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of <h1>Contingent Liabilities and Notes Explained Under Insolvency and Bankruptcy Board of India Rules, 2018: Key Financial Insights</h1> The contingent liabilities and notes on accounts as per the Insolvency and Bankruptcy Board of India (Form of Annual Statement of Accounts) Rules, 2018. It includes claims not acknowledged as debts, bank guarantees, letters of credit, and disputed tax demands. Capital commitments and lease obligations are detailed, with management asserting the value of current assets and loans. No income tax provision is made due to the absence of taxable income. It also covers foreign currency transactions, including imports and expenditures, and auditor remuneration. Previous year figures may be adjusted, and the schedules form part of the financial statements.
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