Wash, peel and grate the carrots. Rinse and dry the sultanas. Chop the nuts finely and reserve some for garnishing. Grind the cardamoms and cloves into a fine powder using a mortar and pestle.
Heat the ghee in a heavy non-stick saucepan until it melts. Add the cardamom, clove and nutmeg powders to the ghee until it begins to give off aroma of the roasting spices. Add the chopped nuts; cook until you get the aroma of the roasting nuts.
Add the grated carrots to the saucepan. Keep sauteeing the grated carrot until the water begins to evaporate and the volume of carrots in the saucepan appears to lessen.
Add milk. Let the carrots cook in the milk until almost dry. Keep stirring and cook over a low heat to avoid burning. Add the cream and sweetened condensed milk; continue stirring until the mixture becomes slightly dry again.
When the condensed milk and cream are absorbed, and the carrots are thoroughly cooked, only then add the sugar (according to the sweetness you prefer.)
Continue cooking until the liquid dries up and the halwa leaves the sides of the saucepan. Garnish with the remaining nuts and serve warm or chilled with a scoop of vanilla ice cream.