... 84.08 80.07
b) One to five years............................................................................................................................................................................. 43.07 127.15
c) More than 5 years.......................................................................................................................................................................... - -
127.15 207.22
14. Employee Benefits
(a) Defined contribution plans
The Company makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying employees towards
Provident Fund and Superannuation Fund which is a defined contribution plan. The Company has no obligations other than these two funds to
make the specified contributions. The contributions are charged to the statement of profit and loss as they accrue. The amount recognised as an
expense towards contribution to Provident Fund and Superannuation Fund for the year are summarised below.
141
INVESTMENT
Company’s contribution to (` in lacs)

Year ended Year ended
31.03.2023 31.03.2022
Provident Fund......................................................................................................................................................................................... 38.12 34.88
Superannuation Fund............................................................................................................................................................................ 30.97 28.19
Employees' State Insurance Scheme................................................................................................................................................ - 0.03
69.09 63.10
(b) Defined benefit plans

(I) Retirement gratuity (Funded)
(i) The following table sets out the amounts recognised in the standalone financial statements in respect of retirement gratuity plan
(` in lacs)
31.03.2023 31.03.2022
Change in defined benefit obligations
Obligation at the beginning of the year............................................................................................................................ 321.73 280.13
Current service cost................................................................................................................................................................... 19.41 17.97
Interest costs................................................................................................................................................................................ 21.51 18.01
Remeasurement loss................................................................................................................................................................. 41.31 5.62
Liability assumed*...................................................................................................................................................................... (0.42) -
Benefits paid................................................................................................................................................................................ (36.19) -
Obligation at the end of the year.......................................................................................................... 367.35 321.73
* on account of business transfer
Change in plan assets

Fair value of plan assets at the beginning of the year......................................................................... 310.52 288.33
Interest income........................................................................................................................................................................... 21.43 18.54
Remeasurement gain excluding amount included within employee benefit expense................................... 5.87 3.65
Employers' contribution.......................................................................................................................................................... 11.20 -
Benefits paid................................................................................................................................................................................ (36.19) -
Assets acquired........................................................................................................................................................................... (0.42) -
Fair value of plan assets at the end of the year.................................................................................... 312.41 310.52
Amounts recognised in the balance sheet consist of

Fair value of plan assets........................................................................................................................................................... 312.41 310.52
Present value of obligation..................................................................................................................................................... 367.35 321.73
(54.94) (11.21)
Expense recognised in the statement of profit and loss consists of

Employee benefits expense
Net interest expense................................................................................................................................................................. 0.08 (0.53)
19.49 17.44
Amount recognised in Other Comprehensive Income

Return on plan assets excluding amount included in employee benefits expense......................................... (5.87) (3.65)
Actuarial loss / (gain) arising from changes in financial assumption..................................................................... 28.61 (8.97)
Actuarial loss arising from changes in experience adjustments.............................................................................. 12.70 14.59
35.44 1.97
142
(ii) Fair value of plan assets by category of investment is as below

(` in lacs)
31.03.2023 31.03.2022
Assets category (%)
Debt instruments (quoted).................................................................................................................................................... 297.43 288.90
Debt instruments (unquoted).............................................................................................................................................. 9.39 11.56
Others (unquoted).................................................................................................................................................................... 5.60 10.06
312.42 310.52
(iii) Key assumptions used in the measurement of retirement gratuity is as below

Discount rate (per annum)..................................................................................................................................................... 7.50% 6.90%
Rate of escalation in salary (per annum)........................................................................................................................... 8.00% 6.00%
(iv) The Company expects to contribute ` 20 lacs to the plan during the financial year 2023-24 (Previous Year: ` 20 lacs).
(v) The table below outlines the effect on retirement gratuity obligation in the event of a decrease/increase of 0.50% in the assumptions used.
As at 31.03.2023
Impact on obligation
Assumption Change in assumption
Increase Decrease
` 10.51 lacs ` 11.03 lacs
Discount rate Increase by 0.50%, decrease by 0.50%
(2.86%) 3.00%
` 10.39 lacs ` 10.51 lacs
Salary rate Increase by 0.50%, decrease by 0.50%
2.97% (2.86%)
As at 31.03.2022
Increase Decrease
Discount rate ` 10.68 lacs ` 11.27 lacs
Increase by 0.50%, decrease by 0.50%
(3.32%) 3.50%
` 11.32 lacs ` 310.90 lacs
3.52% (3.37%)
The above sensitivities may not be representative of the actual change as it is unlikely that the change in assumptions would occur in
isolation of one another as some of the assumptions may be correlated.
(vi) Projected Plan Cash Flow

The table below shows the expected cash flow profile of the benefits to be paid to the current membership of the plan based on past
service of the employees as at the valuation date
(` in lacs)
Maturity Profile Year ended Year ended
31.03.2023 31.03.2022
Expected benefits for year 1 ................................................................................................................................................. 7.69 19.89
Expected benefits for year 10 and above......................................................................................................................... 159.92 175.54
Weighted average duration of the retirement gratuity obligation is 5.86 years (March 31, 2022: 6.82 Years).
143
INVESTMENT
(vii) Risk Associated with Defined Benefit Plan- Gratuity

Inherent risk : The plan is of a final salary defined benefit in nature which is sponsored by the Company and hence it underwrites all the
risks pertaining to the plan. In particular, there is a risk for the Company that any adverse salary growth or demographic experience or
inadequate returns on underlying plan assets can result in an increase in cost of providing these benefits to employees in future. Since the
benefits are lump sum in nature the plan is not subject to any longevity risks.
Investment Risk and Asset-Liability Risk : The money contributed by the Company to the fund to finance the liabilities of the plan has
to be invested. The trustees of the plan are required to invest the funds as per the prescribed pattern of investments laid out in the income
tax rules for such approved plans. Due to the restrictions in the type of investments that can be held by the fund, it is not possible to
explicitly follow an asset-liability matching strategy to manage risk actively.
During the year, there were no plan amendments, curtailments and settlements.
(II) Post retirement medical benefits

Under this unfunded scheme, employees of the Company receive medical benefits subject to certain limits on amounts of benefits,
periods after retirement and types of benefits, depending on their grade and location at the time of retirement. Employees separated
from the Company under an early separation scheme, on medical grounds or due to permanent disablement are also covered under the
scheme. The Company accounts for the liability for post-retirement medical scheme based on a year end actuarial valuation.
(i) The following table sets out the amounts recognised in the standalone financial statements in respect of post retirement medical
benefits and other defined benefit plans.
(` in lacs)
31.03.2023 31.03.2022
Medical Medical
Change in defined benefit obligation
Obligation at the beginning of the year........................................................................................................................... 277.47 190.82
Current Service Cost................................................................................................................................................................. 10.28 6.64
Interest Cost................................................................................................................................................................................ 18.91 12.25
Remeasurement Loss............................................................................................................................................................... 23.05 74.44
Benefits paid............................................................................................................................................................................... (8.85) (6.68)
Obligation at the end of the year......................................................................................................... 320.86 277.47
(` in lacs)
31.03.2023 31.03.2022
Medical Medical
Current service cost.................................................................................................................................................................... 10.28 6.64
Net interest expense.................................................................................................................................................................. 18.91 12.25
29.19 18.89
Actuarial gain arising from changes in financial assumption..................................................................................... (28.25) (17.43)
Actuarial loss arising from changes in experience adjustments................................................................................ 51.30 91.87
23.05 74.44
144
(` in lacs)
31.03.2023 31.03.2022
Medical Medical
(ii) Key assumptions used in the measurement of medical benefits is as below
Discount Rate (per annum)...................................................................................................................................................... 7.50% 6.90%
Inflation rate (per annum)........................................................................................................................................................ 6.00% 6.00%
(iii) The table below outlines the effect on medical benefits in the event of a decrease/increase of 0.50% in the assumptions used.
As at 31.03.2023
Assumption Change in assumption Impact on obligation
Increase Decrease
Discount rate Increase by 0.50%, decrease by 0.50% (6.55%) 7.26%
Medical Inflation Increase by 1%, decrease by 1% 15.41% (12.73%)
Life Expectancy Increase by 1 year, decrease by 1 year 2.47% (2.67%)
As at 31.03.2022
Increase Decrease
(iv) Projected Plan Cash Flow
(` in lacs)
31.03.2023 31.03.2022
Expected benefits for year 1 ................................................................................................................................................... 8.95 6.76
Expected benefits for year 10 and above........................................................................................................................... 1,116.44 964.26
Weighted average duration of post-retirement medical benefit obligation is 13.77 years (March 31, 2022: 15.01 Years).
145
INVESTMENT
Risk Associated with Defined Benefit Plan- Post Retirement Medical Benefits
Inherent risk : The plan is of a defined benefit in nature which is sponsored by the Company and hence it underwrites all the risks
pertaining to the plan. In particular, there is a risk for the Company that any adverse increase in healthcare costs or demographic
experience can result in an increase in cost of providing these benefits to employees in future. The benefits are also paid during the
lifetime of the beneficiaries and the plan carries the longevity risks.
(iii) Other Long Term Benefits

Other Long Term Benefits include compensated absences, sick leave, long term service benefit and pension. The liability towards other
long term benefits is determined by independent actuary at every balance sheet date.
Amounts recognised in the balance sheet consist of:
(` in lacs)
31.03.2023 31.03.2022
(i) Compensated Absences (including privileged leave and sick leave)........................................................ 300.80 291.31
(ii) Long Term Service Benefit......................................................................................................................................... 48.82 45.46
(ii) Pension............................................................................................................................................................................. 77.13 83.67
426.75 420.44
15. Related Party Disclosures

a) List of Related Parties and Relationship
Holding and Promoter Company
Tata Sons Private Limited
Subsidiary
Simto Investment Company Limited
Associates
Tata Asset Management Private Limited
Tata Trustee Company Private Limited
Amalgamated Plantations Private Limited
Other Subsidiaries / Associates / Associate of Fellow Subsidiary / Joint Venture / Subsidiary of Associates / Subsidiary of Fellow
Subsidiary of Promoter :- (with whom the Company has transactions)
1. Ewart Investments Limited 2. Tata AIG General Insurance Company Limited
3. Tata Teleservices (Maharashtra) Limited 4. Tata Autocomp Systems Limited
5. Tata Consultancy Services Limited 6. Tata International Limited
7. Tata Chemicals Limited 8. Tata Elxsi Limited
9. Tata Consumer Products Limited 10. Tata Capital Limited
11. The Tata Power Company Limited 12. Tata Steel Limited
13. The Indian Hotels Company Limited 14. Titan Company Limited
15. Trent Limited 16. Voltas Limited
17. The Associated Building Company Limited 18. Tata AIA Life Insurance Company Limited
19. Tata Communications Limited 20. Tata Capital Financial Services Limited
21. Piem Hotels Limited 22. Tata Steel Utilities & Infrastructure Services Limited
23. TMF Holdings Limited 24. Trent Brands Limited
25. Infiniti Retail Limited (subsidiary of Tata Digital Limited 26. Af-Taab Investment Company Limited
w. e. f. 12.11.21)
Other Related Parties
1. Tata Investment Corporation Limited - Provident Fund
2. The Investment Corporation of India Limited - Employees Gratuity Trust Fund
3. Tata Sons Consolidated Superannuation Fund
Key Management Personnel (KMP) under Ind AS 24
Key Management Personnel (KMP) under Scale Based regulation framework

Mr. Manoj Kumar C.V. (Chief Financial Officer & Company Secretary)
146
b) Related Party Transactions
(` in lacs)
2022-23 2021-22
Holding Subsid- Associ- Other Other Other Other Other Other KMP Holding Subsidi- Associ- Other Other Other Other Other Other KMP Notice
Company iary ates Subsi- Assoc- Asso- Subsid- Joint Related Compa- ary ates Subsi- Assoc- Asso- Subsid- Joint Related
diaries iates of ciate of iary of Ven- Parties ny diaries iates of ciate of iary of Ven- Parties
of Promot- Fellow Fellow ture / of Promot- Fellow Fellow ture /
Promot- er Subsidi- Subsidi- Subsid- Promot- er Subsidi- Subsidi- Subsid-
er ary of ary of iary of er ary of ary of iary of
Promot- Promot- associ- Promot- Promot- associ-
er er ate er er ate
of Pro- of Pro-
moter moter
Board’s Report
1. Proceeds received on Buy- - - - - - - - - - - - - - 428.09 - - - - - -

back..........................................
2. Subscription to - 15,000.00 - - - - - - - - - - - - - - - - - -
Cumulative Compulsorily
Convertible Preference
Shares......................................
3. Interest income on - - - 633.82 - - 356.00 365.15 - - - - - 584.93 222.69 - - - - -
debentures............................
4. Redemption of - - - 7,500.00 - - - - - - - - - - 11,500.00 - - - - -
debentures............................
5. Dividends received............. 32.60 - 1,678.10 1,827.23 8,966.20 - - 14.00 - - 32.60 - 1,408.98 1,057.33 5,928.31 - - 4.66 - -
6. Dividends paid..................... 19,065.56 - - 443.21 903.17 - - 445.91 - - 8,319.52 - - 193.40 203.44 - - 194.58 - -
7. Intercorporate Deposit - 2,000.00 - - - - - - - - - - - - - - - - - -
given........................................
Report on Corporate Governance
8. Intercorporate Deposit - 2,000.00 - - - - - - - - - 1,500.00 - - - - - - - -

repaid......................................
9. Interest on Intercorporate - 128.49 - - - - - - - - - 99.18 - - - - - - - -
Deposits.................................
10. Brand equity subscription 214.62 - - - - - - - - - 195.00 - - - - - - - - -
expense..................................
11. Rent paid................................ - - - 94.49 - - - - - - - - 92.19 - - - - - -
12. Sale consideration - - - - 3,406.54 - - 898.20 - - - - - - - - - - - -
received..................................
13. Subscription to Rights - - - 1,303.66 - - - - - - - - - 2,678.59 - - - - -
Issue.........................................
14. Other expenses.................... - - - 8.88 5.48 12.87 13.68 7.92 - - - - - 8.85 9.02 12.32 - 2.50 - -
15. Reimbursement of - 2.92 - - - - - - - - - - - - - - - - - -
Standalone Financial Statements
expenses received..............
16. Contribution to - - - - - - - - 104.48 - - - - - - - - - 47.35 -
Employees’ benefit trust...
17. Compensation to KMP...... - - - - - - - - - 441.03 - - - - - - - - - 408.17
Short term employee - - - - - - - - - 283.12 - - - - - - - - - 262.40
benefits...................................
Post employment - - - - - - - - - - - - - - - - - - - -
benefits*.................................
Debit balance outstanding - - - 2,146.87 - - 4,005.85 5,282.11 6.00 - - - - 7,907.64 - - - - - -
at year end - Outstanding
receivables
Credit balance outstanding 186.87 - - - - - - - 54.94 283.12 177.59 - - - - - - - 11.20 262.40
at year end - Outstanding
payables
Consolidated Financial Statements
* No separate figures are available towards Compensated absences, Contribution to gratuity fund and Post retirement medical benefit fund.
147
148
c) Details of related party transactions included in (b) above
(` in lacs)
2022-23 2021-22
Associ- Other Other Other Other Other Other KMP Associ- Other Other Other Other Other Other KMP
ates Subsi- Assoc- Associate Subsid- Joint Related ates Subsi- Assoc- Associate Subsid- Joint Related
diaries of iates of of Fellow iary of Venture / Parties diaries of iates of of Fellow iary of Venture / Parties
Promoter Promoter Subsidi- Fellow Subsid- Promoter Promoter Subsidi- Fellow Subsid-
ary of Subsidi- iary of ary of Subsidi- iary of
Promoter ary of associate Promoter ary of associate
Promoter of Pro- Promoter of Pro-
moter moter
INVESTMENT
Proceeds received on Buy-back

Tata Consultancy Services Limited. - - - - - - - - - 428.09 - - - - - -
Interest income on debentures
Tata International Limited.................. - 633.82 - - - - - - - 584.93 - - - - - -
The Tata Power Company Limited... - - - - - - - - - - 222.69 - - - - -
TMF Holding Limited........................... - - - - - 365.15 - - - - - - - - - -

Tata Capital Financial Services - - - - 356.00 - - - - - - - - - - -
Limited......................................................
Redemption of debentures
Tata Power Company Limited........... - - - - - - - - - - 11,500.00 - - - - -
Tata International Limited.................. - 7,500.00 - - - - - - - - - - - - - -
Dividends received
Tata Asset Management Private 1,659.67 - - - - - - - 1,373.23 - - - - - - -
Limited .....................................................
Tata Trustee Company Private 18.43 - - - - - - - 35.75 - - - - - - -
Limited .....................................................
Tata Autocomp Limited...................... - 108.80 - - - - - - - - - - - - - -
Tata Capital Limited.............................. - 124.61 - - - - - - - - - - - - - -
Tata Consultancy Services Limited. - 1,146.01 - - - - - - - 368.53 - - - - - -
Tata Chemicals Limited....................... - - 1,900.00 - - - - - - - 1,520.00 - - - - -
Tata Consumer Products Limited.... - - 2,678.52 - - - - - - - 1,793.06 - - - - -
Tata Elxsi Limited................................... - 447.80 - - - - - - - 688.80 - - - - - -
The Tata Power Company Limited... - - 119.72 - - - - - - - 106.03 - - - - -
Tata Steel Limited.................................. - - 2,140.78 - - - - - - - 1,049.40 - - - - -
The Indian Hotels Company - - 71.43 - - - - - - - 64.29 - - - - -
Limited......................................................
Titan Company Limited....................... - - 1,340.67 - - - - - - - 715.03 - - - - -
Trent Limited........................................... - - 167.28 - - - - - - - 182.50 - - - - -
Voltas Limited......................................... - - 547.80 - - - - - - - 498.00 - - - - -
Piem Hotels.............................................. - - - - - 14.00 - - - - - - - 4.66 - -
(` in lacs)
2022-23 2021-22
Notice
moter moter
Dividends paid
Board’s Report
f-Taab Investment Company

A - - - - - 436.93 - - - - - - - 190.66 - -
Limited......................................................
Ewart Investments Limited................ - 443.21 - - - - - - - 193.40 - - - - - -
Tata Chemicals Limited....................... - - 242.56 - - - - - - - 105.84 - - - - -
Tata Consumer Products Limited.... - - 80.78 - - - - - - - 35.25 - - - - -
Tata Steel Limited.................................. - - 125.41 - - - - - - - 54.72 - - - - -
Trent Limited........................................... - - 17.49 - - - - - - - 7.63 - - - - -
The Tata Power Limited....................... - - 436.93 - - - - - - - - - - - - -
Trent Brands Limited............................ - - - - - 8.98 - - - - - - - 3.92 - -
Rent Paid
Sale consideration received
The Indian Hotels Company - - 3,406.54 - - - - - - - - - - - - -

Limited......................................................
Tata Steel Utilities & Infrastructure - - - - - 898.20 - - - - - - - - - -
Services Limited.....................................
Subscription to Rights Issue
Tata Capital Limited.............................. - 1,303.66 - - - - - - - - - - - - - -
The Indian Hotels Company - - - - - - - - - - 2,678.59 - - - - -
Limited......................................................
Other expenses
Tata AIA Life Insurance Company - - - - - 7.92 - - - - - - - 2.39 - -
Limited......................................................
Tata AIG General Insurance - 2.12 - - - - - - - 2.24 - - - - - -
Company Limited..................................
Tata Consultancy Services Limited. - 3.33 - - - - - - - 1.64 - - - - - -

Tata Teleservices (Maharashtra) - 3.43 - - - - - - - 4.14 - - - - - -
Limited......................................................
The Associated Building Company - - - 12.87 - - - - - - - 12.32 - - - -
Limited......................................................
The Indian Hotels Company - - 1.85 - - - - - - - 2.18 - - - - -
Limited......................................................
Titan Company Limited....................... - - 0.07 - - - - - - - - - - - - -
Trent Limited........................................... - - 3.56 - - - - - - - 6.84 - - - -
Tata Communication Limited........... - - - - 11.49 - - - - - - - - - - -
Infiniti Retail Limited............................ - - - - 2.19 - - - - - - - - - - -
Tata International Limited.................. - - - - - - - - - 0.42 - - - - - -
Ewart Investments Limited................ - - - - - - - - - 0.41 - - - - - -
Piem Hotels.............................................. - - - - - - - - - - - - - 0.11 - -
149
150
(` in lacs)
2022-23 2021-22
moter moter
INVESTMENT
Contribution to Employees
benefit trust
Tata Investment Corporation - - - - - - 35.42 - - - - - - - 32.03 -
Limited-Provident Fund......................
The Investment Corporation of - - - - - - 54.94 - - - - - - - - -
India Limited - Employees Gratuity
Trust Fund................................................
Tata Sons Consolidated - - - - - - 14.12 - - - - - - - 15.32 -

