Amal Ltd | Annual Report 2022-23 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 any of such subsidiary to or in any other person or entity, including foreign entities (intermediaries), with the understanding, whether recorded i n writing or otherwise, that the intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company or any of such subsidiary (Ultimate Beneficiaries) or provide any guarantee, security or the l ike on behalf of the ultimate beneficiaries. b) T h e r e s p e c t i v e Managements of the C o m p a n y a n d i t s subsidiary companies, which are incorporated in India, whose Financial Statements have been audited under the Act, have represented to us and to the other Auditors o f s u c h s u b s i d i a r y companies respectively 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 any of such subsidiary f rom any pe r son o r entity, including foreign entities (funding parties), with the understanding, whether recorded i n writing or otherwise, that the Company or any of such subsidiary shal l , 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 Beneficiary) or provide any guarantee, security or the like on behalf of the ultimate beneficiaries. c) Based on t he aud i t procedures that has been considered reasonable and appropriate in the circumstances performed byusandthoseperformed by the auditors of the subsidiary, which are companies incorporated in India, whose Financial Statements have been audited under the Act, nothing has come to our notice that has caused us to bel ieve that the representations under Sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any mater ial misstatement. v. TheParentanditssubsidiarywhich are companies incorporated in India, whose financial statements have been audited under the Act, have not declared or paid
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