Dreamfolks Services has informed that the Company had paid an amount aggregating to INR 235.54 million (disclosed as Capital Advance and Security Deposit in the Balance Sheet as on March 31st, 2022) to few related and independent parties towards security deposit or advances for investment in or leasing out properties/plots. Since the nature of these transactions was not directly related to the core business, the company alongside the Board determined that these transactions would be terminated. The said arrangements have now been terminated and the amount aggregating to INR 235.54 million has been refunded back to the Company before March 31st, 2023. Furthermore, the company has not entered into any other similar transactions ever since and does not intend to do so in future.
The above information is a part of company’s filings submitted to BSE.