Superannuation Fund..........................
Compensation to KMP
Mr. A. N. Dalal.......................................... - - - - - - - 355.94 - - - - - - - 329.37
Mr. Manoj Kumar C.V............................ - - - - - - - 85.09 - - - - - - - 78.80
Short term employee benefits
Mr. A. N. Dalal.......................................... - - - - - - - 237.30 - - - - - - - 220.00
Mr. Manoj Kumar C.V............................ - - - - - - - 45.82 - - - - - - - 42.40
Outstanding receivables
Tata International Limited.................. - 2,046.87 - - - - - - - 7,807.64 - - - - - -
TMF Holding Limited........................... - - - - - 5,282.11 - - - - - - - - - -
Tata Capital Financial Services - - - - 4,005.85 - - - - - - - - - - -
Limited......................................................
The Investment Corporation of - - - - - - 6.00 - - - - - - - - -
Trust Fund................................................
Outstanding payables
Tata Teleservices (Maharashtra) - - - - - - - - - - - - - - - -
Limited......................................................
The Investment Corporation of - - - - - - 54.94 - - - - - - - 11.20 -
Trust Fund................................................
Mr. A. N. Dalal.......................................... - - - - - - - 237.30 - - - - - - - 220.00
Mr. Manoj Kumar C.V............................ - - - - - - - 45.82 - - - - - - - 42.40
16. Disclosures required by regulation 34(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Amount of loans / advances in nature of loans outstanding during 2022-2023
(` in lacs)
Name of the party Relationship Outstanding Maximum amount Investment in shares Direct Investment in
as at outstanding of the Company shares of subsidiaries
March 31, 2023 during the year of the Company
Simto Investment Company Limited Subsidiary - 2,000.00 - refer note below
Note - Application money towards issue of 15,000, 8.7% Cumulative Compulsorily Convertible Preference Shares (CCPS) of face value of ` 100,000 each.
Amount of loans / advances in nature of loans outstanding during 2021-2022
(` in lacs)
Name of the party Relationship Outstanding Maximum amount Investment in shares Direct Investment in
as at outstanding of the Company shares of subsidiaries
March 31, 2022 during the year of the Company
Simto Investment Company Limited Subsidiary - 1,500.00 - -
17. Disclosures on financial instruments
(a) Accounting classification and fair values
The following table shows the carrying amounts and fair values of financial assets (excluding investment in subsidiary and associate companies) and
financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities
if the carrying amount is a reasonable approximation of fair value.
(` in lacs)
As at 31.03.2023
Amortised Fair value Fair value Total Total fair Fair value
Particulars cost through through OCI carrying value Level 1 Level 2 Level 3 Total
profit or value
loss
Financial Assets
Cash and cash
equivalents 388.83 - - 388.83 388.83 - - - -
Bank balances other
than cash and cash
equivalents 3,477.42 - - 3,477.42 3,477.42 - - - -
Trade receivables 4.41 - - 4.41 4.41 - - - -
Loan 1.31 - - 1.31 1.31 - - - -
Investments
- in mutual funds - 5,907.41 - 5,907.41 5,907.41 - 5,907.41 - 5,907.41
- in equity shares - - 1,949,329.55 1,949,329.55 1,949,329.55 1,792,411.98 - 156,917.57 1,949,329.55
- in Bonds /
Debentures - - 31,846.06 31,846.06 31,846.06 - 31,846.06 - 31,846.06
- in venture capital - 4,108.18 - 4,108.18 4,108.18 - - 4,108.18 4,108.18
- InvITs/REITs - 10,531.56 - 10,531.56 10,531.56 10,531.56 - - 10,531.56
- Government
Securities (Gsec) - 9,191.11 - 9,191.11 9,191.11 9,191.11 - - 9,191.11
- Certificate of
Deposits 27,644.93 - - 27,644.93 27,644.93 - - - -
Other financial
assets 15,107.49 - - 15,107.49 15,107.49 - - - -
46,624.39 29,738.26 1,981,175.61 2,057,538.26 2,057,538.26 1,812,134.65 37,753.47 161,025.75 2,010,913.87
Financial
Liabilities
Derivative financial
instruments - - - - - - - - -
Trade payables
and other financial
liabilities 1,266.68 - - 1,266.68 1,266.68 - - - -
1,266.68 - - 1,266.68 1,266.68 - - - -
151
INVESTMENT
(` in lacs)
As at 31.03.2022
Amortised Fair value Fair value Total carry- Total fair Fair value
Particulars cost through through OCI ing value value Level 1 Level 2 Level 3 Total
profit or
loss
Financial Assets
Cash and cash
equivalents 499.85 - - 499.85 499.85 - - - -
Bank balances other
than cash and cash
equivalents 301.29 - - 301.29 301.29 - - - -
Trade receivables 3,995.29 - - 3,995.29 3,995.29 - - - -
Loan 2.70 - - 2.70 2.70 - - - -
Investments
- in mutual funds - 24,875.49 - 24,875.49 24,875.49 - 24,875.49 - 24,875.49
- in equity shares - - 1,990,063.39 1,990,063.39 1,990,063.39 1,902,282.23 - 87,781.16 1,990,063.39
- in Bonds /
Debentures - - 33,911.84 33,911.84 33,911.84 - 33,911.84 - 33,911.84
- InvITs/REITs - 10,112.97 - 10,112.97 10,112.97 10,112.97 - - 10,112.97
- in Government
Securities (Gsec) - 7,868.91 - 7,868.91 7,868.91 7,868.91 - - 7,868.91
Other financial
assets 96.51 - - 96.51 96.51 - - - -
4,895.64 45,409.44 2,023,975.23 2,074,280.31 2,074,280.31 1,920,264.11 58,787.33 90,333.23 2,069,384.67
Financial Liabilities
instruments - 846.77 - 846.77 846.77 846.77 - - 846.77
Trade payables
and other financial
liabilities 1,278.53 - - 1,278.53 1,278.53 - - - -
1,278.53 846.77 - 2,125.30 2,125.30 846.77 - - 846.77
Investments in mutual funds, venture capital funds, InvITs and REITs are classified as fair value through the statement of profit and loss.
(b) Measurement of fair values

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level
1 to Level 3, as described below:
Level I: quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level II: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Level III: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.
(i) The management assessed that fair value of cash and cash equivalents, trade receivables, trade payables, and other financial assets and liabilities
approximate their carrying amounts largely due to the short-term maturities of these instruments
(ii) Financial assets and liabilities are stated at carrying value which approximates their fair value.
(iii) The fair values of the equity investment which are quoted, are derived from quoted market prices in active markets. The Investments measured
at fair value and falling under fair value hierarchy Level 3 are valued on the basis of valuation reports provided by external valuers with the
exception of certain investments, where cost has been considered as an appropriate estimate of fair value because of a wide range of possible
fair value measurements and cost represents the best estimate of fair values within that range
(iv) The fair value of the financial instruments that are not traded in an active market is determined using valuation techniques. The Company uses
its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each
reporting period.
(v) There have been no transfers between Level 1 and Level 2 for the years ended March 31, 2023 and March 31, 2022.
152
(vi) Reconciliation of Level 3 fair value measurement is as below:
(` in lacs)
31.03.2023 31.03.2022
Balance at the beginning of the year 90,333.23 54,680.44
Additions during the year.................................................................................................................................................................. 2,625.16 1,921.21
Sales during the year........................................................................................................................................................................... (2,050.73) (58.00)
Fair Value changes during the year................................................................................................................................................. 70,118.09 33,789.58
Balance at the end of the year.......................................................................................................................................................... 1,61,025.75 90,333.23
(c) Derivative Financial Instruments

During the current year, the Company has entered into covered call / put option transactions on their existing portfolio. There are no open contracts
as at balance sheet date. Credit risk arising from derivative financial instruments is, at any time, is limited to those with positive fair values, as recorded
on the balance sheet.
(d) Financial risk management

The Company has exposure to the following risks arising from financial instruments:
• Credit risk
• Liquidity risk; and
• Market risk
The Company has a risk management framework which not only covers the market risks but also other risks associated with the financial assets and
liabilities such as interest rate risks and credit risks.
The risk management policy is approved by the Board of Directors. The risk management framework aims to:
(i) create a stable business planning environment by reducing the impact of interest rate fluctuations on the Company’s business plan.
(ii) achieve greater predictability to earnings by determining the financial value of the expected earnings in advance.
Credit Risk:
Credit risk is the risk of financial loss to the company if a counter-party fails to meet its contractual obligations.
Trade receivables
Credit risk with respect to trade receivables is limited, since the trade receivables amount is immaterial.
Cash and cash equivalents

The Company holds cash and cash equivalents of ` 388.83 lacs at 31 March 2023 (31 March 2022: ` 499.85 lacs). The credit worthiness of such banks
and financial institutions is evaluated by the management on an ongoing basis and is considered to be good.
Liquidity Risk:
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity
risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed
conditions, without incurring unacceptable losses or risk to the Company’s reputation.
The table below analyses the Company’s financial liabilities into relevant maturity groupings based on their contractual maturities based on
undiscounted contractual payments for:
- all non derivative financial liabilities
- Derivative financial instruments for which the contractual maturities are essential for understanding the timing of the cash flows.
153
INVESTMENT
(` in lacs)
As at 31.03.2023 As at 31.03.2022
Derivative Trade Other Derivative Trade Other

Financial Payables Financial Financial Payables Financial
Instrument Liabilities Instrument Liabilities
Carrying Value.......................................................... - 384.65 882.03 846.77 355.73 922.80
Contractual Cash flows............................................. - 384.65 890.79 846.77 355.73 941.90
- Less than one year................................................................. - 384.65 847.72 846.77 355.73 814.75
- Between one to five years.................................................. - - 43.07 - - 127.15
- More than five years............................................................. - - - - - -
Market risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market rates and prices (such
as equity price, interest rates etc.) or in the price of market risk-sensitive instruments as a result of such adverse changes in market rates and prices.
The Company is exposed to market risk primarily related to the market value of its investments.
Interest rate risk :

Interest rate risk arises from effects of fluctuation in prevailing levels of market interest rates on the fair value of Bonds / Debentures/ G sec.
Exposure to interest rate risk :

Since the Company does not have any financial assets or financial liabilities bearing floating interest rates, any change in interest rates at the reporting
date would not have any significant impact on the standalone financial statements of the Company.
Currency risk:
Currently Company does not have transaction in foreign currencies and hence the Company is not exposed to currency risk.
Price risk:
(a) Exposure
The Company is exposed to equity price risk arising from investments held by the Company and classified in the balance sheet either as fair value
through OCI or at fair value through profit or loss.
To manage its price risk arising from investment in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done
in accordance with the limits set by the Company.
The majority of the company’s equity investments are listed on the Bombay Stock Exchange (BSE) or the National Stock Exchange (NSE) in India.
(b) Sensitivity analysis - Equity price risk

The table below summaries the impact of increases/decreases of the index on the Company’s equity and profit for the year. The analysis is
based on the assumption that the equity/index had increased by 2% or decreased by 2% with all other variables held constant, and that all the
Company’s investments in equity instruments moved in line with the index.
(` in lacs)
Impact on profit after tax Impact on other components of

equity
As at 31.03.2023 As at 31.03.2022 As at 31.03.2023 As at 31.03.2022
NSE / BSE Index - increase by 2%............................................. - - 35,848.24 38,045.64
NSE / BSE Index - decrease by 2%........................................... - - (35,848.24) (38,045.64)
Profit for the period would increase/decrease as a result of gains/losses on exchange traded funds equity securities classified as fair value through
profit or loss, if any. Other components of equity would increase/decrease as a result of gain/losses on equity securities classified as fair value
through other comprehensive income.
154
18. Maturity analysis of Assets and Liabilities :
The table below shows an analysis of assets and liabilities analysed according to when they are expected to be recovered or settled.
(` In lacs) Notice
Particulars As at 31.03.2023 As at 31.03.2022
Within 12 months After 12 months Total Within 12 months After 12 months Total
ASSETS
Financial Assets
Board’s Report
- Cash and cash equivalents......................................... 388.83 - 388.83 499.85 - 499.85
- Bank Balance other than Cash and cash 3,477.42 - 3,477.42 301.29 - 301.29
equivalents.......................................................................
- Trade receivables........................................................... 4.41 - 4.41 3,995.29 - 3,995.29
- Loan ................................................................................... 0.53 0.78 1.31 0.96 1.74 2.70
- Investments..................................................................... 33,552.34 2,013,650.08 2,047,202.42 46,336.65 2,031,691.64 2,078,028.29
- Other financial assets................................................... 10.80 15,096.69 15,107.49 4.98 91.53 96.51
Non Financial Assets

- Current Tax Asset (net)................................................. - 1,223.19 1,223.19 - 1,232.24 1,232.24
- Property Plant & Equipment...................................... - 25.86 25.86 - 18.64 18.64
- Other Intangible Assets............................................... - 6.13 6.13 - 8.94 8.94
- Right of use assets......................................................... - 117.97 117.97 - 196.62 196.62
- Other Non Financial Assets........................................ 68.39 43.53 111.92 65.82 38.04 103.86
TOTAL ASSETS.................................................... 37,502.19 2,030,164.76 2,067,666.95 51,204.84 2,033,279.39 2,084,484.23
LIABILITIES
- Derivative financial instruments.............................. - - - 846.77 - 846.77
- Trade Payables................................................................ 384.65 - 384.65 355.73 - 355.73
- Other Financial Liabilities........................................... 841.21 40.82 882.03 795.65 127.15 922.80
Non Financial Liabilities
- Current Tax Liability (net)............................................ 157.49 - 157.49 157.49 - 157.49
- Provisions.......................................................................... 65.84 736.71 802.55 61.34 647.78 709.12
- Deferred Tax Liability (net).......................................... 5.68 125,183.82 125,189.50 235.60 127,945.10 128,180.69
- Other Non Financial Liabilities.................................. 25.48 - 25.48 26.94 - 26.94

TOTAL LIABILITIES............................................. 1,480.35 125,961.35 127,441.70 2,479.52 128,720.02 131,199.54
155
INVESTMENT
19. Ratios as per the Schedule III requirements

i) Tier I CRAR
Particulars As on As on
31.03.2023* 31.03.2022
Ratio (%)................................................................................................................................................................................................. 100.31 106.63
% Change from previous period/ year....................................................................................................................................... (6.32) 3.26
*DNBS-03 return yet to be filed.
ii) Tier II CRAR
Particulars As on As on
31.03.2023 31.03.2022
Ratio (%)................................................................................................................................................................................................. - -
% Change from previous period/ year....................................................................................................................................... - -
20. Capital Management

The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development
of the business.
The Company has adequate cash and bank balances. The company monitors its capital by a careful scrutiny of the cash and bank balances, and a
regular assessment of any debt requirements. In the absence of any debt, the maintenance of debt equity ratio etc. may not be of any relevance to the
Company.
21. The Company has been assigned a rating of ‘CRISIL AAA/Stable’ on ` 1,000 lacs Non-Convertible Debentures programme.
22. Following are the additional disclosures required as per Schedule III to the Companies Act, 2013 vide Notification dated March 24, 2021;
a. Details of Benami Property held:
There are no proceedings which have been initiated or pending against the Company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 and rules made thereunder.
b. Wilful Defaulter:
The Company has not been declared as Wilful Defaulter by any Bank or Financial Institution or other Lender.
c. Relationship with Struck off Companies :

During the year, the Company does not have any transactions with the companies struck off under Section 248 of Companies Act, 2013 or Section
560 of Companies Act, 1956.
d. Compliance with number of layers of companies:

The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Act read with Companies (Restriction on
number of Layers) Rules, 2017.
e. Utilisation of Borrowed funds and share premium:

During the financial year ended 31.03.2023, other than the transactions undertaken in the normal course of business and in accordance with
extant regulatory guidelines as applicable.
(i) No funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed
funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign
entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly
or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
156
(ii) No funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity,
including foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall,
whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding
Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
f. Undisclosed Income:
The Company does not have any transactions not recorded in the books of accounts that has been surrendered or disclosed as income during
the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act,
1961). Also, there are nil previously unrecorded income and related assets.
g. Details of Crypto Currency or Virtual Currency:

The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
h. Capital work in progress (CWIP) and Intangible asset:

The Company does not have any CWIP and Intangible asset under development.
i. The Company has not revalued its Property, Plant and Equipment during the year as well as in previous year
23.
The following disclosure is required pursuant to RBI circular dated March 13, 2020 - Circular No. RBI/2019-20/170 DOR (NBFC).CC.PD.
No.109/22.10.106/2019-20
Asset Asset Gross Carrying Loss Allowances Net Carrying Provision Difference
classification as Classification as Amount as per (Provisions) as Amount required as per Between Ind AS
per RBI Norms per IND AS 109 IND AS required under IRACP Norms 109 provisions
Ind AS 109 and IRACP norms
(1) (2) (3) (4) (5)=(3)-(4) (6) (7)=(4)-(6)
Performing Assets
Standard Stage 1 - - - - -
24. The following additional information, to the extent applicable, (other than what is already disclosed elsewhere) is disclosed in terms of Master
Direction DNBR. PD. 008/03.10.119/2016-17 dated September 01, 2016, as amended. Further additional disclosures in terms of Scale Based regulation
framework (Circular No. RBI/2021-22/112 DOR.CRE.REC.No.60/03.10.001/2021-22 October 22, 2021) are also disclosed below.
(a) Capital to Risk Assets Ratio (CRAR) -
Particulars Current Previous

Year * Year
i) CRAR (%).............................................................................................................................................................................. 100.31 106.63
ii) CRAR - Tier I capital (%).................................................................................................................................................. 100.31 106.63
iii) CRAR - Tier II capital (%)................................................................................................................................................. - -
*DNBS-03 return yet to be filed.

The figures reported for the current year are based on Ind AS financials in terms of RBI Circular dated March 13, 2020 RBI/2019-20/170 DOR
(NBFC).CC.PD.No.109/22.10.106/2019-20.
157
INVESTMENT
(b) Investments -
(` in crore)
Particulars Current Year Previous Year
(1) Value of Investments :
(i) Gross Value of Investments.............................................................................................................................
(a) In India................................................................................................................................................... 20,472.02 20,780.28
(b) Outside India....................................................................................................................................... * *
(ii) Provision for Depreciation..............................................................................................................................
(a) In India................................................................................................................................................... - -
(b) Outside India....................................................................................................................................... - -
(iii) Net Value of Investments.................................................................................................................................
(a) In India................................................................................................................................................... 20,472.02 20,780.28
(b) Outside India....................................................................................................................................... * *
(2) Movement of provisions held towards depreciation on investments :
(i) Opening Balance................................................................................................................................................ - -
(ii) Add : Provisions made during the year...................................................................................................... - -
(iii) Less : Write-off / write-back of excess provisions during the year.................................................... - -
(iv) Closing balance................................................................................................................................................... - -
* Denotes balance less than ` 500
(c) Exposure to Real Estate Sector:
(` in crore)
Particulars Current year Previous Year
(A) Direct Exposure
(i) Residential Mortgages:-
Lending fully secured by mortgages on residential property that is or will be occupied by the - -
borrower or that is rented
(ii) Commercial Real Estate:-
Lending secured by mortgages on commercial real estates (office buildings, retail space, - -
multipurpose commercial premises, multi-family residential buildings, multi-tenanted commercial
premises, industrial or warehouse space, hotels, land acquisition, development and construction,
etc.). Exposure would also include non-fund based limits;
(iii) Investments in Mortgage Backed Securities (MBS) and other securitised exposures:-
(a) Residential - -
(b) Commercial Real Estate - -
(B) Indirect Exposure
Fund based and non-fund-based exposures on National Housing Bank and Housing Finance 213.66 160.24
Companies
Total Exposure to Real Estate Sector 213.66 160.24
158
(d) Exposure to Capital Market -
(` in crore)
Particulars Current year Previous Year
(i) direct investment in equity shares, convertible bonds, convertible debentures and units of equity- 17,924.12 19,102.43
oriented mutual funds the corpus of which is not exclusively invested in corporate debt;
(ii) advances against shares / bonds / debentures or other securities or on clean basis to individuals - -
for investment in shares (including IPOs / ESOPs), convertible bonds , convertible debentures , and
units of equity-oriented mutual funds;
(iii) advances for any other purposes where shares or convertible bonds or convertible debentures or - -
units of equity oriented mutual funds are taken as primary security;
(iv) advances for any other purposes to the extent secured by the collateral security of shares or - -
convertible bonds or convertible debentures or units of equity oriented mutual funds i.e. where the
primary security other than shares / convertible bonds / convertible debentures / units of equity
oriented mutual funds ‘does not fully cover the advances;
(v) secured and unsecured advances to stockbrokers and guarantees issued on behalf of stockbrokers - -
and market makers;
(vi) Loans sanctioned to corporates against the security of shares / bonds / debentures or other - -
securities or on clean basis for meeting promoter’s contribution to the equity of new companies in
anticipation of raising resources.
(vii) bridge loans to companies against expected equity flows / issues; - -
(viii) Underwriting commitments taken up by the NBFCs in respect of primary issue of shares or - -
convertible bonds or convertible debentures or units of equity oriented mutual funds
(ix) Financing to stockbrokers for margin trading - -
All exposures to Alternative Investment Funds
(a)Category - I - -
(b) Category - II - -
(c) Category - III - -
(x) all exposures to Venture Capital Funds (both registered and unregistered) 41.08 25.52
Total Exposure to Capital Market 17,965.20 19,127.95
(e) Asset Liability Management -

Maturity pattern of certain items of assets and liabilities as on 31.03.2023
(` in crore)
1 to 7 8 to 14 15 days Over 1 Over 2 Over 3 Over 6 Over 1 Over 3 Over 5 Total
days days to 30/31 month months months months year & years & years
days upto 2 upto 3 & upto 6 & upto 1 upto 3 upto 5
months months months year years years
Deposits........................... - - - - - - - - - - -
Advances......................... - - - - - - - - - - -
Investments @............... 59.07 - - 98.82 177.63 - - 183.10 243.76 129.91 892.29
Borrowings..................... - - - - - - - - - - -
Foreign Currency
assets................................ - - - - - - - - - - -
Foreign Currency
liabilities........................... - - - - - - - - - - -
@ Investment in equity shares aggregating to ` 19,579.73 crores, are not included above, since there is no set maturity pattern for the same.
159
INVESTMENT
Maturity pattern of certain items of assets and liabilities as on 31.03.2022
(` in crore)
1 to 7 8 to 14 15 Over 1 Over 2 Over 3 Over 6 Over 1 Over 3 Over 5 Total

days days days to month months months months year & years & years
30/31 upto 2 upto 3 & & upto upto 3 upto 5
days months months upto 6 1 year years years
months
Deposits ........................ - - - - - - - - - - -
Advances ...................... - - - - - - - - - - -
Investments @ ............ 248.75 - - - - 137.70 76.92 170.02 46.48 113.35 692.08
Borrowings .................. - - - - - - - - - - -
Foreign Currency
assets ............................. - - - - - - - - - - -
Foreign Currency
liabilities ........................ - - - - - - - - - - -
@ Investment in equity shares aggregating to ` 19,987.07 crores, are not included above, since there is no set maturity pattern for the same.
In compiling the information in the above note, certain assumptions have been made by the Company and the same have been relied upon by
the Auditors.
(f) Sectoral Exposures
The Company does not have any exposures (including off balance sheet items), in the nature of loans as at March 31, 2023 and March 31, 2022.
(g) Intra group Exposures
The Company has investment in group companies as disclosed in Note 7.5 of the notes to financial statements as at March 31, 2023 and
March 31, 2022.
(h) Unhedged foreign currency exposure
The Company does not have any unhedged foreign currency exposures as at March 31, 2023 and March 31, 2022.
(i) Disclosure of complaints
The Company does not have any customer interface and thus there are no complaints received by the NBFCs from customers and from the Offices
of Ombudsman during the year ended March 31, 2023 and March 31, 2022.
(j) Corporate Governance
For report on Corporate Governance refer to page 80 of the Annual Report.
(k) Details of penalties and strictures
There are no penalties or stricture imposed on the Company by the Reserve Bank or any other statutory authority.
(l) Related Party Disclosure
For related party disclosures refer to Note 15 of the notes to standalone financial statements.
160
(m) Provisions & contingencies
(` in crore)
Particulars Year ended Year ended

