188 Annual Report 2023-24 Atul Ltd on the Auditors’ Reports of the Parent company, subsidiary companies, associate company and a joint venture company incorporated in India. Our report expresses an unmodified opinion on the adequacy and operating effectiveness internal financial controls with reference to Consolidated Financial Statements of those Companies, for the reasons stated therein. R eporting on the adequacy of internal financial controls with reference to Consolidated Financial Statements and the operating effectiveness of such controls under Section 143(3)(i) of the Act is not applicable to the joint operation of the Group as it is a limited liability partnership. h) 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, and based on the Auditor’s Reports of subsidiary companies, associate companies and joint venture companies incorporated in India the remuneration paid by the Parent and such subsidiary companies, associate companies and joint venture companies to its Directors during the year is in accordance with the provisions of Section 197 of the Act. i) With respect to the other matters to be included in the Auditor’s 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: i. The Consolidated Financial Statements disclose the impact of pending litigations on the consolidated financial position of the Group, its associate company and its joint venture company – Refer Note 30.1 to the Consolidated Financial Statements; i. The Group, its associate company and its joint venture company did not have any material foreseeable losses on long-term contracts including derivative contracts. ii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Parent, its subsidiary companies, associate company and a joint venture company incorporated in India. iii. a) The respective Managements of the Parent and its subsidiary companies and associate company which are companies incorporated in India, whose Financial Statements have been audited under the Act, have represented to us and to the other Auditors of such subsidiary companies and associate company respectively that, to the best of their knowledge and belief, other than as disclosed in Note 30.19 to the Consolidated Financial Statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Parent or any of such subsidiary companies or associate company to or in any other person or entity, including foreign entities (Intermediaries), with the understanding, whether recorded in 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 companies or associate company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the ultimate beneficiaries. b) The respective Managements of the Parent and its subsidiary companies and associate company which are companies incorporated in India, whose Financial Statements have been audited under the Act, have represented to us and to the other Auditors of such subsidiary companies and associate company respectively that, to the best of their knowledge and belief, other than as disclosed in the Note 30.19 to the Consolidated Financial Statements, no funds have been received by the Parent or any of such subsidiary companies or associate company from any person or entity, including foreign entities (funding parties), with the understanding, whether recorded in writing or otherwise, that the Parent or any of such subsidiary companies or associate company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner
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