2.3 The Company does not have any holding company. As such the question of the holding company and ultimate holding company and their subsidiaries/associates holding shares in the Company does not arise.
2.4 As at the date of signing of the Balance Sheet, the Company does not have any shares reserved for issue under options and contracts.
2.5 As at the date of signing of the Balance Sheet, the Company has not made any commitments for sale of shares / disinvestment.
2.6 During the last five years
i) The Company has not made any allotment of shares, for consideration other than cash except as bonus shares.
ii) The Company has made allotment of shares as bonus shares.
iii) The Company has not bought back any shares.
2.7 The Company has not issued any securities convertible into equity or preference shares.
2.8 The Company has not issued any securities convertible into equity/preference shares.
2.9 No calls are remaining unpaid as at 31st March 2025
2.10 No shares have ever been forfeited by the Company.
2.11 Reconciliation of number of equity shares outstanding at the beginning and at the end of the year.
Primary Security
Cash Credit/Packing Credit Loans are Secured by first pari pasu charge on hypothecation of all present/future stock and receivables, all present/future current assets and personal guarantee of the promoter directors and Kanhai Singh Welfare Trust.
Collateral Security
First pari pasu charge on EQM of 7 properties in the name of Phoenix Overseas Limited. Pledge of TDR amounting to Rs. 2.15 crores in the name of Phoenix Overseas Limited.
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29. Contingent Liabilities
a) Under Commercial Tax Laws
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Sl. No.
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Nature of Demand
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Amount
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Description & Management Action
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1
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Customs Duty - For Financial Year 2007-08
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143.14
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Demand for Rs. 1,43,13,987 on account of Customs duty & Rs. 1,63,13,987 on account of Penalty has been raised against the Company by the Commissioner of Central Excise, Customs & Service Tax, Indore vide his order no. 05/COMMR/CUS/IND/2010 dt. 30.08.2010. In the order it has been stated that the Company has enjoyed the benefit of duty free imports under the Target Plus Scheme without adhering to the stipulations of the scheme. The Company has gone for appeal against the order, before the Customs, Excise and Service Tax Appellate Tribunal, New Delhi. The final disposal of the appeal is pending.
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2
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Penalty - For Financial Year 2007-08
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163.14
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3
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Customs Duty - For Financial Year 2015-16
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29.65
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The Jt. Comm. Of Customs(Preventive), CC(P), WB, Kolkata has vide Adjudication Order No. 25/JC(P)/CUS/WB/17-18, dated 28/08/2017 ordered recovery of the Customs duty along with interest, alleging that the Company has supressed material facts resulting in wrongfully availment of exemption from payment of Customs duty against imports. The Company has filed an appeal against the order.
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4
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Penalty - For Financial Year 2015-16
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3.00
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The Jt. Comm. Of Customs(Preventive), CC(P), WB, Kolkata has vide Adjudication Order No. 25/JC(P)/CUS/WB/17-18, dated 28/08/2017 ordered recovery of the Customs duty along with interest and penalty, alleging that the Company has supressed material facts resulting in wrongfully availment of exemption from payment of Customs duty against imports. The Company has filed appeal against the order.
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5
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Customs Duty - For Financial Year 2015-16
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31.48
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The Jt. Comm. Of Customs(Preventive), CC(P), WB, Kolkata has vide Adjudication Order No. 23/JC(P)/CUS/WB/17-18, dated 22/08/2017 ordered recovery of the Customs duty along with interest, alleging that the Company has supressed material facts resulting in wrongfully availment of exemption from payment of Customs duty against imports. The Company has filed an appeal against the order.
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6
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Penalty - For Financial Year 2015-16
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3.00
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The Jt. Comm. Of Customs(Preventive), CC(P), WB, Kolkata has vide Adjudication Order No. 23/JC(P)/CUS/WB/17-18, dated 22/08/2017 ordered recovery of the Customs duty along with interest and penalty, alleging that the Company has supressed material facts resulting in wrongfully availment of exemption from payment of Customs duty against imports. The Company has filed an appeal against the order.
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7
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Demand for refund of excess GST ITC for Financial Year 2019-20
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109.24
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The Additional Commissioner CGST & Cx, Kolkata North has vide order dated 30/08/2024 has disallowed alleged excess input tax credit of Rs. 109.24 lacs along with applicable interest and has imposed penalty of Rs. 10.92 lacs. The company has filed appeal against the order with the High Court at Kolkata and has deposited an amount of Rs. 10 lacs.
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10.92
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b) Corporate Guarantee given to Bank to secure credit facilities extended to BCPL Railway Infrastructure Limited, amounting to Rs. 8500 lacs, Previous year Rs. 8500 lacs, BCL Bio Energy Private Limited Rs. 4779 Lacs, Previous Year Rs. 3419 Lacs.
c) Foreign Bills negotiated on behalf of the Company by the Bank, pending realization by the Bank Rs. 5718.03 Lacs P.Y. Rs. 5938.07 Lacs
30. In the opinion of the management, since no reasonable estimates of probable outflow, on account of present obligations, of the Company can be made no provision has been made under the stipulations of AS-29 issued by the ICAI.
c) All Loans or Advances in the nature of loans are granted to promoters, Directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person, are repayable.
d) No proceedings have been initiated or are pending against the company for holding any Benami property under the Benami Transactions (Prohibition), Act, 1988 (45 of 1988) and the rules made thereunder.
e) To the best of the information available, the company has not entered into any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
f) There are no charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period allowed for such registration.
g) No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013, in relation to the Company.
h) The Company has not traded or invested in Crypto currency or Virtual Currency.
i) Company has used the share premium and borrowings from banks and financial institutions for the specific purpose for which it was taken at the balance sheet date.
j) The figures in these accounts have been rounded off to nearest lakhs of rupees.
k) Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts.
l) The company is not a declared wilful defaulter by any bank or financial institution or other lender.
m) Relevant provisions of the Foreign Exchange Management Act, 1999 (42 of 1999) and Companies Act has been complied with for such transactions and the transactions are not violation of the Prevention of Money-Laundering act, 2002 (15 of 2003).
n) There are no instances of noncompliance with the provisions of number of layers as prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.
o) Previous year figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.
p) Additional Regulatory Information/Disclosures as required by General Instructions to Division I of Schedule III to the Companies Act, 2013 are furnished to the extent applicable to the Company and which are in line.
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