31.03.2023 31.03.2022
Provision for depreciation in investments .............................................................................................................................. - -
Provision towards NPA ................................................................................................................................................................... - -
Provision made towards income tax (Including deferred tax) ........................................................................................ 25.90 704.79
Provision for standard assets ....................................................................................................................................................... - -
Other provision & contingencies ................................................................................................................................................ - -
25.90 704.79
(n) Liquidity Coverage Ratio (LCR)
(` in crore)
Total Unweighted Total weighted Total Unweighted Total weighted

Value (average) Value (average) Value (average) Value (average)
High Quality Liquid Assets
1. Total High Quality Liquid Assets (HQLA) ................... 154.92 154.92 372.40 372.40
Cash Outflows
2. Deposits (for deposit taking companies) .................. - - - -
3. Unsecured wholesale funding ...................................... - - - -
4. Secured wholesale funding ............................................ - - - -
5. Other contractual funding obligations ...................... 0.25 0.08 8.70 (0.06)
6. Other contingent funding obligations........................ - - - -
7. Total Cash Outflows ............................................. 0.25 0.08 8.70 (0.06)
Cash Inflows
8. Secured lending..................................................................
9. Inflows from fully performing exposures...................
10. Other cash inflows ............................................................. 31.94 31.94 0.05 0.05
11. Total Cash Inflows ................................................ 31.94 31.94 0.05 0.05
12. Total HQLA ........................................................... 154.92 154.92 372.40 372.40
13. Total Net Cash Outflows / (Inflows) .................... (31.68) (31.86) 8.65 (0.11)
14. Liquidity Coverage Ratio (%) .............................. ** ** 4304.35% **

** Since there is a net inflow, LCR disclosure is not relevant, hence not shown.
161
INVESTMENT
Qualitative Details
The Company’s liquidity risk management policy focuses on ensuring maintenance of sufficient liquidity including a cushion of unencumbered,
high quality liquid assets to withstand a range of stress events, including those involving the loss or impairment of both unsecured and secured
funding sources. Key elements of the liquidity risk management framework are governance of Liquidity Risk Management, liquidity risk tolerance,
Off-balance Sheet Exposures and Contingent Liabilities, collateral position management, intra group transfers.
As compared to previous year, the Company does not have any outstanding derivative contract as at March 31, 2023.
The Company’s HQLA mainly comprise of current account balances with scheduled commercial banks, investment in government securities and
highly liquid investment in mutual funds subject to minimal risk. The Company does not have any borrowings or any foreign currency exposure.
25. Events after Reporting date

There have been no events after the reporting date that require disclosure in these standalone financial statements.
26. Previous year’s figures have been regrouped, wherever necessary, to correspond with current year’s classification.
162
Schedule of a non-deposit taking non-banking financial company

[as required in terms of Para 19 of Non-Banking Financial Company - Systematically Important
Non - Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016, as amended]
(` in lacs)
Current Year Previous Year
Particulars
Liabilities Side
(1) Loans and advances availed by the NBFCs Amount Amount Amount Amount
Inclusive of interest accrued thereon but not Paid outstanding overdue outstanding overdue
(a) Debentures: Secured ......................................................................................................... - - - -
: Unsecured................................................................................................ - - - -
(other than falling within the meaning of public deposits)
(b) Deferred Credits................................................................................................................... - - - -
(c) Term Loans ............................................................................................................................ - - - -
(d) Inter-corporate loans and borrowing.......................................................................... - - - -
(e) Commercial Paper............................................................................................................... - - - -
(f ) Public Deposits..................................................................................................................... - - - -
(g) Other Loans (Overdraft from a bank)........................................................................... - - - -
*entire amount is on account of unclaimed deposits/interest.
(` in lacs)
Assets Side ..........Current Year.......... ..........Previous Year..........
(2) Break-up of Loans and Advances including bills Amount Amount
receivables [other than those included in 3 below] outstanding outstanding
(a) Secured - -
(b) Unsecured 113.21 4,094.50
(3) Break up of Leased Assets and stock on hire and

hypothecation loans counting towards AFC activities
(i) Lease assets including lease rentals under sundry debtors
(a) Financial lease ................................................................................................... - -
(b) Operating Lease................................................................................................ - -
(ii) Stock on hire including hire charges under sundry debtors
(a) Assets on hire..................................................................................................... - -
(b) Repossessed Assets ......................................................................................... - -
(iii) Other loans counting towards AFC activities
(a) Loans where assets have been repossessed....................................... - -
(b) Loans other than (a) above........................................................................... - -
(4) Break-up of Investments
Current Investments
1. Quoted
(i) Shares : (a) Equity.................................................................................................. - -
(b) Preference ......................................................................................... - -
(ii) Debentures and Bonds ...................................................................................... - -
(iii) Units of mutual funds ........................................................................................ - -
(iv) Government Securities ..................................................................................... - -
(v) Others - Certificate of deposits - -
163
INVESTMENT
(` in lacs)
..........Current Year.......... ..........Previous Year..........
Amount Amount
outstanding outstanding
2. Unquoted
(i) Shares : (a) Equity.................................................................................................. -
(b) Preference.......................................................................................... - -
(ii) Debentures and Bonds ...................................................................................... - -
(iii) Units of mutual funds......................................................................................... 5,907.41 24,875.49
(iv) Government Securities...................................................................................... - -
(v) Others - Cerificate of Deposits......................................................................... 27,644.93 -
Long Term Investments

1. Quoted
(i) Shares: (a) Equity............................................................................................... 1,792,411.98 1,902,282.23
(b) Preference...................................................................................... - -
(ii) Debentures/Bonds .......................................................................................... 31,846.06 33,911.84
(iii) Units of mutual funds...................................................................................... - -
(iv) Government Securities................................................................................... 9,191.11 7,868.91
(v) Others - InVITs / REITs ..................................................................................... 10,531.56 10,112.97
2. Unquoted
(i) Shares : (a) Equity.............................................................................................. 165,561.19 96,424.78
(b) Preference (including application money pending 15,000.00 -
allotment).....................................................................................
(ii) Debentures and Bonds .................................................................................. - -
(iii) Units of mutual funds...................................................................................... - -
(iv) Government Securities................................................................................... - -
(v) Others - Venture capital funds..................................................................... 4,108.18 2,552.07
Total.............................................................................................................. 2,062,202.42 2,078,028.29
(5) Borrower group-wise classification of all leased assets, stock-on-hire and loans and advances (including other Current Assets)
(` in lacs)
........................Current Year........................ ........................Previous Year........................
Secured Unsecured Total Secured Unsecured Total
1. Related Parties
a) Subsidiaries........................................... - - - - - -
b) Companies in the same group....... - 92.32 92.32 - 87.50 87.50
c) Other related parties......................... - - - - - -
2. Other than related parties......................... - 20.89 20.89 - 4,007.00 4,007.00
- 113.21 113.21 - 4,094.50 4,094.50
164
(6) Investor group-wise classification of all investments (current and long term) in shares and securities (both quoted and unquoted)
(` in lacs)
................Current Year................ ................Previous Year................
Category Market Value/ Book Value Market Value/ Book Value

Break up or (Net of Break up or (Net of
fair value or Provisions) fair value or Provisions)
NAV NAV
1. Related Parties
a) Subsidiary (including application money pending 18,030.91 18,030.91 3,030.91 3,030.91

allotment)...........................................................................................
b) Companies in the same group.................................................... 338,742.31 52,862.14 146,392.74 40,767.91
c) Other related parties...................................................................... 1,252,877.29 36,123.01 1,328,953.14 37,898.01
2. Other than related parties...................................................................... 452,551.91 230,775.55 453,258.76 223,006.35
2,062,202.42 337,791.61 2,078,028.29 304,703.18
(` in lacs)
(7) Other Information Current Year Previous Year
Gross Non-Performing Assets
(a) Related parties......................................................................................................................................................................... - -
(b) Other than related parties................................................................................................................................................... - -
Net Non-Performing Assets
(a) Related parties......................................................................................................................................................................... - -
(b) Other than related parties................................................................................................................................................... - -
Assets acquired in satisfaction of debt - -
Signatures to notes to standalone financial statements

Partner Partner
A. SEN (DIN: 00002593)
Directors
Company Secretary
165
INVESTMENT
INDEPENDENT AUDITOR’S REPORT

Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the accompanying consolidated financial statements of Tata Investment Corporation Limited (“the
Holding Company” or “the Company”) and its subsidiary (the holding company and its subsidiary together referred to as
“the Group”), and its associates for the year ended 31 March, 2023, which comprise the consolidated balance sheet as at
31 March, 2023, and the consolidated statement of profit and loss (including other comprehensive income), consolidated
statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of the significant accounting policies and other explanatory information (hereinafter
referred to as the ‘consolidated financial statements’).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated
financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and
give a true and fair view in conformity with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act
read with the Companies (Indian Accounting Standards) Rules, 2015, as amended (“Ind AS”) and other accounting principles
generally accepted in India, of the consolidated state of affairs of the Group as at 31 March, 2023, the consolidated profit,
consolidated total comprehensive income, consolidated statement of changes in equity and its consolidated cash flows for
the year ended on that date.
Basis for opinion

We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (SAs)
specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditor’s
responsibilities for the audit of the consolidated financial statements’ section of our report. We are independent of the Group
and its associates in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI)
together with the ethical requirements that are relevant to our audit of the consolidated financial statements under the
provisions of the Act and Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us and other auditors in
terms of their reports referred to in “Other Matters” paragraph below, is sufficient and appropriate to provide a basis for our
audit opinion on the consolidated financial statements.
Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. We have determined the matters described below to be the key audit matters to be communicated in our
report.
We have fulfilled the responsibilities described in the Auditors’ responsibilities for the audit of the consolidated financial
statements section of our report, including in relation to these matters. Accordingly, our audit included the performance
of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial
statements. The results of our audit procedures, including the procedures performed to address the matters below, provide
the basis for our audit opinion on the accompanying consolidated financial statements.
166

1. Fair Valuation of Investments in Unquoted Principal audit procedures followed:
Instruments • Understanding of the process, evaluating the
The Group’s investments in unquoted instruments design and testing the operating effectiveness of
(other than investment in Associates) are measured at such controls in respect of valuation of investments
fair value at each reporting date and these fair value by management.
measurements significantly impact the Group’s financial • Evaluating management’s controls over collation
performance. The Group’s investments in associates are of relevant information used for determining
measured at cost less provision for impairment, if any. estimates for valuation and impairment testing of
Within the Group’s investment portfolio, the valuation investments.
of certain assets such as unquoted equity requires
significant judgement because of quoted prices being • Testing appropriate implementation of policy of
unavailable and limited liquidity in these markets. valuation and impairment testing by management.
Refer note 5(a), 7.5 and 16 to the consolidated financial • Reconciling the financial information mentioned in
statements. fair valuation and impairment testing to underlying
source details. Also, testing the reasonableness
of management’s estimates considered in such
assessment.
• Obtaining independent valuation reports of
investments in unquoted investments
• Testing the reasonableness of management’s
estimates considered in such assessment.
• Assessing the competence, capabilities and
objectivity of the experts used by management in
the process of valuation models.
• Assessing the factual accuracy, conclusion reached
by the management and appropriateness of the
disclosures made in the consolidated financial
statements in respect of investments.
Information other than the consolidated financial statements and auditors’ report thereon
The Holding Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in Board’s Report including Annexures thereon but does not include the consolidated financial
statements and our auditors’ report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements, or
our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Management’s responsibility for the audit of the consolidated financial statements
The Holding Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to
preparation of these consolidated financial statements that give a true and fair view of the consolidated financial position,
consolidated financial performance including other comprehensive income, consolidated changes in equity and the
consolidated cash flows of the Group and its associates in accordance with the Indian Accounting Standards (Ind AS) and
other accounting principles generally accepted in India.
167
INVESTMENT
The respective Board of Directors of the companies included in the Group and of its associates is responsible for maintenance
of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and
of its associates and for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness
of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give
a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the
purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.
In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the
Group and of its associates is responsible for assessing the ability of the Group and its associates to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Group and its associates or to cease operations, or has no realistic alternative
but to do so.
The respective Board of Directors of the companies included in the Group and its associates is responsible for overseeing the
financial reporting process of the Group and its associates.
Auditor’s responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole, are
free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these consolidated financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• btain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
O
in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether
the Group and its associates have adequate internal financial controls with reference to the consolidated financial
statements in place and the operating effectiveness of such controls.
• E valuate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• onclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the
C
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the ability of the Group and its associates to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the
Group and its associates to cease to continue as a going concern.
• E valuate the overall presentation, structure and content of the consolidated financial statements, including the
disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
168
• btain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
O
within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction,
supervision and performance of the audit of the financial statements of such entities included in the consolidated
financial statements of which we are the independent auditors. For the other entities included in the consolidated
financial statements, which have been audited by other auditors, such other auditors remain responsible for the
direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit
opinion.
Materiality is the magnitude of misstatements in the consolidated financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the consolidated financial statements
may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the consolidated
financial statements.
We communicate with those charged with governance of the Holding Company of which we are the independent auditors
regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.
Other matters
(a) We did not audit the financial statements of one subsidiary, whose financial statements reflect total assets of ` 46,951.70
Lacs as at 31 March, 2023, total revenue of ` 742.29 Lacs, total net loss after tax of ` (562.55) Lacs and net cash inflows
amounting to ` (468.30) Lacs, for the year ended on that date, as considered in the consolidated financial statements.
The Consolidated financial statements also include the Group’s share of net profit after tax of ` 3,565.79 Lacs for the
year ended 31 March 2023, as considered in the consolidated financial statements, in respect of three associates, whose
financial statements have not been audited by us. These financial statements have been audited by other auditors
whose reports have been furnished to us by the Management and our opinion on the consolidated financial statements,
in so far as it relates to the amounts and disclosures included in respect of the subsidiary and associates and our report
in terms of sub-sections (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiary and associates, is
based solely on the reports of the other auditors.
Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of
the other auditors.
(b) The Consolidated Financial Statements for the year ended 31 March, 2022, included in the consolidated financial
statements have been audited by one of the Joint Auditors i.e. Suresh Surana & Associates LLP as sole statutory auditors.
They have expressed an unmodified opinion for the above period vide their audit report dated 25 April, 2022. These
reports have been relied upon by Gokhale & Sathe (Joint Auditors) for the purpose of the audit of the Statement.
Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matter.
169
INVESTMENT
Report on other Legal and Regulatory requirements

1. (A) As required by Section 143(3) of the Act, based on our audit and on the consideration of reports of the other
auditors on separate financial statements of such subsidiary and associates as were audited by other auditors, as
noted in the ‘Other Matters’ paragraph, we report, to the extent applicable, that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements;
(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated
financial statements have been kept so far as it appears from our examination of those books and the reports
of the other auditors;
(c) The consolidated balance sheet, the consolidated statement of profit and loss (including other comprehensive
income), the consolidated statement of changes in equity and the consolidated statement of cash flows dealt
with by this Report are in agreement with the books of account maintained for the purpose of preparation of
the consolidated financial statements;
(d) In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specified under section
133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
(e) On the basis of the written representations received from the directors of the Holding Company as on 31
March 2023 taken on record by the Board of Directors of the Holding Company and the reports of the statutory
auditors of its subsidiary and associates, none of the directors of the Group and its associates is disqualified as
on 31 March 2023 from being appointed as a director in terms of Section 164(2) of the Act.
(f ) With respect to the adequacy of the internal financial controls over financial reporting of the Group and its
associates and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”.
(g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements
of Section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the
remuneration paid by the Group to its directors during the year is in accordance with the provision of Section
197 read with Schedule V to the Act; and
(B) With respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11 of the Companies
(Audit and Auditor’s) Rules, 2014, as amended, in our opinion and to the best of our information and according
to the explanations given to us and based on the consideration of the reports of the other auditors on separate
financial statements of the subsidiary and associates, as noted in the ‘Other Matters’ paragraph:
i. The consolidated financial statements disclose the impact of pending litigations on the consolidated financial
position of the Group and its associates; (Refer note 11 to the consolidated financial statements)
ii. The Group did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses;
iii. There has been no delay in transferring the amounts, required to be transferred, to the Investor Education and
Protection Fund by the Group;
iv. (a) The respective Managements of the Company, its subsidiary and associates, whose financial statements
have been audited under the Act, have represented to us that, to the best of their knowledge and belief, no
funds (which are material either individually or in the aggregate) have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources or kind of funds) by the Company or
its subsidiary or associates to or in any other person or entity, including foreign entity (“Intermediaries”),
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly
170
or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company or its subsidiary or associates (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;
(b) The respective Managements of the Company and its subsidiary and associates, whose financial
statements have been audited under the Act, have represented to us that, to the best of their knowledge
and belief, no funds (which are material either individually or in the aggregate) have been received by
the Company or its subsidiary or associates from any person or entity, including foreign entity (“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that the Company or its
subsidiary or associates shall, directly or indirectly, lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(c)
Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances and the reports of the auditors of its subsidiary and associates, whose financial statements
have been audited under the Act, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain
any material misstatement.
v. (a) The final dividend proposed in the previous year, declared and paid by the Company and its two associates
during the year is in accordance with Section 123 of the Act, as applicable.
(b) The Board of Directors of the Company have proposed final dividend for the year which is subject to the
approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in
(c) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using
accounting software which has a feature of recording audit trail (edit log) facility is applicable to the
Company with effect from April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit
and Auditors) Rules, 2014 is not applicable for the financial year ended March 31, 2023.
(C) With respect to the matters specified in paragraphs 3(xxi) and 4 of the Companies (Auditor’s Report) Order, 2020
(the “Order”/ “CARO”) issued by the Central Government in terms of Section 143(11) of the Act, to be included in the
Auditors’ report, according to the information and explanations given to us, and based on the CARO reports issued
by us for the Company, and CARO reports issued by other auditors in case of subsidiary and associates included
in the consolidated financial statements of the Company, we report that there are no qualifications or adverse
remarks in these CARO reports.

Partner Partner
UDIN: 23143824BGQQDZ9564 UDIN: 23129389BGUYEZ6100
171
INVESTMENT
ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 1A(f) under the heading ‘Report on Other Legal and Regulatory Requirements’ of our
report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of
the Companies Act, 2013 (“the Act”)
In conjunction with our audit of the consolidated financial statements of Tata Investment Corporation Limited (hereinafter
referred to as “the Company”), as of and for the year ended 31 March 2023, we have audited the internal financial controls
over financial reporting of the Company, its subsidiary and its associate companies, which are companies incorporated in
India, as of that date.
Management’s responsibility for internal financial controls

The respective Board of Directors of the Company, its subsidiary and its associate companies, which are the companies
incorporated in India are responsible for establishing and maintaining internal financial controls based on the internal control
over financial reporting criteria established by the respective companies considering the essential components of internal
control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute
of Chartered Accountants of India (“the ICAI”). These responsibilities include the design, implementation and maintenance
of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of
its business, including adherence to the respective company’s policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Act.
Auditors’ responsibility
Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company, its
subsidiary and its associate companies, which are the companies incorporated in India, based on our audit. We conducted
our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by
the ICAI (the “Guidance Note”) and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013,
to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate
internal financial controls over financial reporting were established and maintained and if such controls operated effectively
in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial
reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their
reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion
on the internal financial controls system over financial reporting of the of the Company, its subsidiary and its associate
companies, which are the companies incorporated in India.
172
A company's internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A company's internal financial control over financial reporting includes
those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial
statements.
Inherent limitations of internal financial controls over financial reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion
or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to
the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion and to the best of our information and according to the explanations given to us and based on consideration
of reporting of the other auditors as mentioned in the Other Matters paragraph below, the Company, its subsidiary and
its associate companies , which are the companies incorporated in India have, in all material respects, adequate internal
financial controls system over financial reporting and such internal financial controls over financial reporting were operating
effectively as at 31 March 2023, based on the internal control over financial reporting criteria established by the respective
companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the ICAI.
Other Matters
Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial
controls over financial reporting in so far as it relates to one subsidiary and three associates is based on the corresponding
reports of the auditors of such companies. incorporated in India.

Partner Partner
UDIN: 23143824BGQQDZ9564 UDIN: 23129389BGUYEZ6100
173
INVESTMENT
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2023

(` in lacs)
Particulars Note No. As at As at
31.03.2023 31.03.2022
ASSETS
(1) Financial Assets
(a) Cash and cash equivalents................................................................................................................................ 7.1 453.98 1,033.30
(b) Bank Balance other than cash and cash equivalents............................................................................... 7.2 3,477.42 301.29
(c) Receivables.............................................................................................................................................................. 7.3
(I) Trade receivables........................................................................................................................................ 1,038.61 5,393.34
(d) Loans......................................................................................................................................................................... 7.4 1.31 2.70
(e) Investments............................................................................................................................................................. 7.5 2,100,937.77 2,089,255.71
(f ) Other Financial assets.......................................................................................................................................... 7.6 107.69 114.60
2,106,016.78 2,096,100.94
(2) Non-Financial Assets
(a) Current tax assets (Net)....................................................................................................................................... 7.7 1,278.15 1,234.46
(b) Property, Plant and Equipment........................................................................................................................ 7.8 26.82 18.64
(c) Goodwill on Consolidation................................................................................................................................ 1,344.16 1,344.16
(d) Other intangible assets....................................................................................................................................... 7.9 6.13 8.94
(e) Right of use assets................................................................................................................................................ 7.10 117.97 196.62
(f ) Other non financial assets................................................................................................................................. 7.11 114.54 103.88
2,887.77 2,906.70
Total assets..................................................................................................................................... 2,108,904.55 2,099,007.64
LIABILITIES AND EQUITY
LIABILITIES
(1) Financial Liabilities
(a) Derivative financial instruments...................................................................................................................... 7.12 42.19 861.20
(b) Payables....................................................................................................................................................................
(I) Trade Payables............................................................................................................................................. 7.13
(i) total outstanding dues of micro enterprises and small enterprises........................................ - -
(ii) total outstanding dues of creditors other than micro enterprises and small enterprises 387.17 358.56
(c) Debt securities....................................................................................................................................................... 7.14 24,043.63 -
(d) Other financial liabilities..................................................................................................................................... 7.15 882.03 922.80
25,355.02 2,142.56
(2) Non-Financial Liabilities
(a) Current tax liabilities (Net)................................................................................................................................. 7.16 157.49 171.53
(b) Provisions ................................................................................................................................................................. 7.17 805.69 709.12
(c) Deferred tax liabilities (Net)............................................................................................................................... 7.18 125,189.50 128,180.69
(d) Other non-financial liabilities........................................................................................................................... 7.19 29.58 26.95
126,182.26 129,088.29
(3) Equity
(a) Equity Share Capital............................................................................................................................................. 7.20 5,059.53 5,059.53
(b) Other Equity............................................................................................................................................................ 7.21 1,952,118.72 1,962,515.12
Total equity.................................................................................................................................... 1,957,178.25 1,967,574.65
(4) Non-controlling interest............................................................................................................... 189.02 202.14
Total liabilities and equity............................................................................................................ 2,108,904.55 2,099,007.64
Accompanying Notes are an integral part of the Consolidated Financial Statements.

Partner Partner
A. SEN (DIN: 00002593)
Directors
Company Secretary
174
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2023
(` in lacs)
Particulars Note No. Year Ended Year Ended
31.03.2023 31.03.2022
Revenue from operations
Dividend Income.................................................................................................................................................................................................. 17,369.98 11,722.19
Interest Income..................................................................................................................................................................................................... 8.1 3,776.56 3,674.36
Net gain on fair value changes........................................................................................................................................................................ 8.2 6,569.81 9,973.56
Total Revenue from operations.................................................................................................................................. 27,716.35 25,370.11
Other Income......................................................................................................................................................................................................... 8.3 55.69 29.82
Total Income................................................................................................................................................................. 27,772.04 25,399.93
Expenses
Employee Benefits Expenses............................................................................................................................................................................ 8.4 1,395.90 1,293.32
Finance Costs......................................................................................................................................................................................................... 8.5 825.48 9.14
Depreciation, amortization and impairment............................................................................................................................................. 7.8, 7.9 & 7.10 94.78 90.81
Other expenses..................................................................................................................................................................................................... 8.6 1,793.99 1,200.19
Total Expenses............................................................................................................................................................. 4,110.15 2,593.46
Profit Before Share in Profit / (Loss) of Associates.................................................................................................... 23,661.89 22,806.47
Share in Profit and Loss of Associates........................................................................................................................ 3,565.79 1,785.73
Profit Before Tax.......................................................................................................................................................... 27,227.68 24,592.20
Tax Expense:
(1) Current Tax.................................................................................................................................................................................................. 2,377.12 2,818.95
(2) Excess provision of tax relating to earlier years............................................................................................................................. (24.05) -
(3) Deferred Tax................................................................................................................................................................................................ (299.91) 326.59
2,053.16 3,145.54
Profit After Tax (A)....................................................................................................................................................... 25,174.52 21,446.66
Other Comprehensive Income
(a) (i) Items that will not be reclassified to profit or loss :
– Changes in fair valuation of equity instruments............................................................................................................ (7,835.29) 6,02,778.46
– Remeasurement loss on defined benefits plans............................................................................................................ (58.49) (76.41)
(ii) Tax impacts on above.................................................................................................................................................................. (985.54) (67,865.63)
(iii) Share of Equity Accounted Investee...................................................................................................................................... (22.82) 39.54
(8,902.14) 534,875.96
(b) (i) Items that will be reclassified to profit or loss:
– Changes in fair value of bonds / debentures.................................................................................................................. (611.33) (546.09)
(ii) Tax impacts on above.................................................................................................................................................................. 160.67 59.10
(450.66) (486.99)
Other Comprehensive Income (B).............................................................................................................................. (9,352.80) 534,388.97
Total Comprehensive Income for the year................................................................................................................. 15,821.72 555,835.63
Profit / (Loss) attributable to:
(i) Equity Holder of Company.................................................................................................................................................................... 25,187.46 21,424.49
(ii) Non Controlling Interest........................................................................................................................................................................ (12.94) 22.17
Other Comprehensive Income attributable
(i) Equity Holder of Company.................................................................................................................................................................... (9,352.62) 534,387.03
Total Comprehensive Income attributable
(i) Equity Holder of Company.................................................................................................................................................................... 15,834.84 555,811.52
Earnings per equity share
Basic and Diluted (`)............................................................................................................................................................................................ 9 49.78 42.34
Accompanying Notes are an integral part of the Consolidated Financial Statements.

Partner Partner
A. SEN (DIN: 00002593)
Directors
Company Secretary
175
INVESTMENT
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH, 2023
(` in lacs)
For the Year ended
31.03.2023 31.03.2022
A. CASH FLOW FROM OPERATING ACTIVITIES :
Net profit before tax........................................................................................................................................................................................................... 27,227.68 24,592.20
Adjustments for :
Share in Profit of associates.................................................................................................................................................................................................................................................... (3,565.79) (1,785.73)
Depreciation, amortisation and impairment.................................................................................................................................................................................................................... 94.78 90.81
Net gain on fair value changes.............................................................................................................................................................................................................................................. (1,037.29) (2,531.02)
Dividends received from associates.................................................................................................................................................................................................................................... 1,678.10 1,408.98
Expenses relating to increase in authorised capital of subsidiary............................................................................................................................................................................ 240.88 –
Amortisation of deferred lease expenses.......................................................................................................................................................................................................................... (0.01) (2.58)
Finance Cost ................................................................................................................................................................................................................................................................................ 825.48 9.14
Interest income calculated using effective interest rates............................................................................................................................................................................................ 201.45 (103.01)
Loss on derecognition of property, plant and equipment.......................................................................................................................................................................................... 0.87 0.07
Operating profit before working capital changes .......................................................................................................................................................... 25,666.15 21,678.86
Adjustments for :
Trade Receivables....................................................................................................................................................................................................................................................................... 4,354.73 (5,393.34)
Loans............................................................................................................................................................................................................................................................................................... 1.39 (0.04)
Other financial assets................................................................................................................................................................................................................................................................ (165.89) 756.22
Other non-financial assets...................................................................................................................................................................................................................................................... (251.54) (5.74)
Payables......................................................................................................................................................................................................................................................................................... 28.55 132.29
Derivative financial instruments........................................................................................................................................................................................................................................... (819.01) 587.61
Other Financial liabilities......................................................................................................................................................................................................................................................... 35.90 72.01
Provisions...................................................................................................................................................................................................................................................................................... 38.06 60.73
Other non-financial liabilities................................................................................................................................................................................................................................................. 2.63 (9.60)
Cash generated from operations....................................................................................................................................................................................... 28,890.97 17,879.00
Direct taxes paid – (Net of refunds)..................................................................................................................................................................................................................................... (5,926.94) (5,631.04)
Net cash from operating activities.................................................................................................................................................................................... 22,964.03 12,247.96
B. CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of property, plant and equipment (including Capital Advances).......................................................................................................................................................... (22.73) (14.36)
Sale proceeds of property, plant and equipment........................................................................................................................................................................................................... 0.36 0.06
Purchase of investments.......................................................................................................................................................................................................................................................... (629,387.67) (281,972.48)
Sale proceeds of investments................................................................................................................................................................................................................................................ 613,695.68 281,243.90
Deposits placed/matured........................................................................................................................................................................................................................................................ (3,150.00)
Intercorporate deposits placed ............................................................................................................................................................................................................................................ – 1,107.89
Net cash (used in)/from investing activities..................................................................................................................................................................... (18,864.36) 365.01
C. CASH FLOW FROM FINANCING ACTIVITIES :
Cash payments for the principal portion of the lease liability................................................................................................................................................................................... (69.72) (68.98)
Cash payments for the interest portion of the lease liability...................................................................................................................................................................................... (10.35) (9.14)
CP proceeds (net of expenses)............................................................................................................................................................................................................................................... 23,239.11
Interest Paid thereon................................................................................................................................................................................................................................................................. (10.62) –
Expenses relating to change in non controlling interest............................................................................................................................................................................................. – (17.84)
Dividend paid.............................................................................................................................................................................................................................................................................. (27,827.41) (12,142.87)
Net cash used in financing activities................................................................................................................................................................................. (4,678.99) (12,238.83)
Net (decrease)/increase in cash and cash equivalents (A+B+C)..................................................................................................................................... (579.32) 374.14
Cash and cash equivalents at the beginning of the year............................................................................................................................................................................................. 1,033.30 659.16
Cash and cash equivalents at the end of the year.......................................................................................................................................................................................................... 453.98 1,033.30
Notes :
i) The above consolidated statement of cash flow has been prepared under the 'Indirect Method' as set out in IndAS 7 - 'Statement of Cash Flows'.
ii) Since the Company is an investment company, purchase and sale of investments have been considered as part of "Cash flow from investing activities" and interest earned (net) of ` 3,776.56 lacs
(Previous year ` 3,674.36 lacs) and dividend earned of ` 17,369.98 lacs (Previous year ` 11,722.19 lacs) have been considered as part of "Cash flow from operating activities"
iii) Direct taxes paid is treated as arising from operating activities and is not bifurcated between investing and financing activities.
iv) Cash and cash equivalents included in the Statement of Cash Flows comprise the following balance sheet items :-
As at As at
31.03.2023 31.03.2022
– --------(` in lacs)--------- –
Cash and cash equivalents as per Balance Sheet 453.98 1,033.30
v) Previous year’s figures have been regrouped, wherever necessary.

Partner Partner
A. SEN (DIN: 00002593)
Directors
Company Secretary
176
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH, 2023
A. Equity Share Capital
(` in lacs)
As at As at
31.03.2023 31.03.2022
Balance at the beginning of the year...................................................................................................................................... 5,059.53 5,059.53
Changes in Equity Share Capital due to prior period errors.................................................................................................................................. - -
Restated balance at the beginning of the current reporting period.................................................................................................................. 5,059.53 5,059.53
Changes in equity share capital during the current year ...................................................................................................................................... - -
Balance at the end of the year................................................................................................................................................. 5,059.53 5,059.53
B. Other equity
(` in lacs)
Reserves and Surplus Other Comprehensive Total
Income
Capital Capital Securities General Impair- Statutory Retained Debt In- Equity
Reserve Re- premium Reserve ment Reserve Earnings struments Instruments
demp- Reserves (u/s 45-IC Through Through
tion (as per of RBI Act, Other Other Com-
Reserve RBI 1934) Compre- prehensive
guide- hensive income
lines) income
Balance as at April 1, 2021................................ 4,163.35 450.00 30,502.06 56,458.18 6.90 66,524.64 111,119.37 714.63 1,148,897.51 1,418,836.64
Profit for the year.............................................................. - - - - - - 21,424.49 - - 21,424.49
Other Comprehensive Income for the year............ - - - - - - (57.18) (486.99) 534,931.20 534,387.03
Total Comprehensive Income........................... - - - - - - 21,367.31 (486.99) 534,931.20 555,811.52
Reclassification of gain on sale of equity - - - - - - 43,060.81 - (43,060.81) -
instruments classified as fair value through OCI **
Final Dividend on Ordinary shares............................. - - - - - - (12,142.87) - - (12,142.87)
Transfer to/from retained earnings............................ - - - - - 4,213.98 (4,213.98) - - -
Adjustments relating to change in non - 0.20 - (12.00) - 4.02 - - (7.78)
controlling interest..........................................................
Consolidation adjustment for Associates................ - - - - - - 17.61 - - 17.61
Balance as at March 31, 2022............................ 4,163.35 450.20 30,502.06 56,446.18 6.90 70,738.62 159,212.27 227.64 1,640,767.90 1,962,515.12
Profit for the year.............................................................. - - - - - - 25,187.46 - - 25,187.46
Other Comprehensive Income for the year............ - - - - - - (43.77) (450.66) (8,858.19) (9,352.62)
Total Comprehensive Income........................... - - - - - - 25,143.69 (450.66) (8,858.19) 15,834.84
Reclassification of gain on sale of equity - - - - - - 36,221.19 - (36,221.19) -
instruments classified as fair value through OCI **
Final Dividend on Ordinary shares............................. - - - - - - (27,827.41) - - (27,827.41)
Transfer to/from retained earnings............................ - - - - - 12,062.29 (12,062.29) - - -
Consolidation adjustment for Associates................ - - - - - - 1,596.17 - - 1,596.17
Balance as at March 31, 2023............................ 4,163.35 450.20 30,502.06 56,446.18 6.90 82,800.91 182,283.62 (223.02) 1,595,688.52 1,952,118.72
** Profit on sale of equity shares - ` 39,752.06 lacs, [tax thereon ` 3,530.87 lacs] (Previous Year - `. 45,828.14 lacs, [tax thereon ` 2,767.33 lacs]).

Partner Partner
A. SEN (DIN: 00002593)
Directors
Company Secretary
177
INVESTMENT
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2023
1. Background Information
Tata Investment Corporation Limited referred to as ("The Company" or "TICL") and its subsidiary (referred collectively as the "Group"), a non-banking
financial company ("NBFC") registered with the Reserve Bank of India under the category of Investment Company, is primarily engaged in the business
of investment in listed and unlisted equity shares, debt instruments and mutual funds etc. of companies in a wide range of Industries. Pursuant to the
Scale Based Classification of NBFCs, introduced by the Reserve Bank of India (RBI), the Company has received a communication dated 18th April, 2023
from RBI categorising it as a Middle Layer NBFC.
These consolidated financial statements of the Group also include the Group's interest in associates.
The consolidated financial statements of the Company as on 31st March, 2023 were approved and authorised for issue by the Board of Directors on
5th May, 2023
2. Statement of Compliance with Ind AS

These consolidated financial statements have been prepared in accordance with the Indian Accounting Standards (referred to as “Ind AS”) prescribed
under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules as amended from time to time.
3(a) Basis of Preparation of Consolidated Financial Statements

These Consolidated financial statements have been prepared on accrual basis under the historical cost convention except for certain financial
instruments measured at fair value at the end of each reporting period as explained in accounting policies below.
The consolidated financial statements are presented in Indian Rupees (`) and all values are rounded to the nearest lac, unless otherwise indicated.
3(b) Principles of Consolidation

The consolidated financial statements incorporate the financial statements of the Company and entity controlled by the Company i.e. its subsidiary. It
also includes the Group’s share of profits, net assets and retained post acquisition reserves of associates that are consolidated using the equity method
of consolidation.
Control is achieved when the Company is exposed to, or has rights to the variable returns of the entity and the ability to affect those returns through
its power over the entity.
Subsidiary Company
The Group combines the financial statements of the parent and its subsidiary company line-by-line adding together like items of assets, liabilities,
equity, income and expenses. The intra group balances and intra group transactions between the entities within the Group are fully eliminated.
Non Controlling interests in the results and equity of subsidiary are shown separately in the Consolidated Statement of Profit and Loss, Consolidated
Statement of Changes in Equity and Consolidated Balance Sheet respectively.
The Consolidated Financial Statements include the share of profits / (losses) of the Associate companies which have been accounted as per the ‘Equity
method’, and accordingly, the share of profits / (losses) of each of the Associate companies has been added to the cost of investments.
The excess of cost to the parent company of its investments in the subsidiary company over its share of equity of the Subsidiary company at the dates
on which the investments in the Subsidiary company are made, is recognised as ‘Goodwill’ being an asset in the Consolidated Financial statements.
Associate Company
Associates are those entities over which the Group has significant influence, but not control or joint control. Investments in associates are accounted
for using the equity method and are initially recognised at cost from the date significant influence commences, and thereafter to recognise the
Group’s share of post acquisition profits or losses of the investee in the Consolidated Statement of Profit and Loss, and the Group’s share of Other
Comprehensive Income of the investee in other comprehensive Income. Dividend received or receivable from associated are recognised as a reduction
in the carrying amount of the investment.
When the Group’s share of losses exceeds the carrying value of the associate, the carrying value is reduced to nil and recognition of further losses is
discontinued, except to the extent that the Group has incurred obligations in respect of the associate.
The Associate company has accumulated losses as at 31 March 2023. The Group has recognised its share of losses upto the aggregate of its investments
in equity shares of ` 3,660 lacs (previous year: ` 3,660 lacs) in the associate.The Group has discontinued recognising its share of further losses in
absence of any legal or constructive obligations towards the associate. Unrecognised share of the Group's loss is ` 5,009.76 lacs at 31 March 2023
(previous year: NIL).
178
The Financial Statements of the Subsidiary and Associates used in the consolidation are drawn up to the same reporting date as that of the Holding
Company i.e. 31st March 2023.
Information on Subsidiary and Associate Companies

The following Subsidiary company and Associates are considered in the Consolidated Financial Statements:
Sr. Name of the Company Relationship Country of % Holding % Holding

No. Incorporation as on 31.03.2023 as on 31.03.2022
1 Simto Investment Company Limited Subsidiary India 97.70 97.70
2 Tata Asset Management Private Limited Associate India 32.09 32.09
3 Tata Trustee Company Limited Associate India 50.00 50.00
4 Amalgamated Plantations Private Limited Associate India 24.61 24.61
4. Use of estimates
The preparation of these consolidated financial statements in conformity with the recognition and measurement principles of Ind AS requires
management of the Group to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures
including disclosures of contingent assets and contingent liabilities as at the date of the consolidated financial statements and the reported amounts
of revenues and expenses during the period. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in future periods which are
affected.
Key sources of estimation of uncertainty at the date of these Consolidated financial statements, which may cause a material adjustment to the carrying
amounts of assets and liabilities within the next financial year, is in respect of: fair valuation of unquoted equity investments, impairment of financial
instruments, provisions and contingent liabilities and long term retirement benefits.
5. Significant Accounting policies

(a) Financial Instruments
Classification
A Financial instrument is any contract that give rise to a financial asset of one entity and financial liability or equity instruments of another entity.
Financial assets, other than equity, are classified into, Financial assets at fair value through other comprehensive income (FVOCI) or fair value
through profit and loss account (FVTPL) or at amortised cost. Financial assets that are equity instruments are classified as FCTPL or FVOCI.
Financial liabilities are classified as amortised cost category and FVTPL.
Business Model assessment and Solely payments of principal and interest (SPPI) test:
Classification and measurement of financial assets depends on the business model and results of SPPI test. The Group determines the business
model at a level that reflects how groups of financial assets are managed together to achieve a particular business objective. This assessment
includes judgement reflecting all relevant evidence including;
- How the performance of the business model and the financial assets held within that business model are evaluated and reported to the
entity’s key management personnel.
- The risks that affect the performance of the business model (and the financial assets held within that business model) and, in particular, the
way those risks are managed.
- How managers of the business are compensated (for example, whether the compensation is based on the fair value of the assets managed
or on the contractual cash flows collected).
- The expected frequency, value and timing of sales are also important aspects of the Group’s assessment.
If cash flows after initial recognition are realised in a way that is different from the Group’s original expectations, the Group does not change the
classification of the remaining financial assets held in that business model, but incorporates such information when assessing newly originated
or newly purchased financial assets going forward.
Initial recognition:
The classification of financial instruments at initial recognition depends on their contractual terms and the business model for managing the
instruments.
179
INVESTMENT
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or
issue of financial assets and financial liabilities (other than financial assets and financial liabilities at FVTPL) are added to or deducted from the fair
value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition
of financial assets or financial liabilities at FVTPL are recognised immediately in profit or loss.
Financial assets and financial liabilities, with the exception of loans, debt securities and deposits are recognised on the trade date i.e. when a
Group becomes a party to the contractual provisions of the instruments. Loans, debt securities and deposits are recognised when the funds are
transferred to the customers account. Trade receivables are measured at the transaction price.
Subsequent measurement
Financial assets at amortised cost
Financial assets having contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal outstanding and that are held within a business model whose objective is to hold such assets in order to collect such contractual cash
flows are classified in this category. Subsequently these are measured at amortised cost using effective interest method less any impairment
losses.
Debt Instruments at FVOCI
Debt instruments that are measured at FVOCI have contractual terms that give rise on specified dates to cash flows that are solely payments
of principal and interest on principal outstanding and that are held within a business model whose objective is achieved by both collecting
contractual cash flows and selling financial assets. These instruments largely comprise long-term investments made by the Group.
FVOCI debt instruments are subsequently measured at fair value with gains and losses arising due to changes in fair value recognised in OCI.
Interest income and gains and losses are recognised in profit or loss in the same manner as for financial assets measured at amortised cost. These
investments are subjected to impairment under Expected Credit Loss method.
On derecognition, cumulative gains or losses previously recognised in OCI are reclassified from OCI to profit or loss.
Equity Instruments at FVOCI

These include financial assets that are certain equity instruments as defined in Ind AS 32 Financial Instruments: Presentation and are not held
for trading and where the Group's management has elected to irrevocably designated the same as Equity instruments at FVOCI upon initial
recognition. Subsequently, these are measured at fair value and changes therein are recognised directly in other comprehensive income, net of
applicable income taxes. In respect of investments in Equity Instruments, which are held for trading, the Group's management has elected to
designate these instruments at FVTPL on initial recognition.
Gains and losses on these equity instruments are never recycled to profit or loss. However, on derecognition of an equity instrument, the realised
gains or losses (net of taxes) are transferred to retained earnings.
Dividends from these equity investments are recognised in the statement of profit and loss when the right to receive the payment has been
established.
Fair value through Profit and loss account

Financial assets are measured at FVTPL unless it is measured at amortised cost or at FVOCI on initial recognition. The transaction costs directly
attributable to the acquisition of financial assets at fair value through profit or loss are immediately recognised in profit or loss.
Derivatives recorded at fair value through profit or loss

The Group transacts in derivative financial instruments which are in the nature of equity-related futures and options contracts. Such derivative
financial instruments are initially recognised at fair value on the date on which the derivative contract is entered into and are subsequently
re-measured at their fair value at the end of each reporting period. Derivatives are classified as financial assets when the fair value is positive
and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of such derivative financial
instruments are taken directly to statement of profit and loss and included in net gain on fair value changes. The Group has not designated any
derivative instruments as a hedging instrument.
Financial Liabilities and equity instruments

Classification as debt or equity
Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered
into and the definitions of a financial liability and an equity instrument.
180
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity
instruments are recorded at the proceeds received, net of direct issue costs.
Other Financial Liabilities

These are measured at amortised cost using effective interest rate.
Derecognition of Financial assets and Financial liabilities

The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expires or it transfers the financial asset
and substantially all the risks and rewards of ownership of the asset to another entity.
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires.
Impairment of financial assets

The Group recognizes a loss allowance for expected credit losses on a financial asset that is at amortized cost or fair value through OCI. Loss
allowance in respect of financial assets is measured at an amount equal to life time expected credit losses and is calculated as the difference
between their carrying amount and the present value of the expected future cash flows discounted at the original effective interest rate.
Reclassification of Financial assets

The group does not re-classify its financial assets subsequent to their initial recognition, apart from the exceptional circumstances when the
group changes its business model for managing such financial assets. The group does not re-classify its financial liabilities.
(b) Determination of fair value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date.
The fair value of a financial instrument on initial recognition is normally the transaction price (fair value of the consideration given or received).
Subsequent to initial recognition, the group determines the fair value of financial instruments that are quoted in active markets using the quoted
bid prices (financial assets held) or quoted ask prices (financial liabilities held) and using valuation techniques for other instruments. Valuation
techniques include discounted cash flow method and other valuation models.
(c) Investment in associates
The Group has chosen to carry the Investments in associates at equity method.
(d) Foreign currency transactions and translation

The Consolidated financial statements of the group are presented in Indian rupees (`), which is the functional currency of the Group and the
presentation currency for the Consolidated financial statements.
In preparing the Consolidated financial statements, transactions in currencies other than the Group’s functional currency are recorded at the rates
of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies
are re-translated at the rates prevailing at the end of the reporting period. Exchange differences arising on the retranslation or settlement of
monetary items are included in the statement of profit and loss for the period.
(e) Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three
months or less, that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short term deposits, as defined above, net of
outstanding bank overdrafts, if any, as they are considered an integral part of the Group’s cash management.
(f) Property Plant and Equipment and Intangible Assets

Property, plant and equipment and intangible assets are stated at cost of acquisition less accumulated depreciation / amortisation. Cost includes
all expenses incidental to the acquisition of the Property, plant and equipment and intangible assets and any attributable cost of bringing the
asset to its working condition for its intended use.
181
INVESTMENT
(g) Capital work in progress and Capital advances

Cost of assets not ready for intended use, as on the Balance Sheet date, is shown as capital work in progress. Advances given towards acquisition
of property, plant and equipment outstanding at each Balance Sheet date are disclosed in Other Non-Financial Assets.
(h) Depreciation and amortisation of property, plant and equipment and intangible assets
Depreciation on following tangible fixed assets has been provided on the straight-line method as per the useful life prescribed in Schedule II to
the Companies Act, 2013 except in respect of the furniture and fixtures, in which case the life of the assets has been assessed taking into account
the nature of the assets, the estimated usage of the asset on the basis of the management best estimation of getting economic benefits from such
assets. Further, assets Individually costing ` 5000/ – or less are fully depreciated in the year of purchase.
Tangible Assets Useful life in years

(a) Building 60
(b) Plant & Equipment 15
(c) Furniture and Fixtures 1
(d) Office Equipment 5
(e) Leasehold improvements are amortised equitably over the remaining period of the lease.
Intangible assets - Software is amortised over its estimated useful life of 4 years on straight line method.
The residual values, useful lives and method of Depreciation of property, plant and equipment are reviewed at each financial year end. Changes
in the expected useful life are accounted by changing the amortisation period or methodology, as appropriate, and treated as changes in
accounting estimates.
Property plant and equipment is derecognised on disposal or when no future economic benefits are expected from its use. Any gain or loss
arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is
recognised in other income / expense in the statement of profit and loss in the year the asset is derecognised. The date of disposal of an item of
property, plant and equipment is the date the recipient obtains control of that item in accordance with the requirements for determining when
a performance obligation is satisfied in Ind AS 115.
(i) Impairment of non – financial assets

The carrying amounts of the Group’s property, plant & equipment and intangible assets are reviewed at each reporting period to determine
whether there is any Indication of impairment. If any such Indication exists, the asset’s recoverable amounts are estimated in order to determine
the extent of impairment loss, if any. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount.
The impairment loss, if any, is recognised in the statement of profit and loss in the period in which impairment takes place.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset for which the estimates of future cash flows have not been adjusted.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount,
however subject to the increased carrying amount not exceeding the carrying amount that would have been determined (net of amortisation or
depreciation) had no impairment loss been recognised for the asset in prior accounting periods. A reversal of an impairment loss is recognised
immediately in profit or loss.
(j) Employee benefits

(i) Short term employee benefits
All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. Benefits
such as salaries, performance incentives, etc., are recognised as an expense at the undiscounted amount in the Statement of Profit and Loss
of the year in which the employee renders the related service.
(ii) Post Employment Benefits

Post retirement benefits like provident fund, superannuation, gratuity and post retirement medical benefits are provided for as below
182
Defined Contribution Plans

Contributions under Defined Contribution Plans i.e. provident fund & superannuation fund are recognised in the Statement of profit and
loss in the period in which the employee has rendered the service.
Defined Benefit Plans

For defined benefit retirement schemes the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial
valuation being carried out at each year end balance sheet date. Re-measurement gains and losses of the net defined benefit liability/(asset)
are recognised immediately in other comprehensive income. The service cost and net interest on the net defined benefit liability/(asset) is
recognised as an expense within employment costs.
Past service cost is recognised as an expense when the plan amendment or curtailment occurs or when any related restructuring costs or
termination benefits are recognised, whichever is earlier.
The retirement benefit obligation recognised in the balance sheet represents the present value of the defined-benefit obligation as reduced
by the fair value of plan assets
(iii) Other Long term Benefits

Other long term benefits include compensated absences, long term service benefit, Pension and sick leave. The liability towards other long
term benefits is determined by Independent actuary at every balance sheet date and service cost, net interest on net defined liability/(asset)
and re-measurement gains and losses of net defined liability (assets) are recognised in the Statement profit and loss account.
(k) Accounting for provisions, contingent liabilities and contingent assets

Provisions are recognised in the balance sheet when the Group has a present obligation (legal or constructive) as a result of a past event, which
is expected to result in an outflow of resources embodying economic benefits which can be reliably estimated. Each provision is based on the
best estimate of the expenditure required to settle the present obligation at the balance sheet date. Where the time value of money is material,
provisions are measured on a discounted basis. The expense relating to any provision is presented in the statement of profit and loss net of any
reimbursement.
Constructive obligation is an obligation that derives from an entity’s actions where
(a) by an established pattern of past practice, published policies or a sufficiently specific current statement, the Group has Indicated to other
parties that it will accept certain responsibilities and
(b) as a result, the entity has created a valid expectation on the part of those other parties that it will discharge those responsibilities
Contingent liabilities are not recognised in the consolidated financial statements. Contingent liabilities are disclosed when there is a
possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the control of the Group or a present obligation that arises from past events where it is either
not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
(l) Income taxes

Income tax expense comprises both current and deferred tax. Current and deferred taxes are recognised in the statement of profit and loss,
except when they relate to items credited or debited either in other comprehensive income or directly in equity, in which case the tax is also
recognised in other comprehensive income or directly in equity.
Current income-tax is recognised at the amount expected to be paid to the tax authorities, using the tax rates and tax laws, enacted or substantially
enacted as at the balance sheet date.
Taxable profit differs from net profit as reported in the Consolidated statement of profit and loss because it excludes items of income or expense
that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
Deferred income tax assets and liabilities are recognised for temporary differences arising between the tax base of assets and liabilities and their
carrying amounts in the consolidated financial statements and is accounted for using the balance sheet liability method.
Deferred income tax assets are recognised to the extent it is probable that taxable profit will be available against which the deductible temporary
differences and the carry forward of unused tax credits and unused tax losses can be utilised.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow or part of the deferred income tax asset to be utilised.
183
INVESTMENT
Deferred tax assets and liabilities are measured using tax rates and laws, enacted or substantially enacted as of the balance sheet date and are
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of
changes in tax rates on deferred income tax assets and liabilities is recognised as an income or expense in the period that includes the enactment
or substantive enactment date.
Deferred tax assets and liabilities are offset to the extent that they relate to taxes levied by the same tax authority and they are in the same taxable
entity, or a Group of taxable entities where the tax losses of one entity are used to offset the taxable profits of another and there are legally
enforceable rights to set off current tax assets and current tax liabilities within that jurisdiction.
(m) Recognition of Dividend and Interest income

Dividend income (including from FVOCI investments) is recognised when the Group’s right to receive the payment is established, it is probable
that the economic benefits associated with the dividend will flow to the entity and the amount of the dividend can be measured reliably. This is
generally when the shareholders or Board of Directors approve the dividend.
Under Ind AS 109 interest income is recorded using the effective interest rate (EIR) method for all financial instruments measured at amortised
cost, debt instrument measured at FVOCI and debt instruments designated at FVTPL. The EIR is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying amount of the
financial asset.
The EIR (and therefore, the amortised cost of the asset) is calculated by taking into account any discount or premium on acquisition, fees and costs
that are an integral part of the EIR.
(n) Dividends on ordinary shares

The Group recognises a liability to make cash or non-cash distributions to equity holders when the distribution is authorised and the distribution
is no longer at the discretion of the Group. As per the corporate laws in India, a distribution is authorised when it is approved by the shareholders.
A corresponding amount is recognised directly in equity.
Non-cash distributions are measured at the fair value of the assets to be distributed with fair value remeasurement recognised directly in
equity. Upon distribution of non-cash assets, any difference between the carrying amount of the liability and the carrying amount of the assets
distributed is recognised in the statement of profit and loss.
(o) Leases
As a lessee
The Group recognises a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost
which comprise the initial amount of lease liability adjusted for any lease payments made before the commencement date. The right of use asset
is subsequently depreciated using the straight line method of the balance lease term. In addition, the right of use asset is periodically reduced by
impairment loss, if any and adjusted for certain remeasurements of lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using
the implicit rate in the lease or the incremental borrowing rate, if that rate cannot be readily available at the commencement date of the lease for
the estimated term of the obligation.
Lease payments included in the measurement of the lease liability comprise the amounts expected to be payable over the period of lease. The
lease liability is measured at amortised cost using effective interest rate method. It is remeasured when there is a change in future lease payments
arising from change in the index or rate
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments (including interest) have been classified
as financing cash flows.
(p) Segment reporting

The Group is primarily engaged in the business of investment in Companies including group companies. As such the Group’s financial statements
are largely reflective of the investment business and there is no separate reportable segment.
Pursuant to Ind AS 108 – Operating Segments, no segment disclosure has been made in these consolidated financial statements, as the Group
has only one geographical segment and no other separate reportable business segment.
184
(q) Onerous contracts

Provisions for onerous contracts are recognised when the expected benefits to be derived by the Group from a contract are lower than the
unavoidable costs of meeting the future obligations under the contract. The provision is measured at the present value of the lower of the
expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group
recognises any impairment loss on the assets associated with that contract.
(r) Goodwill on Consolidation
Goodwill arising out of consolidation of financial statements of Subsidiaries and Associates is not amortised. However the same is tested for
impairment at each Balance Sheet date.
(s) Earnings per Share

Basic EPS is computed using the weighted average number of equity shares outstanding during the period. Diluted EPS is computed using the
weighted average number of equity and dilutive equity equivalent shares outstanding during the period except where the results would be anti-
dilutive.
(t) Offsetting of Financial Instruments

Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right
to offset the recognised amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.
6. Recent Accounting Developments

(a) Ind AS 1 – Presentation of Financial Statements
The amendments require companies to disclose their material accounting policies rather than their significant accounting policies. Accounting
policy information, together with other information, is material when it can reasonably be expected to influence decisions of primary users of
general purpose financial statements. The Group does not expect this amendment to have any significant impact in its financial statements.
(b) Ind AS 12 – Income Taxes

The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The
amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of Ind AS 12 (recognition exemption) so that it no longer
applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The Group is evaluating the
impact, if any, in its financial statements.
(c) Ind AS 8 – Accounting Policies, Changes in Accounting Estimates and Errors

The amendments will help entities to distinguish between accounting policies and accounting estimates. The definition of a change in accounting
estimates has been replaced with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts
in financial statements that are subject to measurement uncertainty”. Entities develop accounting estimates if accounting policies require items
in financial statements to be measured in a way that involves measurement uncertainty. The Group does not expect this amendment to have any
significant impact in its financial statements.
185
INVESTMENT
7.1 Cash and cash equivalents (` in lacs)

As at As at
31.03.2023 31.03.2022
(a) Cash on hand.................................................................................................................................................................................... 0.19 0.16
(b) Balances with Banks
- In Current Accounts..................................................................................................................................................................... 453.79 1,033.14
453.98 1,033.30
7.2 Bank Balance other than cash and cash equivalents (` in lacs)
As at As at
31.03.2023 31.03.2022
(a) Bank balances in Unpaid dividend accounts........................................................................................................................ 294.41 301.29
(b) Fixed deposits with bank ............................................................................................................................................................ 3,183.01 -
3,477.42 301.29
7.3 Receivables (` in lacs)

As at As at
31.03.2023 31.03.2022
Trade Receivables
(Unsecured and Considered good)
(a) Receivables against sale of Investments................................................................................................................................ 1,038.61 5,353.58
(b) Others.................................................................................................................................................................................................. - 39.76
1,038.61 5,393.34
Note:
i) No trade or other receivable are due from directors or other officers of the Company either severally or jointly with any other person. Nor any
trade or other receivable are due from firms or private companies respectively in which any director is a partner, a director or a member.
As at 31.03.2023 (` in lacs)
of payment
Less than 6 Total
months
Undisputed trade receivables - considered good.............................................................................................. 1,038.61 - 1,038.61
Disputed .......................................................................................................................................................................... - - -
1,038.61 - 1,038.61
As at 31.03.2022 (` in lacs)
of payment
Less than 6 Total
months
Undisputed trade receivables - considered good.............................................................................................. 5,353.58 39.76 5,393.34
Disputed .......................................................................................................................................................................... - - -
5,353.58 39.76 5,393.34
186
7.4 Loans (` in lacs)

As at As at
31.03.2023 31.03.2022
(Unsecured and Considered good) - Within India
At amortised cost
Loans to employees................................................................................................................................................................................. 1.31 2.70
1.31 2.70
Note:
Additional Disclosure required as per Schedule III amendments dated March 24, 2021: There is no loan outstanding from subsidiary or any
related party as a 31.03.2023 and 31.03.2022.
7.5 Investments (` in lacs)

As at As at
31.03.2023 31.03.2022
I. Fair value through Other Comprehensive Income
i) Quoted Equity shares......................................................................................................................................................... 1,792,662.60 1,902,540.52
ii) Unquoted Equity shares ................................................................................................................................................... 156,917.59 87,781.18
iii) Bonds / Debentures ........................................................................................................................................................... 31,846.06 33,911.84
II. Fair value through Profit and Loss
i) Quoted Equity shares ........................................................................................................................................................ 10,077.74 5,541.85
ii) Exchange traded funds ..................................................................................................................................................... 25,535.28 296.51
iii) Debt / Equity Mutual Fund .............................................................................................................................................. 15,837.36 25,525.54
iv) Government Securities (Gsec) ........................................................................................................................................ 9,191.11 7,868.91
v) InvITs/REITs ............................................................................................................................................................................ 10,531.56 10,112.97
vi) Venture Capital Fund ......................................................................................................................................................... 4,108.18 2,552.07
III. At amortised cost
i) Certificate of deposits ....................................................................................................................................................... 27,644.93 -
IV. Others
i) Carrying amount of Investment in Associates (refer note 1 below) ................................................................. 16,585.36 13,124.32
2,100,937.77 2,089,255.71
Note :
1 (` in lacs)
Name of the Associates Country of Ownership Original Amount of Share Carrying
incorporation Interest (%) Cost of Goodwill of post amount of
Investment (Capital acquisition investments
reserve) in Reserves
original cost and surplus
32.09 1,950.09 990.87 14,125.06 16,075.15
1. Tata Asset Management Private Limited India
(32.09) (1,950.09) (990.87) (10,667.12) (12,617.21)
50.00 2.62 (1.91) 507.59 510.21

2. Tata Trustee Company Private Limited India
(50.00) (2.62) (-1.91) (504.49) (507.11)
24.61 3,660.00 (951.11) (5,204.45) -
3. Amalgamated Plantations Private Limited India
(24.61) (3,660.00) (-951.11) (-5,204.45) -
Figures in italics & brackets indicate previous year figures
187
INVESTMENT
a) The company has elected an irrevocable option to designate its investments in equity instruments through FVOCI, as the said investments are
not held for trading and company continues to invest for long term and remain invested in leaders in sectors, which it believes to have potential
to remain accretive over the long term.
b) Of the total dividend recognised during the year from investment in equity shares designated at FVOCI, ` 564.47 lacs (Previous year 338.49 lacs)
is relating to investment derecognised during the year and ` 18,007.96 lacs (Previous year ` 11,016.73 lac) pertains to investments held at the
end of reporting period.
c) During the year, total cumulative gains (net of taxes) of ` 36,221.19 lacs (Previous year 43,060.81 lacs) on investment in equity shares designated
at FVOCI have been transferred to retained earnings on derecognition of related investments after adjusting for tax effect thereon amounting
to ` 3,530.87 lacs (Previous Year – ` 2,767.33 lacs). The fair value of such investments on the date of derecognition is ` 81,497.37 lacs (Previous
year ` 68,733.21 lacs).
d) During the current or previous reporting periods, the Group has not reclassified any investments since its initial classification.
e) Shares lent as at 31.03.2023, under Stock Lending and Borrowing Scheme of the Securities and Exchange Board of India amount to ` Nil
(previous year ` 1,795.53 lacs).
f) The other disclosure regarding fair value and risk arising from financial instruments are explained in note No.16
7.6 Other Financial Assets (` in lacs)

As at As at
31.03.2023 31.03.2022
(Unsecured, considered good)
(a) Security deposits........................................................................................................................................................................... 96.89 91.73
(b) Dividend declared but not received...................................................................................................................................... 10.80 22.87
107.69 114.60
7.7 Current tax assets (Net) (` in lacs)

As at As at
31.03.2023 31.03.2022
Advance Tax - Net of provision ` 18,447.35 lacs (previous year ` 13,176.05 lacs)........................................................... 1,278.15 1,234.46
1,278.15 1,234.46
7.8 Property, Plant and Equipment

(` in lacs)
Gross Block Accumulated Depreciation Net Block
As at Additions Deductions/ As at As at For the Deductions/ As at Net book
Name of the Asset 01.04.2022 during the Adjustments 31.03.2023 01.04.2022 year Adjustments 31.03.2023 value as at
year 31.03.2023
A. PROPERTY, PLANT
AND EQUIPMENT
i) Buildings (Refer 1.30 - - 1.30 1.24 0.04 - 1.28 0.02
note 7.8.1)...................
Previous year.............. (1.30) - - (1.30) (1.22) (0.02) - (1.24) (0.06)
ii) Plant and 11.53 - 0.23 11.30 9.21 0.40 0.20 9.41 1.89
Equipment..................
Previous year.............. (11.15) (1.49) (1.11) (11.53) (9.78) (0.40) (0.97) (9.21) (2.32)
iii) Furniture and 82.57 3.45 0.76 85.26 82.57 3.45 0.76 85.26 -
Fixtures........................
Previous year.............. (79.86) (2.71) - (82.57) (79.86) (2.71) - (82.57) -
iv) Office Equipment..... 84.98 17.56 30.04 72.50 68.72 7.94 29.07 47.59 24.91
Previous year.............. (82.73) (6.53) (4.28) (84.98) (65.41) (7.60) (4.29) (68.72) (16.26)
v) Leasehold 59.81 - - 59.81 59.81 - - 59.81 -
Improvements...........
Previous year.............. (59.81) - - (59.81) (55.52) (4.29) - (59.81) -
GRAND TOTAL................ 240.19 21.01 31.03 230.17 221.55 11.83 30.03 203.35 26.82
Previous year......................... (234.85) (10.73) (5.39) (240.19) (211.79) (15.02) (5.26) (221.55) (18.64)
188
7.8.1 The Holding Company owns four immovable properties being apartments in Mumbai. The Holding Company acquired these immovable
properties through the agreement between the company and other companies of the Tata group. The common agreement appropriately specifies
the details of ownership of the four apartments owned by the Holding Company.
7.9 Other Intangible assets

(` in lacs)
the year 31.03.2023
Software................................. 19.40 1.72 2.11 19.01 10.46 4.30 1.88 12.88 6.13
Previous year......................... (15.18) (4.22) - (19.40) (6.46) (4.00) - (10.46) (8.94)
7.10 Right of use assets

(` in lacs)
the year 31.03.2023
Right of Use (ROU) Lease
Asset........................................ 235.94 - - 235.94 39.32 78.65 - 117.97 117.97
Previous year......................... (162.30) (235.94) (162.30) (235.94) (129.84) (71.78) (162.30) (39.32) (196.62)
7.11 Other Non Financial Assets (` in lacs)

As at As at
31.03.2023 31.03.2022
(a) Capital Advances............................................................................................................................................................................ 40.11 38.04

(b) Prepaid Expenses........................................................................................................................................................................... 55.40 52.37
(c) Balance with Government authorities................................................................................................................................... 13.03 13.47
(d) Other Advances ............................................................................................................................................................................. 6.00 -
114.54 103.88
7.12 Derivative financial instruments (` in lacs)

As at As at
31.03.2023 31.03.2022
Option contracts (written):
Notional Amount...................................................................................................................................................................................... 2,785.12 27,095.96
(a) Fair Value .......................................................................................................................................................................................... 42.19 861.20

42.19 861.20
Note:
The Group enters into options contracts on their portfolio as a part of its ongoing business operations. These instruments are not designated as
hedging instruments and are considered as business income.
7.13 Trade Payables (` in lacs)
As at As at
31.03.2023 31.03.2022
(I) Trade Payables
(i) total outstanding dues of micro enterprises and small enterprises................................................................. - -
(ii) total outstanding dues of creditors other than micro enterprises and small enterprises........................ 387.11 358.56
387.11 358.56
189
INVESTMENT
i) Disclosure of amounts due to Micro, Small and Medium enterprises is based on information available with the Company regarding the status
of the suppliers as defined under ‘The Micro, Small and Medium Enterprises Development Act, 2006’ (MSMED). This has been relied upon by the
auditors.
ii) Trade Payables include amount payable to the Holding Company, Tata Sons Private Ltd., ` 186.87 lacs (Previous year ` 177.59 lacs).
iii) Trade payables are recognised at their original invoices amounts which represents their fair values on initial recognition. Trade payables are
considered to be of short duration and are not discounted and the carrying values are assumed to approximate their fair values.
iv) Trade Payables ageing schedule
As at 31.03.2023 (` in lacs)
of payment
Less than 1 Total
year
Other than MSME
(1) Disputed dues....................................................................................................................................................... - - -
- Billed....................................................................................................................................................................... - 0.46 0.46
- Unbilled dues...................................................................................................................................................... 386.65 - 386.65
386.65 0.46 387.11
As at 31.03.2022 (` in lacs)
of payment
Less than 1 Total
year
Other than MSME
(1) Disputed dues....................................................................................................................................................... - - -
- Billed....................................................................................................................................................................... - 12.39 12.39
- Unbilled dues...................................................................................................................................................... 346.17 - 346.17
346.17 12.39 358.56
7.14 Debt securities (` in lacs)

As at As at
31.03.2023 31.03.2022
At amortised cost
Commercial paper.................................................................................................................................................................................. 24,043.63 -
24,043.63 -
Debt securities in India.......................................................................................................................................................................... 24,043.63 -

Debt securities outside India.............................................................................................................................................................. - -
24,043.63 -
7.15 Other Financial Liabilities (` in lacs)

As at As at
31.03.2023 31.03.2022
(a) Unpaid dividends.......................................................................................................................................................................... 294.41 301.29
(b) Lease Liability................................................................................................................................................................................. 118.39 188.12
(c) Employee benefits payable....................................................................................................................................................... 415.27 384.40
(d) Others................................................................................................................................................................................................. 53.96 48.99
882.03 922.80
190
7.16 Current tax liabilities (Net) (` in lacs)
As at As at
31.03.2023 31.03.2022
Provisions for tax - Net of advance tax ` 8,313.45 lacs (Previous year ` 8,407.45 lacs).................................................. 157.49 171.53
157.49 171.53
7.17 Provisions (` in lacs)
As at As at
31.03.2023 31.03.2022
Provisions for employee benefits...................................................................................................................................................... 805.69 709.12
805.69 709.12
7.18 Deferred Tax Liabilities (Net)
Significant components of net deferred tax assets and liabilities as at March 31, 2023 are as follows :
(` in lacs)

statement
Profit and
Loss
Financial Assets carried at fair valued through Profit and Loss......................... 536.48 (234.61) - 301.87
Financial Assets carried at fair valued through Other Comprehensive

107.80 - (160.67) (52.87)
Income...................................................................................................................................
Equity carried at fair valued through Other Comprehensive Income............. 127,560.00 - (2,530.61) 125,029.39
Others..................................................................................................................................... (23.59) (65.30) - (88.89)
Deferred tax liabilities(Net)...................................................................... 128,180.69 (299.91) (2,691.28) 125,189.50
Significant components of net deferred tax assets and liabilities as at March 31, 2022 are as follows :
(` in lacs)

statement
Profit and
Loss
Financial Assets carried at fair valued through Profit and Loss......................... 264.79 271.69 - 536.48
Financial Assets carried at fair valued through Other Comprehensive 129.85 - (22.05) 107.80
Income...................................................................................................................................
Equity carried at fair valued through Other Comprehensive Income............. 62,442.47 - 65,117.53 1,27,560.00
Others..................................................................................................................................... (78.49) 54.90 - (23.59)
Deferred tax liabilities(Net)...................................................................... 62,758.62 326.59 65,095.48 1,28,180.69

191
INVESTMENT
7.19 Other Non Financial Liabilities (` in lacs)
As at As at
31.03.2023 31.03.2022
(a) Statutory liabilities.......................................................................................................................................................................... 29.58 23.38
(b) Income received in Advance....................................................................................................................................................... - 3.57
29.58 26.95
7.20 Equity Share Capital (` in lacs)

31.03.2023 31.03.2022
(a) Authorised Capital
60,000,000 (Previous year 60,000,000) Ordinary shares of ` 10 each....................................................................... 6,000.00 6,000.00
Issued Capital
50,595,796 (Previous year 50,595,796) Ordinary shares of ` 10 each fully paid up............................................. 5,059.58 5,059.58
Subscribed and Paid up Capital
50,595,296 (Previous year 50,595,296) Ordinary shares of ` 10 each fully paid up............................................. 5,059.53 5,059.53
5,059.53 5,059.53
(b) 34,664,663 Ordinary shares - 68.51% (Previous year 34,664,663 Ordinary shares - 68.51%) of ` 10/- each are held by the Holding Company,
Tata Sons Private Limited. No other shareholder holds more than 5% of the Ordinary share capital of the Company. 805,843 Ordinary shares
(Previous Year 805,843) are held by a Subsidiary of the Holding Company and 1,642,111 Ordinary shares (Previous year 847,695 ) are held
by Associates of the Holding Company.
(c) Reconciliation of the number of shares outstanding at the beginning and at the end of the year
2022-23 2021-22
No. of Shares Amount No. of Shares Amount

(` In lacs) (` In lacs)
Outstanding at the beginning of the year...................................................... 50,595,296 5,059.53 50,595,296 5,059.53
Outstanding at the end of the year................................................................... 50,595,296 5,059.53 50,595,296 5,059.53
(d) Par value per share is ` 10 each
(e) The Company has only one class of Ordinary shares having a par value of ` 10 per share. Each shareholder is eligible for one vote per share
held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting,
except in case of interim dividend. In the event of liquidation, the shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amounts, if any, in proportion to their shareholding.
(f) The Company is Investment company, the objective of Company is invest in long term investments, and distributing the profits of company
by way of dividends in a way that shareholders can participate equitably in the Company's growth, while maintaining the financial foundation
of the company and ensure sustainable growth. Accordingly the Company has framed various policies such as investment policy, dividend
distribution policy which lays down the framework of Company's capital management
(g) The Board of Directors of the Holding Company, at its meeting held on November 16, 2018 had approved a proposal to buyback upto
4,500,000 equity shares of the Company for an aggregate amount not exceeding ` 45,000 lacs being 8.17% of the total paid up equity share
capital at ` 1000/- per equity share, which was approved by the shareholders by means of a special resolution through a postal ballot.
A Letter of Offer was made to all eligible shareholders. The Holding Company bought back 4,500,000 equity shares out of the shares that were
tendered by eligible shareholders and extinguished the equity shares bought on February 22, 2019.
Capital Redemption Reserve was created to the extent of Share Capital extinguished ` 450 lacs. Total amount of ` 45,000 lacs from securities
premium was utilised towards the buy-back and ` 346.61 lacs utilised from retained earning towards transaction costs of buy-back.
192
7.21 The details of Promoters Shareholding are as under :-

(` in lacs)
2022-23 2021-22
No. of % of total % Change No. of % of total % Change
Sr.no Promoter Name
Shares Shares during the Shares Shares during the
year year
1 Tata Sons Private Limited (Promoter)........................... 34,664,663 68.51 - 34,664,663 68.51 -
2 Ewart Investments Limited*............................................ 805,843 1.59 - 805,843 1.59 -
3 Af-taab Investment Company Limited*#.................... - - (1.57) 794,416 1.57 -
4 The Tata Power Company Limited*............................... 794,416 1.57 1.57 - - -
5 Tata Chemicals Limited*................................................... 441,015 0.87 - 441,015 0.87 -
6 Tata Steel Limited*.............................................................. 228,015 0.46 - 228,015 0.46 -
7 Tata Consumer Products Limited*................................ 146,872 0.29 - 146,872 0.29 -
8 Trent Limited*....................................................................... 31,793 0.06 - 31,793 0.06 -
9 Trent Brands Limited*........................................................ 16,330 0.03 - 16,330 0.03 -
* Forms part of the promoter group

# Merged with The Tata Power Company Limited effective 08 April, 2022.
7.21.1 Other Equity

(` in lacs)
As at As at
31.03.2023 31.03.2022
Capital Reserve
Balance at the beginning and end of the year............................................................................................................................. 4,163.35 4,163.35
Balance at the beginning and end of the year............................................................................................................................. 450.20 450.00

Add: Addition during the year............................................................................................................................................................ - 0.20
450.20 450.20
Securities Premium reserve
General reserve

Less: Utilised during the year.............................................................................................................................................................. - (12.00)
56,446.18 56,446.18
Impairment Reserves (as per RBI guidelines)
Balance at the beginning of the year and end of the year....................................................................................................... 6.90 6.90
Statutory Reserve (u/s 45-IC of RBI Act, 1934)

Balance at the beginning of the year............................................................................................................................................... 70,738.62 66,524.64
Add: Transfer from retained earnings.............................................................................................................................................. 12,062.29 4,213.98
82,800.91 70,738.62
193
INVESTMENT
7.21.1 Other Equity
(` in lacs)
As at As at
31.03.2023 31.03.2022
Retained Earnings
Balance at the beginning of the year............................................................................................................................................... 159,212.27 111,119.37
Add: Profit for the year ......................................................................................................................................................................... 25,187.46 21,424.49
Add: Realised gains on sale of equity shares carried through FVOCI.................................................................................. 36,221.19 43,060.81
Less: Reclassification of remeasurement loss on defined benefits plans............................................................................ (43.77) (57.18)
Less: Final Dividend on Ordinary Shares......................................................................................................................................... (27,827.41) (12,142.87)
Add: Adjustments relating to change in non controlling interest (net).............................................................................. - 4.02
Less: Transfer to Statutory Reserve................................................................................................................................................... (12,062.29) (4,213.98)
Add: Consolidation adjustment for Associates............................................................................................................................ 1,596.17 17.61
182,283.62 159,212.27
Items of Other Components of Equity
Debt Instrument through OCI
Balance at the beginning of the year............................................................................................................................................... 227.64 714.63
Add: Movement for the year............................................................................................................................................................... (450.66) (486.99)
(223.02) 227.64
Equity instrument Through OCI
Balance at the beginning of the year............................................................................................................................................... 1,640,767.90 1,148,897.51
Add: Profit for the year.......................................................................................................................................................................... (8,858.19) 5,34,931.20
Less: Realised gains on sale of equity shares carried through FVOCI................................................................................... (36,221.19) (43,060.81)
1,595,688.52 1,640,767.90
Other items of other Comprehensive income
Balance at the beginning of the year............................................................................................................................................... - -
Add: Profit for the year.......................................................................................................................................................................... (43.77) (57.18)
Less: Reclassification of Remeasurement loss on define benefits plans............................................................................. 43.77 57.18
- -
1,595,465.50 1,640,995.54
1,952,118.72 1,962,515.12
194
Nature and purpose of reserves:

Capital Reserve
The Group recognises profit and loss on purchase, sale, issue or cancellation of the its own equity instruments to capital reserve.

Whenever there is a buy-back or redemption of share capital the nominal value of the capital is transferred to a reserve called Capital Redemption
Reserve so as to retain the capital intact.

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provision of the
Companies Act, 2013.
General Reserve
The General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General reserve
is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the
General reserve will not be reclassified subsequently to the statement of profit and loss.
Statutory Reserve
Statutory Reserve represents the reserve created pursuant to the Reserve Bank of India Act, 1934 (the “RBI Act”) and related regulations
applicable to those companies. Under the RBI Act, a non-banking finance company is required to transfer an amount not less than 20% of its
net profit to a reserve fund before declaring any dividend. Appropriation from this reserve fund is permitted only for the purposes specified by
the RBI.
Impairment Reserve
Impairment Reserve represents the reserve created pursuant to the per RBI circular dated March 13, 2020 on 'Implementation of Indian
Accounting Standards'. Under the circular, where the impairment allowance under Ind AS 109 is lower than the provisioning required as per
prudential norms on Income Recognition, Asset Classification and Provisioning (including standard asset provisioning) the difference should
be appropriated from the net profit to a separate 'Impairment Reserve'. Withdrawals from this reserve is allowed only after obtaining permission
from the RBI. Though the Company is generally not in the activity of lending loans and advances, however, the provision for standard asset
outstanding as on April 1, 2019 has been reversed and an amount equivalent to 0.40% of standard assets has been transferred to 'Impairment
Reserve' as on March 31, 2020 out of abundant caution.
8.1 Interest Income (` in lacs)

31.03.2023 31.03.2022
(a) On Financial Assets measured at fair value through OCI
i) Interest income from investments ............................................................................................................................. 3,734.96 3,625.41
(b) On Financial Assets measured at amortised cost
i) Interest on bank deposits................................................................................................................................................ 36.68 43.02
ii) Other interest income ...................................................................................................................................................... 4.92 5.93
3,776.56 3,674.36
195
INVESTMENT
8.2 Net gain on fair value changes (` in lacs)

31.03.2023 31.03.2022
(A) Net gain/ (loss) on financial instruments at fair value through profit and loss account :-
- Derivative gain (net) on financial instruments................................................................................................................ 5,532.52 7,218.34
- Government Securities (G-Sec)............................................................................................................................................. (124.31) (223.58)
- Bonds / Debentures................................................................................................................................................................... 306.99 -
- InvITs/REITs.................................................................................................................................................................................... (408.93) 1,294.57
- Mutual Funds............................................................................................................................................................................... 2,220.12 1,114.15
- Exchange traded funds............................................................................................................................................................ (836.52) -
- Equity instruments..................................................................................................................................................................... (609.67) 107.65
- Venture Capital............................................................................................................................................................................ 489.61 462.43
6,569.81 9,973.56
Fair Value changes:
- Realised ................................................................................................................................................................................................... 8,329.47 9,939.56
- Unrealised................................................................................................................................................................................................ (1,759.66) 34.00
6,569.81 9,973.56
Note:
The above gain / (loss) on derivative financial instruments are in the nature of covered call option contracts and are classified as a trading
portfolio.
8.3 Other income (` in lacs)

31.03.2023 31.03.2022
(a) Income from shares lent............................................................................................................................................................. 26.04 15.13
(b) Interest on Income Tax refund................................................................................................................................................. - 0.30
(c) Other Income................................................................................................................................................................................. 29.65 14.39
55.69 29.82
8.4 Employee Benefits Expenses (` in lacs)

31.03.2023 31.03.2022
(a) Salaries and wages including bonus...................................................................................................................................... 1,189.05 1,123.71
(b) Contribution to provident and other funds........................................................................................................................ 89.37 81.25
(c) Staff welfare expenses................................................................................................................................................................. 117.48 88.36
1,395.90 1,293.32
196
8.5 Finance Cost (` in lacs)

31.03.2023 31.03.2022
Measured at amortised cost
(i) Interest on debt securities......................................................................................................................................................... 804.51 -
(ii) Other finance cost........................................................................................................................................................................ 10.62 -
(iii) Finance cost on lease liability................................................................................................................................................... 10.35 9.14
825.48 9.14
8.6 Other expenses (` in lacs)

31.03.2023 31.03.2022
i) Power............................................................................................................................................................................................... 6.64 5.47
ii) Rent, rates and taxes.................................................................................................................................................................. 255.29 17.73
iii) Repairs and maintenance........................................................................................................................................................ 3.87 2.36
iv) Insurance........................................................................................................................................................................................ 2.32 2.39
v) Corporate Social Responsibility............................................................................................................................................. 705.48 442.36
vi) Net loss on derecognition of property, plant and equipment................................................................................... 0.87 0.07
vii) Director's Remuneration ......................................................................................................................................................... 227.62 197.00
viii) Auditors remuneration*...........................................................................................................................................................
(i) Audit fees............................................................................................................................................................................. 17.00 15.18
(ii) Tax Audit fees..................................................................................................................................................................... 1.51 1.50
(iii) For other services.............................................................................................................................................................. 10.57 5.62
(iv) For Taxation Matters........................................................................................................................................................ - 1.88
(v) Out of Pocket expenses.................................................................................................................................................. 0.21 0.34
(v) GST on above..................................................................................................................................................................... 5.27 5.51
34.56 30.03
ix) Miscellaneous expenses........................................................................................................................................................... 557.34 502.78
1,793.99 1,200.19
* including fees paid to previous auditor during year ended 31.03.2022
197
INVESTMENT
8.7.1 Details of CSR expenditure: (` in lacs)

31.03.2023 31.03.2022
Required to be spent by the Group during the year................................................................................................................... 673.90 437.52
Amount of expenditure incurred....................................................................................................................................................... 705.48 442.36
Shortfall at the end of the year............................................................................................................................................................ - -
Total of previous years shortfall.......................................................................................................................................................... - -
Reason for shortfall.................................................................................................................................................................................. Not Not
Applicable Applicable
Details of related party transactions, e.g., contribution to a trust controlled by the Group in relation to CSR - -
expenditure as per relevant Indian Accounting Standard........................................................................................................
Where a provision is made with respect to a liability incurred by entering into a contractual obligation, the
movements in the provision during the year shall be shown separately............................................................................ - -
The Company makes its CSR contribution towards promoting education, healthcare, poverty alleviation, environmental sustainability and others.
8.7.2 Tax Expense (` in lacs)

31.03.2023 31.03.2022
(a) Amounts recognised in the statement of profit and loss
- Current Tax ..................................................................................................................................................................................... 2,377.12 2,818.95
- Excess provision of tax relating to earlier years................................................................................................................ (24.05) -
- Deferred tax relating to origination and reversal of temporary differences.......................................................... (299.91) 326.59
Total tax charge ................................................................................................................................................ 2,053.16 3,145.54
(b) Amounts recognised in other comprehensive income
- Remeasurements of the defined benefit plans................................................................................................................ 14.72 -
- Equity instruments through Other Comprehensive Income....................................................................................... (1,000.26) (67,885.20)
- Bonds / Debentures through Other Comprehensive Income..................................................................................... 160.67 22.05
(824.87) (67,863.15)
(c) Reconciliation of the total tax charge:
- Accounting profit before tax.................................................................................................................................................. 27,227.68 24,592.20
- At India’s statutory income tax rate of 25.168% (2022: 25.168%)............................................................................. 6,852.66 6,189.36
- Adjustment in respect of current income tax of prior years....................................................................................... (24.05) -
- Non-deductible tax expenses (net)..................................................................................................................................... 198.38 105.04
- Dividend income exempted from tax................................................................................................................................. (5,142.71) (3,307.31)
- Others adjustments (including fair value changes) ...................................................................................................... 168.88 158.45
Income tax expense reported in the Consolidated statement of profit and loss 2,053.16 3,145.54
The effective income tax rate for 31 March 2023 is 7.54% (31 March 2022: 12.79%).
198
9. Details of Earnings per share (` in lacs)

31.03.2023 31.03.2022
Profit attributable to Equity share holders...................................................................................................................................... 25,187.46 21,424.49
Weighted average number of Ordinary shares for computing -
50,595,296 50,595,296
Basic and Diluted earnings per share................................................................................................................................................
Earnings per Ordinary share (Weighted average) Basic and Diluted (Rupees).................................................................. 49.78 42.34
There have been no transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of the
completion of these consolidated financial statements which would require the restatement of EPS.
10. Segment Information
As the Group has no activities other than those of an investment company, the segment reporting under Indian Accounting Standard Ind AS
108 - 'Operating Segments' is not applicable. The Group does not have any reportable geographical segment.
11. Contingent Liabilities & Commitments (` in lacs)

31.03.2023 31.03.2022
Contingent Liabilities
(a) Income Tax matters decided in the Company's favour by appellate authorities, where the department is in
further appeal............................................................................................................................................................................................ 11.31 11.31
Commitments
(a) Uncalled liability on investments in Venture Capital Funds..................................................................................................... 1,503.50 2,575.00
(b) Investments partly paid – Equity Shares of ` 5 each in Bharti Airtel Ltd. (` 1.25 per share paid up)......................... 135.99 135.99
12. Dividend of ` 48 per share (previous year ` 55 per share) amounting to ` 24,285.74 lacs (previous year ` 27,827.41 lacs) is proposed on ordinary
shares. The recommended dividend will be accounted for when approved by the shareholders.
13. Disclosures for leasing arrangements

(a) The Company has taken its office premises on operating lease for a period of 3 years beginning October 1, 2021.
(b) Amount recognised during the year
(` in lacs)
31.03.2023 31.03.2022
a) Depreciation on ROU Asset........................................................................................................................................................ 78.65 71.78
b) Finance cost on lease liability.................................................................................................................................................... 10.35 9.14
(c) The movement in the lease liabilities during the year ended March 31, 2023 is as under...........................................
Opening effect of lease liability.......................................................................................................................................................... 188.12 36.00
Add: Additions........................................................................................................................................................................................... - 221.10
Add: Finance cost accrued during the year.................................................................................................................................... 10.35 9.14
Less: Deletions........................................................................................................................................................................................... - -
Less: Payment of lease liabilities during the year......................................................................................................................... (80.08) (78.12)
Balance at the end of the year............................................................................................................................................................. 118.39 188.12
(d) The details regarding the contractual maturities of lease liabilities on an undiscounted basis.................................
a) Less than one year......................................................................................................................................................................... 84.08 80.07
b) One to five years............................................................................................................................................................................. 43.07 127.15
c) More than 5 years.......................................................................................................................................................................... - -
127.15 207.22
199
INVESTMENT
14. Employee Benefits
(a) Defined contribution plans

The Holding Company makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying employees
towards Provident Fund and Superannuation Fund which is a defined contribution plan. The Holding Company has no obligations other than
these three funds to make the specified contributions. The contributions are charged to the statement of profit and loss as they accrue. The
amount recognised as an expense towards contribution to Provident Fund and Superannuation Fund for the year are summarised below.
Company's contribution to (` in lacs)

31.03.2023 31.03.2022
Provident Fund......................................................................................................................................................................................... 38.12 34.88
Superannuation Fund............................................................................................................................................................................ 30.97 28.19
Employees' State Insurance Scheme................................................................................................................................................ - 0.03
69.09 63.10
(b) Defined benefit plans

(I) Retirement gratuity (Funded)
(i) The following table sets out the amounts recognised in the consolidated financial statements in respect of retirement gratuity
plan
(` in lacs)
31.03.2023 31.03.2022
Change in defined benefit obligations
Obligation at the beginning of the year............................................................................................................................ 321.73 280.13
Interest costs................................................................................................................................................................................ 21.51 18.01
Remeasurement loss................................................................................................................................................................. 41.31 5.62
Liability assumed........................................................................................................................................................................ (0.42) -
Benefits paid................................................................................................................................................................................ (36.19) -
Obligation at the end of the year.......................................................................................................... 367.35 321.73
Change in plan assets

Fair value of plan assets at the beginning of the year.................................................................................................. 310.53 288.34
Interest income........................................................................................................................................................................... 21.43 18.54
Remeasurement gain excluding amount included within employee benefit expense................................... 5.86 3.65
Employers' contribution.......................................................................................................................................................... 11.20 -
Benefits paid................................................................................................................................................................................ (36.19) -
Assets acquired........................................................................................................................................................................... (0.42) -
Fair value of plan assets at the end of the year.................................................................................... 312.41 310.53
Amounts recognised in the balance sheet consist of

Fair value of plan assets........................................................................................................................................................... 312.41 310.53
Present value of obligation..................................................................................................................................................... 367.35 321.73
(54.94) (11.20)
Net interest expense................................................................................................................................................................. 0.08 (0.53)
19.49 17.44
Return on plan assets excluding amount included in employee benefits expense......................................... (5.86) (3.65)
Actuarial loss / (gain) arising from changes in financial assumption..................................................................... 28.60 (8.97)
Actuarial loss arising from changes in experience adjustments.............................................................................. 12.70 14.59
35.44 1.97
200
(ii) Fair value of plan assets by category of investment is as below

(` in lacs)
31.03.2023 31.03.2022
Assets category (%)
Debt instruments (quoted).................................................................................................................................................... 297.43 288.90
Debt instruments (unquoted).............................................................................................................................................. 9.39 11.56
Others (unquoted).................................................................................................................................................................... 5.59 10.07
312.41 310.53
(iii) Key assumptions used in the measurement of retiring gratuity is as below

Discount rate (per annum)..................................................................................................................................................... 7.50% 6.90%
Rate of escalation in salary (per annum)........................................................................................................................... 8.00% 6.00%
(iv) The Company expects to contribute ` 20 lacs to the plan during the financial year 2023-24 (Previous Year: ` 20 lacs).
(v) The table below outlines the effect on retirement gratuity obligation in the event of a decrease/increase of 0.50% in the assumptions used.
As at 31.03.2023
Increase Decrease
` 10.51 lacs ` 11.03 lacs
Discount rate Increase by 0.50%, decrease by 0.50%
(2.86%) 3.00%
` 10.93 lacs ` 10.51 lacs
2.97% (2.86%)
As at 31.03.2022
Increase Decrease
Discount rate ` 10.68 lacs ` 11.27 lacs
Increase by 0.50%, decrease by 0.50%
(3.32%) 3.50%
` 11.32 lacs ` 10.83 lacs
3.52% (3.37%)
(vi) Projected Plan Cash Flow

(` in lacs)
31.03.2023 31.03.2022
Expected benefits for year 10 and above......................................................................................................................... 159.92 175.54
Weighted average duration of the retirement gratuity obligation is 5.86 years (March 31, 2022: 6.82 Years).
201
INVESTMENT
(vii) Risk Associated with Defined Benefit Plan- Gratuity

Inherent risk : The plan is of a final salary defined benefit in nature which is sponsored by the Company and hence it underwrites all the
risks pertaining to the plan. In particular, there is a risk for the Company that any adverse salary growth or demographic experience or
inadequate returns on underlying plan assets can result in an increase in cost of providing these benefits to employees in future. Since the
benefits are lump sum in nature the plan is not subject to any longevity risks.
Investment Risk and Asset-Liability Risk : The money contributed by the Company to the fund to finance the liabilities of the plan has
to be invested. The trustees of the plan are required to invest the funds as per the prescribed pattern of investments laid out in the income
tax rules for such approved plans. Due to the restrictions in the type of investments that can be held by the fund, it is not possible to
explicitly follow an asset-liability matching strategy to manage risk actively.
(II) Post retirement medical benefits

Under this unfunded scheme, employees of the Company receive medical benefits subject to certain limits on amounts of benefits,
periods after retirement and types of benefits, depending on their grade and location at the time of retirement. Employees separated
from the Company under an early separation scheme, on medical grounds or due to permanent disablement are also covered under the
scheme. The Company accounts for the liability for post-retirement medical scheme based on an year end actuarial valuation.
(i) The following table sets out the amounts recognised in the consolidated financial statements in respect of post retirement
medical benefits and other defined benefit plans.
(` in lacs)
31.03.2023 31.03.2022
Medical Medical
Change in defined benefit obligation
Obligation at the beginning of the year........................................................................................................................... 277.47 190.82
Current Service Cost................................................................................................................................................................. 10.28 6.64
Interest Cost................................................................................................................................................................................ 18.91 12.25
Remeasurement loss................................................................................................................................................................ 23.05 74.44
Benefits paid............................................................................................................................................................................... (8.85) (6.68)
Obligation at the end of the year......................................................................................................... 320.86 277.47
(` in lacs)
31.03.2023 31.03.2022
Medical Medical
Current service cost.................................................................................................................................................................... 10.28 6.64
Net interest expense.................................................................................................................................................................. 18.91 12.25
29.19 18.89
Actuarial (gain) arising from changes in financial assumption.................................................................................. (28.25) (17.43)
Actuarial loss arising from changes in experience adjustments................................................................................ 51.30 91.87
23.05 74.44
202
(` in lacs)
31.03.2023 31.03.2022
Medical Medical
(ii) Key assumptions used in the measurement of medical benefits is as below
Discount Rate (per annum)...................................................................................................................................................... 7.50% 6.90%
Inflation rate (per annum)........................................................................................................................................................ 6.00% 6.00%
(iii) The table below outlines the effect on Medical benefits in the event of a decrease/increase of 0.50% in the assumptions used.
As at 31.03.2023
Increase Decrease
As at 31.03.2022
Increase Decrease
(iv) Projected Plan Cash Flow
(` in lacs)
31.03.2023 31.03.2022
Expected benefits for year 10 and above........................................................................................................................... 1,116.44 964.26
Weighted average duration of post-retirement medical benefit obligation is 13.77 years (March 31, 2022: 15.01 Years).
203
INVESTMENT
Risk Associated with Defined Benefit Plan- Post Retirement Medical Benefits
Inherent risk : The plan is of a defined benefit in nature which is sponsored by the Company and hence it underwrites all the risks
pertaining to the plan. In particular, there is a risk for the Company that any adverse increase in healthcare costs or demographic
experience can result in an increase in cost of providing these benefits to employees in future. The benefits are also paid during the
lifetime of the beneficiaries and the plan carries the longevity risks.
(iii) Other Long Term Benefits

Other Long Term Benefits include compensated absences, sick leave, long term service benefit and pension. The liability towards other
long term benefits is determined by independent actuary at every balance sheet date.
Amounts recognised in the balance sheet consist of:
(` in lacs)
31.03.2023 31.03.2022
(i) Compensated Absences (including privileged leave and sick leave)........................................................ 300.80 291.31
(ii) Long Term Service Benefit......................................................................................................................................... 48.82 45.46
(iii) Pension............................................................................................................................................................................. 77.13 83.67
426.75 420.44
15. Related Party Disclosures

a) List of Related Parties and Relationship
Holding and Promoter Company
Tata Sons Private Limited
Associates
Tata Asset Management Private Limited
Tata Trustee Company Private Limited
Amalgamated Plantations Private Limited
Other Subsidiaries / Associates / Associate of Fellow Subsidiary / Joint Venture / Subsidiary of Associates / Subsidiary of Fellow
Subsidiary of Promoter :- (with whom the Company has transactions)
1. Ewart Investments Limited 2. Tata AIG General Insurance Company Limited
3. Tata Teleservices (Maharashtra) Limited 4. Tata Autocomp Systems Limited
5. Tata Consultancy Services Limited 6. Tata International Limited
7. Tata Chemicals Limited 8. Tata Elxsi Limited
9. Tata Consumer Products Limited 10. Tata capital limited
11. The Tata Power Company Limited 12. Tata Steel Limited
13. The Indian Hotels Company Limited 14. Titan Company Limited
15. Trent Limited 16. Voltas Limited
17. The Associated Building Company Limited 18. Tata AIA Life Insurance Company Limited
19. Tata Communications Limited 20. Tata Capital Financial Services Limited
21. Piem Hotels Limited 22. Tata Steel Utilities & Infrastructure Services Limited
23. TMF Holdings Limited 24. Trent Brands Limited
25. Infiniti Retail Limited (subsidiary of Tata Digital Limited 26. Af-Taab Investment Company Limited
w. e. f. 12.11.21)
Other Related Parties
1. Tata Investment Corporation Limited - Provident Fund
2. The Investment Corporation of India Limited - Employees Gratuity Trust Fund
3. Tata Sons Consolidated Superannuation Fund
Key Management Personnel (KMP) under Ind AS 24
Key Management Personnel (KMP) under Scale Based regulation framework
Mr. Manoj Kumar C.V. (Chief Financial Officer & Company Secretary)
204
b) Related Party Transactions
(` in lacs)
Notice
2022-23 2021-22
Holding Associ- Other Other Other Other Other Other KMP Holding Associ- Other Other Other Other Other Other KMP
Company ates Subsi – Assoc – Associate Subsid- Joint Related Compa- ates Subsi – Assoc – Asso- Subsid- Joint Relat-
diaries of iates of of Fellow iary of Venture / Parties ny diaries of iates of ciate of iary of Venture / ed
Promoter Promot- Subsidi- Fellow Subsid- Promoter Promot- Fellow Fellow Subsid- Par-
er ary of Subsidi- iary of er Subsidi- Subsidi- iary of ties
Promoter ary of associate ary of ary of associate
Promoter of Pro- Promot- Promot- of Pro-
moter er er moter
Board’s Report
1. Proceeds received on Buy- - - - - - - - - - - - 428.09 - - - - - -

back.............................................
2. Interest income on - - 633.82 - - 356.00 365.15 - - - - 584.93 222.69 - - - - -

debentures...............................
3. Redemption of debentures - - 7,500.00 - - - - - - - - - 11,500.00 - - - - -
4. Dividends received................ 32.60 1,678.10 1,827.23 8,966.20 - - 14.00 - - 32.60 1,408.98 1,057.33 5,928.31 - - 4.66 - -
5. Dividends paid........................ 19,065.56 - 443.21 903.17 - - 445.91 - - 8,319.52 - 193.40 203.44 - - 194.58 - -
6. Brand equity subscription 214.62 - - - - - - - - 195.00 - - - - - - - -

expense.....................................
7. Rent paid................................... - - 94.49 - - - - - - - - 92.19 - - - - - -
8. Sale consideration - - - 3,406.54 - - 898.20 - - - - - - - - - - -

received.....................................
9. Subscription to Rights - - 1,303.66 - - - - - - - - - 2,678.59 - - - - -

Issue............................................
10. Other expenses....................... - - 8.88 5.48 12.87 13.68 7.92 - - - - 8.85 9.02 12.32 - 2.50 - -
11. Contribution to Employees - - - - - - - 104.48 - - - - - - - - 47.35 -

benefit trust.............................
12. Compensation to KMP......... - - - - - - - - 441.03 - - - - - - - - 408.17
Short term employee - - - - - - - - 283.12 - 283.12 - - - - - - 262.40

benefits......................................
Post employment - - - - - - - - - - - - - - - - - -
benefits*....................................
Debit balance outstanding - - 2,146.87 - - 4,005.85 5,282.11 6.00 - - - 7,907.64 - - - - - -

at year end – Outstanding
receivables
Credit balance outstanding 186.87 - - - - - - 54.94 283.12 177.59 - - - - - - 11.20 262.40

at year end – Outstanding
payables
* No separate figures are available towards Compensated absences, Contribution to gratuity fund and Post retirement medical benefit fund.
205
206
(` in lacs)
2022-23 2021-22
moter moter
Proceeds received on Buy-back
INVESTMENT
Tata Consultancy Services Limited....... - - - - - - - - - 428.09 - - - - - -

Interest income on debentures
Tata International Limited........................ - 633.82 - - - - - - - 584.93 - - - - - -
The Tata Power Company Limited......... - - - - - - - - - - 222.69 - - - - -
TMF Holding Limited................................. - - - - - 365.15 - - - - - - - - - -

Tata Capital Financial Services - - - - 356.00 - - - - - - - - - - -
Limited............................................................
Redemption of debentures
The Tata Power Company Limited......... - - - - - - - - - - 11,500.00 - - - - -
Tata International Limited........................ - 7,500.00 - - - - - - - - - - - - - -
Dividends received
Tata Asset Management Private 1,659.67 - - - - - - - 1,373.23 - - - - - - -
Limited ...........................................................
Tata Trustee Company Private Limited 18.43 - - - - - - - 35.75 - - - - - - -
Tata Autocomp Limited............................ - 108.80 - - - - - - - - - - - - - -
Tata Capital Limited.................................... - 124.61 - - - - - - - - - - - - - -
Tata Consultancy Services Limited....... - 1,146.01 - - - - - - - 368.53 - - - - - -
Tata Chemicals Limited............................. - - 1,900.00 - - - - - - - 1,520.00 - - - - -
Tata Consumer Products Limited.......... - - 2,678.52 - - - - - - - 1,793.06 - - - - -
Tata Elxsi Limited......................................... - 447.80 - - - - - - - 688.80 - - - - - -
The Tata Power Company Limited......... - - 119.72 - - - - - - - 106.03 - - - - -
Tata Steel Limited........................................ - - 2,140.78 - - - - - - - 1,049.40 - - - - -
The Indian Hotels Company Limited.... - - 71.43 - - - - - - - 64.29 - - - - -
Titan Company Limited............................. - - 1,340.67 - - - - - - - 715.03 - - - - -
Trent Limited................................................. - - 167.28 - - - - - - - 182.50 - - - - -
Voltas Limited............................................... - - 547.80 - - - - - - - 498.00 - - - - -
Piem Hotels.................................................... - - - - - 14.00 - - - - - - - 4.66 - -
Dividends paid
f-Taab Investment Company
A - - - - - 436.93 - - - - - - - 190.66 - -
Limited............................................................
Ewart Investments Limited...................... - 443.21 - - - - - - - 193.40 - - - - - -
Tata Chemicals Limited............................. - - 242.56 - - - - - - - 105.84 - - - - -
Tata Consumer Products Limited.......... - - 80.78 - - - - - - - 35.25 - - - - -
Tata Steel Limited........................................ - - 125.41 - - - - - - - 54.72 - - - - -
Trent Limited................................................. - - 17.49 - - - - - - - 7.63 - - - - -
The Tata Power Company Limited......... - - 436.93 - - - - - - - - - - - - -
Trent Brands Ltd........................................... - - - - - 8.98 - - - - - - - 3.92 - -
(` in lacs)
2022-23 2021-22
Associ- Other Other Other Other Other Other KMP Associ- Other Other Other Other Other Other KMP Notice
moter moter
Rent Paid
Board’s Report
Sale consideration received

The Indian Hotels Company Limited.... - - 3,406.54 - - - - - - - - - - -
Tata Steel Utilities & Infrastructure - - - - - 898.20 - -
Services Limited...........................................
Subscription to Rights Issue
Tata Capital Limited.................................... - 1,303.66 - - - - - - - - - - - - - -
The Indian Hotels Company Limited.... - - - - - - - - - - 2,678.59 - - - - -
Other expenses
Tata AIA Life Insurance Company - - - - - 7.92 - - - - - - - 2.39 - -
Limited............................................................
Tata AIG General Insurance Company - 2.12 - - - - - - - 2.24 - - - - - -
Limited............................................................
Tata Consultancy Services Limited....... - 3.33 - - - - - - - 1.64 - - - - - -
Tata Teleservices (Maharashtra) - 3.43 - - - - - - - 4.14 - - - - - -

Limited............................................................
The Associated Building Company - - - 12.87 - - - - - - - 12.32 - - - -
Limited............................................................
The Indian Hotels Company Limited.... - - 1.85 - - - - - - - 2.18 - - - - -
Titan Company Limited............................. - - 0.07 - - - - - - - - - - - - -
Trent Limited................................................. - - 3.56 - - - - - - - 6.84 - - - - -
Tata Communication Limited................. - - - - 11.49 - - - - - - - - - -
Infiniti Retail Limited.................................. - - - - 2.19 - - - - - - - - - - -
Tata International Limited........................ - - - - - - - - - 0.42 - - - - - -
Ewart Investments Limited...................... - - - - - - - - - 0.41 - - - - - -
Piem Hotels.................................................... - - - - - - - - - - - - - 0.11 - -
Contribution to Employees benefit

trust
Tata Investment Corporation Limited- - - - - - - 35.42 - - - - - - - 32.03 -
Provident Fund.............................................
The Investment Corporation of India - - - - - 54.94 - - - - - - - - -
Limited - Employees Gratuity Trust
Fund.................................................................
Tata Sons Consolidated - - - - - - 14.12 - - - - - - - 15.32 -
Superannuation Fund................................
Compensation to KMP
Mr. A. N. Dalal................................................ - - - - - - - 355.94 - - - - - - - 329.37
Mr. Manoj Kumar C.V.................................. - - - - - - - 85.09 - - - - - - - 78.80
Short term employee benefits
Mr. A. N. Dalal................................................ - - - - - - - 237.30 - - - - - - - 220.00

Mr. Manoj Kumar C.V.................................. - - - - - - - 45.82 - - - - - - - 42.40
207
208
(` in lacs)
2022-23 2021-22
moter moter
Outstanding receivables
INVESTMENT

Tata International Limited........................ - 2,046.87 - - - - - - - 7,807.64 - - - - - -
TMF Holding Limited................................. - - - - - 5,282.11 - - - - - - - - - -
Tata capital financial services limited... - - - - 4,005.85 - - - - - - - - - - -
The Investment Corporation of India - - - - - - 6.00 - - - - - - - - -

Fund.................................................................
Outstanding payables
Tata Teleservices (Maharashtra) - - - - - - - - - - - - - - - -
Limited............................................................
The Investment Corporation of India - - - - - - 54.94 - - - - - - - 11.20 -
Fund.................................................................
Mr. A. N. Dalal................................................ - - - - - - - 237.30 - - - - - - - 220.00
Mr. Manoj Kumar C.V.................................. - - - - - - - 45.82 - - - - - - - 42.40
16. Disclosures on financial instruments
(a) Accounting classification and fair values
The following table shows the carrying amounts and fair values of financial assets (excluding investment in associate companies) and financial
liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities if the
carrying amount is a reasonable approximation of fair value.
(` in lacs)
Particulars As at 31.03.2023
Amortised Fair value Fair value Total Total fair Fair value
cost through through OCI carrying value
profit or value Level 1 Level 2 Level 3 Total
loss
Financial Assets
Cash and cash

equivalents 453.98 - - 453.98 453.98 - - - -
Bank balances
other than
cash and cash
equivalents 3,477.42 - - 3,477.42 3,477.42 - - - -
Loan 1.31 - - 1.31 1.31 - - - -
Investments
- in mutual funds - 15,837.36 - 15,837.36 15,837.36 - 15,837.36 - 15,837.36
- Government
Securities (Gsec) - 9,191.11 9,191.11 9,191.11 9,191.11 - - 9,191.11
- InvITs/REITs - 10,531.56 10,531.56 10,531.56 10,531.56 - - 10,531.56
- in equity shares - 10,077.74 1,949,580.19 1,959,657.93 1,959,657.93 1,802,740.34 - 156,917.59 1,959,657.93
- Exchange traded
funds - 25,535.28 25,535.28 25,535.28 25,535.28 - - 25,535.28
- in Bonds /
Debentures - - 31,846.06 31,846.06 31,846.06 - 31,846.06 - 31,846.06
- in Certificate of
Deposits 27,644.93 - - 27,644.93 27,644.93 - - - -
Other financial
assets 107.69 - - 107.69 107.69 - - - -
32,723.94 75,281.23 1,981,426.25 2,089,431.42 2,089,431.42 1,847,998.29 47,683.42 161,025.77 2,056,707.48
Financial
Liabilities
instruments - 42.19 - 42.19 42.19 42.19 - - 42.19
Trade payables
and other financial
liabilities 25,312.83 - - 25,312.83 25,312.83 - - - -
25,312.83 42.19 - 25,355.02 25,355.02 42.19 - - 42.19
209
INVESTMENT
(` in lacs)
As at 31.03.2022
Amortised Fair value Fair value Total carry- Total fair Fair value
Particulars cost through through OCI ing value value
profit or Level 1 Level 2 Level 3 Total
loss
Financial Assets
Cash and cash

equivalents 1,033.30 - - 1,033.30 1,033.30 - - - -
Bank balances other

than cash and cash
equivalents 301.29 - - 301.29 301.29 - - - -
Loan 2.70 - - 2.70 2.70 - - - -
Investments
- in mutual funds - 25,525.54 - 25,525.54 25,525.54 - 25,525.54 - 25,525.54
- in Gsec - 7,868.91 - 7,868.91 7,868.91 7,868.91 - - 7,868.91
- in InvITs / REITs - 10,112.97 - 10,112.97 10,112.97 10,112.97 - - 10,112.97
- in equity shares - 5,541.85 1,990,321.70 1,995,863.55 1,995,863.55 1,908,082.37 - 87,781.18 1,995,863.55
- in exchange traded

funds - 296.51 - 296.51 296.51 296.51 - - 296.51
- in Bonds /
Debentures - - 33,911.84 33,911.84 33,911.84 - 33,911.84 - 33,911.84
Other financial
assets 114.60 - - 114.60 114.60 - - - -
6,845.23 51,897.85 2,024,233.54 2,082,976.62 2,082,976.62 1,926,360.76 59,437.38 90,333.25 2,076,131.39
instruments - 861.20 - 861.20 861.20 861.20 - - 861.20
Trade payables
and other financial
liabilities 1,281.36 - - 1,281.36 1,281.36 1,281.36 - - 1,281.36
1,281.36 861.20 - 2,142.56 2,142.56 2,142.56 - - 2,142.56
Investments in mutual funds, venture capital funds, InvITs and REITs are classified as fair value through the statement of profit and loss.
(b) Measurement of fair values
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level
1 to Level 3, as described below:
Level I: quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level II: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Level III: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.
(i) The management assessed that fair value of cash and cash equivalents, trade receivables, trade payables, and other financial assets and liabilities
approximate their carrying amounts largely due to the short-term maturities of these instruments
210
(ii) Financial assets and liabilities are stated at carrying value which approximates their fair value.
(iii) The fair values of the equity investment which are quoted, are derived from quoted market prices in active markets. The Investments measured at
fair value and falling under fair value hierarchy Level 3 are valued on the basis of valuation reports provided by external valuers with the exception
of certain investments, where cost has been considered as an appropriate estimate of fair value because of a wide range of possible fair value
measurements and cost represents the best estimate of fair values within that range
(iv) The fair value of the financial instruments that are not traded in an active market is determined using valuation techniques. The Group uses its
judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting
period.
(v) There have been no transfers between Level I and Level II for the years ended 31.03.2023 and 31.03.2022.
(vi) Reconciliation of Level III fair value measurement is as below:
(` in lacs)
31.03.2023 31.03.2022
Balance at the beginning of the year............................................................................................................ 90,333.23 54,680.44
Additions during the year.................................................................................................................................................................. 2,625.16 1,921.21
Sales during the year........................................................................................................................................................................... (2,050.73) (58.00)
Fair Value changes during the year................................................................................................................................................. 70,118.11 33,789.58
Balance at the end of the year....................................................................................................................... 161,025.77 90,333.23
(c) Derivative Financial Instruments

During the current year, the Group has entered into covered call / put option transactions on their existing portfolio. Credit risk arising from derivative
financial instruments is, at any time, is limited to those with positive fair values, as recorded on the balance sheet.
(d) Financial risk management
The Group has exposure to the following risks arising from financial instruments:
• Credit risk
• Liquidity risk; and
• Market risk
The Group has a risk management policy which not only covers the market risks but also other risks associated with the financial assets and liabilities
such as interest rate risks and credit risks.
The risk management policy is approved by the Board of Directors. The risk management framework aims to:
(i) create a stable business planning environment by reducing the impact of currency and interest rate fluctuations on the Company’s business plan.
(ii) achieve greater predictability to earnings by determining the financial value of the expected earnings in advance.
Credit Risk:
Credit risk is the risk of financial loss to the company if a customer or counter-party fails to meet its contractual obligations.
Trade receivables
Credit risk with respect to trade receivables is limited, since the trade receivables amount is immaterial.
Cash and cash equivalents

The Group holds cash and cash equivalents of ` 453.98 lacs at 31.03.2023 (31.03.2022: ` 1,033.30 lacs). The credit worthiness of such banks and
financial institutions is evaluated by the management on an ongoing basis and is considered to be good.
211
INVESTMENT
Liquidity Risk:
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they become due. The Group manages its liquidity risk by
ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
without incurring unacceptable losses or risk to the Group’s reputation.
The table below analyses the Group's financial liabilities into relevant maturity groupings based on their contractual maturities for:
* all non derivative financial liabilities.
* Derivative financial instruments for which the contractual maturities are essential for understanding the timing of the cash flows.
(` in lacs)
As at 31.03.2023 As at 31.03.2022
Derivative Trade Debt Other Derivative Trade Other

Financial Payables securities Financial Financial Payables Financial
Instrument Liabilities Instrument Liabilities
Carrying Value ............................... 42.19 387.17 24,043.63 882.03 861.20 358.56 922.80
Contractual Cash flows..................... 42.19 387.17 24,043.63 890.79 861.20 358.56 941.90
- Less than one year................................... 42.19 387.17 24,043.63 847.72 861.20 358.56 814.75
- Between one to five years.................... - - - 43.07 - 127.15
- More than five years............................... - - - - - - -
Market risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market rates and prices (such
as equity price, interest rates etc.) or in the price of market risk-sensitive instruments as a result of such adverse changes in market rates and prices.
The Group is exposed to market risk primarily related to the market value of its investments.
Interest rate risk :
Interest rate risk arises from effects of fluctuation in prevailing levels of market interest rates on the fair value of Bonds / Debentures / Gsec.
Exposure to interest rate risk :
Since the Company does not have any financial assets or financial liabilities bearing floating interest rates, any change in interest rates at the reporting
date would not have any significant impact on the consolidated financial statements of the Company.
Currency risk:
Currently company does not have transaction in foreign currencies and hence the company is not exposed to currency risk.
Price risk:
(a) Exposure
The company is exposed to equity price risk arising from investments held by the company and classified in the balance sheet either as fair value
through OCI or at fair value through profit or loss.
To manage its price risk arising from investment in equity securities, the company diversifies its portfolio. Diversification of the portfolio is done
in accordance with the limits set by the company.
The majority of the company's equity investments are listed on the Bombay stock exchange (BSE) or the National stock exchange (NSE) in India.
212
(b) Sensitivity analysis – Equity price risk
The table below summaries the impact of increases/decreases of the index on the company's equity and profit for the year. The analysis is
based on the assumption that the equity/index had increased by 2% or decreased by 2% with all other variables held constant, and that all the
company's investment in equity instruments moved in line with the index.
(` in lacs)
Impact on profit after tax Impact on other components of

equity
31.03.2023 31.03.2022 31.03.2023 31.03.2022
NSE / BSE Index - increase by 2%............................................. 712.26 116.77 35,853.25 38,050.81
NSE / BSE Index - decrease by 2%........................................... (712.26) (116.77) (35,853.25) (38,050.81)
Profit for the period would increase/decrease as a result of gains/losses on exchange traded funds equity securities classified as fair value through
profit or loss, if any. Other components of equity would increase/decrease as a result of gain/losses on equity securities classified as fair value
through other comprehensive income.
213
214
17. Maturity analysis of Assets and Liabilities :
The table below shows an analysis of assets and liabilities analysed according to when they are expected to be recovered or settled.
(` In lacs)
Within 12 months After 12 months Total Within 12 months After 12 months Total
ASSETS
Financial Assets
INVESTMENT
- Cash And Cash Equivalents........................................ 453.98 453.98 1,033.30 - 1,033.30

- Bank Balance other than Cash And Cash 3,477.42 - 3,477.42 301.29 - 301.29
Equivalents .....................................................................
- Trade Receivables.......................................................... 1,038.61 - 1,038.61 5,393.34 - 5,393.34

- Loan ................................................................................... 0.53 0.78 1.31 0.96 1.74 2.70
- Investments ..................................................................... 79,095.31 2,021,842.46 2,100,937.77 52,825.06 2,036,430.65 2,089,255.71
- Other Financial Assets.................................................. 10.80 96.89 107.69 5.18 109.42 114.60
Non Financial Assets
- Current Tax Asset (net)................................................. - 1,278.15 1,278.15 - 1,234.46 1,234.46
- Property Plant & Equipment...................................... - 26.82 26.82 - 18.64 18.64
- Goodwill on Consolidation........................................ - 1,344.16 1,344.16 - 1,344.16 1,344.16
- Other Intangible Assets............................................... - 6.13 6.13 - 8.94 8.94
- Right of use assets........................................................ - 117.97 117.97 - 196.62 196.62
- Other Non Financial Assets........................................ 71.01 43.53 114.54 65.84 38.04 103.88
TOTAL ASSETS.................................................... 84,147.66 2,024,756.98 2,108,904.55 59,624.97 2,039,382.67 2,099,007.64
LIABILITIES
- Derivative financial instruments.............................. 42.19 - 42.19 861.20 - 861.20
- Trade Payables................................................................ 387.17 - 387.17 358.56 - 358.56
- Debt securities................................................................ 24,043.63 - 24,043.63 - - -
- Other Financial Liabilities........................................... 841.21 40.82 882.03 804.41 118.39 922.80
Non Financial Liabilities
- Current Tax Liability (net)............................................ 157.49 - 157.49 171.53 - 171.53
- Provisions.......................................................................... 65.84 739.85 805.69 61.34 647.78 709.12
- Deferred Tax Liability (net).......................................... 5.68 125,183.82 125,189.50 235.60 127,945.09 128,180.69
- Other Non Financial Liabilities.................................. 29.58 - 29.58 26.95 - 26.95
TOTAL LIABILITIES............................................. 25,572.79 125,964.49 151,537.28 2,519.59 128,711.26 131,230.85
18. Additional information as required by Paragraph 2 of the General Instructions for Preparation of Consolidated Financial Statements to Schedule III to the Companies Act, 2013 :
As at 31.03.2023
(` in lacs) Notice
Net assets, i.e., total assets Share in profit or loss Share in Other Total Comprehensive Income
minus total liabilities Comprehensive Income
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated consolidated consolidated consolidated
net assets profit or loss profit or loss profit or loss
Parent:
Board’s Report
Tata Investment Corporation Limited.......... 99.13 1,940,225.25 95.64 24,090.26 99.68 (9,322.29) 93.26 14,767.97
Subsidiaries:
Indian
Simto Investment Company Limited........... 1.17 22,856.12 (2.23) (562.55) 0.08 (7.69) (3.60) (570.24)
Minority Interests
Indian
Simto Investment Company Limited........... (0.01) (189.02) 0.05 12.94 0.00 0.18 0.08 13.12
"Associates (Investment as per the
equity method)"
Indian
Tata Asset Management Private Limited... 0.82 16,075.15 7.48 1,884.59 0.24 -22.82 22.24 3,521.44
Tata Trustee Company Private Limited........ 0.03 510.21 0.01 3.10 - - 0.14 21.53
Amalgamated Plantations Private Limited. - - - - - - - -
Elimination............................................... (1.14) (22,299.46) (0.96) (240.88) - - (12.12) (1,918.98)
100.00 1,957,178.25 100.00 25,187.46 100.00 (9,352.62) 100.00 15,834.84
215
216
As on 31.03.2022
(` in lacs)
Net assets, i.e., total assets Share in profit or loss Share in Other Share of profit or
minus total liabilities Comprehensive Income loss (Including Other
Comprehensive Income)
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated consolidated consolidated consolidated
net assets profit or loss profit or loss profit or loss
INVESTMENT
Parent:
Tata Investment Corporation Limited........... 99.27 1,953,284.69 93.99 20,136.42 99.98 534,270.99 99.75 554,407.41
Subsidiaries:
Indian
Simto Investment Company Limited............ 0.44 8,667.24 4.36 933.49 0.01 78.44 0.18 1,011.93
Minority Interests
Indian
Simto Investment Company Limited............ (0.01) (202.14) (0.10) (22.17) 0.00 (1.94) 0.00 (24.11)
Associates (Investment as per the
equity method)
Indian
Tata Asset Management Private Limited.... 0.64 12,617.21 9.23 1,977.62 - (1.31) 0.60 3,349.54
Tata Trustee Company Private Limited......... 0.03 507.11 - 1.06 - - 0.01 36.81
Amalgamated Plantations Private Limited. - - (7.48) (1601.93) 0.01 40.85 (0.28) (1,561.08)
Elimination............................................... (0.37) (7,299.46) - - - - (0.25) (1,408.98)
100.00 1,967,574.65 100.00 21,424.49 100.00 534,387.03 100.00 555,811.52
Capital Management
19. The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development
of the business. The Group has adequate cash and bank balances. The Group monitors its capital by a careful scrutiny of the cash and bank balances,
and a regular assessment of any debt requirements. In the absence of any debt, the maintenance of debt equity ratio etc. may not be of any relevance
to the Group.
20. Following are the additional disclosures required as per Schedule III to the Companies Act, 2013 vide Notification dated March 24, 2021;
a. Details of Benami Property held:
There are no proceedings which have been initiated or pending against the Group for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 and rules made thereunder.
b. Wilful Defaulter:
The Group has not been declared as Wilful Defaulter by any Bank or Financial Institution or other Lender.
c. Relationship with Struck off Companies :
During the year, the Group does not have any transactions with the companies struck off under Section 248 of Companies Act, 2013 or Section
560 of Companies Act, 1956.
d. Compliance with number of layers of companies:
The Group has complied with the number of layers prescribed under clause (87) of Section 2 of the Act read with Companies (Restriction on
number of Layers) Rules, 2017.
e. Utilisation of Borrowed funds and share premium:
During the financial year ended 31.03.2023, other than the transactions undertaken in the normal course of business and in accordance with
extant regulatory guidelines as applicable.
(i) No funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed
funds or share premium or any other sources or kind of funds) by the Group to or in any other person or entity, including foreign entity
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly
or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Group (“Ultimate
(ii) No funds (which are material either individually or in the aggregate) have been received by the Group from any person or entity, including
foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Group shall, whether, directly
or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate
f. Undisclosed Income:
The Group does not have any transactions not recorded in the books of accounts that has been surrendered or disclosed as income during the
year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act,
1961). Also, there are nil previously unrecorded income and related assets.
g. Details of Crypto Currency or Virtual Currency:
The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year.
h. Capital work in progress (CWIP) and Intangible asset:
The Group does not have any CWIP and Intangible asset under development.
i. The Group has not revalued its Property, Plant and Equipment during the year as well as in previous year.
21. Events after Reporting date
There have been no events after the reporting date that require disclosure in these consolidated financial statements.
22. Previous year's figures have been regrouped, wherever necessary, to correspond with current year's classification.

Partner Partner
A. SEN (DIN: 00002593)
Directors
Company Secretary
217
FINANCIAL STATISTICS
(For the last 20 years)
(Rupees in lacs)
Year Paid up Reserves Total Invest- Other assets Total Total Profit Profit Dividend/ Dividend Realisable Debt/ Number of
Capital and Borro- ments (at less other Income Expenses before after Dividend on value of Equity companies
Surplus/ wings or below liabilities (including (including Tax Tax Tax Ordinary invest-ments ratio invested in
Other cost) (net) net net Shares (excluding
Equity interest) interest) (%) mutual
fund units)
As per IGAAP
2003-04 2297.36 37946.15 3875.18 45501.06 (1382.37) 9036.69 486.62 8550.07 8055.68 2617.62 101 118476 0.10:1 238
2004-05 2297.36 46357.29 633.70 51652.21 (2363.86) 11918.47 528.63 11389.84 11237.53 3148.25 120 149005 0.01:1 237
2005-06 3446.04 56807.47 417.89 62462.40 (1791.00) 17087.84 628.56 16459.28 16314.07 4715.21 120 243807 0.01:1 231
2006-07 3446.04 68635.94 53.31 75358.83 (3223.54) 20413.52 639.93 19773.59 18164.87 6047.54 150 221000 0.01:1 229
2007-08 3446.04 81066.83 - 88819.05 (4306.18) 21007.65 776.24 20231.41 18585.20 6047.54 150 306572 0.00:1 184
2008-09 3446.04 91080.56 44774.23 121921.98 17378.85 21344.33 997.00 20347.33 18629.02 6047.54 150 216627 0.00:1* 178
2009-10 4823.71 148153.89 - 130552.19 22425.41 23262.10 981.55 22280.55 19391.59 7256.39 150 363807 0.00:1 197
2010-11 4823.71 159144.91 - 129088.44 34880.18 24727.83 1281.18 23446.65 19858.86 8999.78 160 405853 0.00:1 205
2011-12 5509.53 186583.20 - 180760.84 11331.89 20234.92 1667.27 18567.65 16158.69 13446.96 210 447177 0.00:1 171
2012-13 5509.53 192280.21 - 194160.53 3629.21 20616.58 1464.55 19152.03 16713.92 10313.40 160 477733 0.00:1 158
2013-14 5509.53 201047.72 - 214161.54 (7604.29) 22304.67 1536.83 20767.84 17867.84 10957.99 170 529083 0.00:1 121
2014-15 5509.53 209434.64 - 223184.52 (8240.35) 23111.71 1509.39 21602.32 18651.32 11272.94 170 707252 0.00:1 124
2015-16 5509.53 218087.28 - 219735.37 3861.44 25207.28 1785.26 23422.02 20261.02 11272.94 170 665758 0.00:1 110
2016-17 5509.53 238951.66 - 242008.92 2452.27 27136.99 3129.07 24007.92 20237.92 11936.05 180 841863 0.00:1 111
2017-18 5509.53 251029.16 - 252072.29 4466.40 30976.69 2690.01 28286.68 23748.68 13284.03 200 1015853 0.00:1 109
2018-19 5059.53 776961.58 - 221957.42 (152070.51) 18184.45 2121.75 16062.70 14765.04 12199.06 200 934092 0.00:1 91
As per Ind AS
2019-20 5059.53 792335.62 - 233582.38 (7551.77) 14956.13 2034.80 12921.33 11864.11 9107.15 180 804947 0.00:1 88
2020-21 5059.53 1405960.62 - 254737.77 (59558.85) 14016.35 2015.15 12001.20 10883.41 12142.87 240 1470579 0.00:1 70
2021-22 5059.53 1948225.16 - 304703.18 (124743.60) 25351.90 2543.17 22808.73 20136.32 27827.42 550 2078028 0.00:1 87
2022-23 5059.53 1935165.72 - 322791.61 (106977.17) 28834.13 2978.93 25855.20 24090.26 24285.74 480** 2047202+ 0.00:1 85
Note : Previous years’ figures have been re-grouped wherever necessary.
* Zero coupon fully convertible bonds not considered as debt.
** Subject to shareholders approval.
+ Please see Note 6 of the Board's Report.

SUMMARY OF INVESTMENTS
DISTRIBUTION AMONG DIFFERENT INDUSTRIES AND CLASSES OF SECURITIES
(Quoted and Unquoted Investments)
As on As on
31.03.2023 31.03.2022
(%) (%)
I. Distribution among different industries /classes of securities as a percentage to the
book value -
Automobiles & Auto Components.................................................................................................................. 5.56 6.69

Banks.......................................................................................................................................................................... 6.92 12.32
Cement...................................................................................................................................................................... 1.56 2.47
Chemicals & Fertilizers......................................................................................................................................... 2.13 1.44
Engineering, Construction & Infrastructure................................................................................................. 2.80 2.21
Fast Moving Consumer Goods & Consumer Durables............................................................................. 7.74 10.28
Financial Services, Insurance & AMC.............................................................................................................. 22.36 15.05
Healthcare................................................................................................................................................................ 2.19 1.85
Hotels......................................................................................................................................................................... 3.86 4.75
Information Technology..................................................................................................................................... 3.00 3.47
Internet & Software Services............................................................................................................................. 1.19 0.99
Metals & Mining..................................................................................................................................................... 3.59 3.47
Oil and Natural Resources.................................................................................................................................. 4.63 4.23
Power Generation & Transmission.................................................................................................................. 0.85 0.24
Real Estate................................................................................................................................................................ 0.24 0.25
Retail.......................................................................................................................................................................... 3.78 3.44
Telecommunications............................................................................................................................................ 0.68 0.73
Transportation and Logistics............................................................................................................................. 0.22 0.91
73.30 74.79
II. Debenture/Bonds.................................................................................................................. 12.45 13.10
III. Mutual Funds/Venture Capital Funds/InvITs/REITs/Certificate of Deposits...................... 14.25 12.11
100.00 100.00
218

TICL Annual Report 2022 23

Uploaded by

Copyright:

Available Formats

TICL Annual Report 2022 23

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

TICL Annual Report 2022 23

Uploaded by

Copyright:

Available Formats

INVESTMENT CORPORATION LIMITED

Eighty Sixth Annual Report 2022-2023

CONTENTS BOARD OF DIRECTORS :

8. Book Closure and Dividend :

a. self attested scanned copy of the PAN Card; and

a) Visit the link: https://tcpl.linkintime.co.in/EmailReg/Email_Register.html

A. INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM THROUGH VC/OAVM

S. No. Name of the concerned person Contact details

B. INSTRUCTIONS FOR E-VOTING BEFORE / DURING THE AGM

I INSTRUCTIONS FOR REMOTE E-VOTING BEFORE THE AGM ARE AS UNDER :

Step 1: Access to NSDL e-Voting system

How do I vote electronically using NSDL e-Voting system?

Step 1: Access to NSDL e-Voting system

Type of shareholders Login Method

Login type Helpdesk details

Manner of holding shares i.e. Demat (NSDL or Your User ID is:

c) How to retrieve your ‘initial password’?

8. Now, you will have to click on “Login” button.

5. Upon confirmation, the message “Vote cast successfully” will be displayed.

II INSTRUCTIONS FOR E-VOTING DURING THE AGM ARE AS UNDER :

General Guidelines for shareholders

By Order of the Board of Directors,

Mumbai, 5th May, 2023

By Order of the Board of Directors,

Mumbai, 5th May, 2023

Pursuant to Regulation 36 of SEBI Listing Regulations,

Details of Director seeking re-appointment at the forthcoming Annual General Meeting

Name of the Director Mr. F. N. Subedar

1. FINANCIAL RESULTS (under Ind AS) :

(` in crore) (` in crore) (` in crore) (` in crore)

Opening balance of retained earnings ....................... 1,453.15 983.45 1,592.12 1,111.19

6. MANAGEMENT DISCUSSION & ANALYSIS :

Net Book value..................................................................................................................................... 2,577.56 2,493.31

Market value......................................................................................................................................... 18,439.81 19,541.76

Net Book value (including Mutual Funds) ................................................................................ 650.36 553.72

Estimated value ................................................................................................................................... 2,032.22 1,238.52

TOTAL BOOK VALUE

Net Book value of all investments ................................................................................................ 3,227.92 3,047.03

TOTAL MARKET VALUE

Total market value of quoted investments and estimated value of unquoted

BANK DEPOSITS ...................................................................................................... 31.83 -

TOTAL NUMBER OF INVESTEE COMPANIES ........................................................... 85 87

TOTAL EQUITY PER SHARE

After tax (`)............................................................................................................................................ 3,835 3,861

10YR GOLD SPOT PRICE (US)

Source: Bloomberg data, Company Analysis

RETURNS 2011-2015 2015-2019 2019-2023

Source: Bloomberg data, Company Analysis

NIFTY 50 Index vs MSCI World Index

MSCI WORLD INDEX

NIFTY 50 MSCI WORLD

Source: Bloomberg data, Company Analysis

 Source: https://tradingeconomics.com/, US Bureau of Labor Statistics

8. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS :

9. CONSOLIDATED FINANCIAL STATEMENTS :

2. Tata Trustee Company Private Ltd.

3. Amalgamated Plantations Private Ltd.

10. BOARD AND COMMITTEE MEETINGS :

11. DIRECTORS’ RESPONSIBILITY STATEMENT :

12. RISK MANAGEMENT :

Source: https://tradingeconomics.com/, US Bureau of Labor Statistics

6. (a) Amount spent on CSR Projects (both ` 665.48 lacs