1 Corporate Guarantee

The Company had provided corporate guarantee on behalf of Bhagyodaya Infrastructure Development Limited, the principal contractor for few projects undertaken by the Company, for availing credit facility to the extent of Rs. 99.00 million from State Bank of India. Loan Outstanding as on 31st March 2015 is Rs.111.20 million including interest.

2 Other money for which the company is contingently liable

a) -In respect of the matter described in Note 32(b), the Company has received Appeal orders for Assessment year 2004-05 to 2010-11 passed by CIT (Appeals) 38, Mumbai and also received demand notice U/s 156 of the Income Tax Act, 1961. As per the said demand notice, the Income Tax department has raised demand for Income Tax and interest thereon for an amount of Rs.1719.91 millions. However, the company has contested the said order and the demand raised thereon by fling appeal before Income Tax Appellate Tribunal.

-The Company has received Assessment orders for Assessment year 2011-12 passed by Dy. Commissioner of Income Tax, Centre Circle-47, Mumbai U/s 143(3) of Income Tax Act 1961 and also received demand notice U/s 156 of the Income Tax Act 1961. As per said demand notice, the Income Tax department has raised demand for Income Tax & Interest thereon for an amount of Rs.113.60 millions. However the company has contested the said order and the demand raised thereon by filling appeal before Commissioner of Income Tax (Appeals).

The Company has received Assessment orders for Assessment year 2012-13 passed by Dy. Commissioner of Income Tax, Centre Circle-47, Mumbai U/s 143(3) o f Income Tax Act 1961 and also received demand notice U/s 156 of the Income Tax Act 1961. As per said demand notice, the Income Tax department has raised demand for Income Tax and Interest thereon for an amount of Rs.50.80 millions. However the company has contested the said order and the demand raised thereon by filling appeal before Commissioner of Income Tax (Appeals).

The Company is confident that it will succeed in the appeals filed based on the available documents & evidence and the liability will not materialize.

b) On account of dispute with a customer where matter is sub-judice -66.48 mn

c) Suits filed against the Company under section 138 read with Section 141 of the Negotiable Instrument Act, 1881 Rs.1001.40 mn.

d) Suit filed challenging the environmental clearance granted to a project of the company (Amount not ascertainable)

e) Complaint against the Company for contravention of Environmental Protection Act, 1986. (Amount not ascertainable)

f) Complaint with State Consumer dispute Redressed Commission, Maharashtra and National Consumer Dispute Redressed Commission, New Delhi. (Amount not ascertainable)

g) Complaint under section 3 read with section 13 of Maharashtra Ownership Flats (Regulation of production, of construction ,sale, Management & transfer) Act, 1963. (Amount not ascertainable)

h) LIC Housing Finance Ltd. has initiated action under Section 13(2) and 13(4) of the SARFAESI Act, 2002 by taking physical possession of the property (including land) belonging to the subsidiary company Ahinsa Buildtech Private Limited viz., ORP (excluding 155 apartments).. The Company has filed an application with the Debts Recovery Tribunal, seeking an order to restrain from taking further steps. The Humble tribunal has granted an interim relief vide its order dated 29.04.2014, allowing the company to access the property for development with certain conditions.

i) IFCI limited has initiated action under Section 13(2) and 13(4) of the SARFAESI Act, 2002 for recovery of their dues. We are in continuous discussion with them for settlement and other avenues for repayment of the balance term loan.

j) A lender Bank has initiated actions under the provisions of the SARFAESI Act, 2002 for recovery of their dues. 3. Claims made against company not acknowledged as obligation Rs.43.19 millions

3. Segment Reporting

The Company's business activities fall within a single segment, viz. real estate and redevelopment and predominantly operates in domestic market. Accordingly, disclosure requirements under Accounting Standard (AS) 17 'Segment Reporting', is not applicable.

4. Trade Receivables, Trade payable and loans and advances are subject to confirmation and reconciliation, if any

5. Borrowing cost

Borrowing cost specific to Project is capitalized as project cost and are charged to revenue based on percentage completion. Other Borrowing costs are charged to revenue.

Borrowing costs amounting to Rs.971.48 millions (Previous Year Rs.1,384.52 millions) has been charged to revenue during the year.(including portion of accumulated interest).

6. Related Parties

1 List of related parties

a Subsidiary company

1 Orbit Highcity Private Limited 52.57 % Subsidiary company

2 Ahinsa Buildtech Private Limited 85 % Subsidiary company

3 Orbit Habitat Private Limited 100 % Subsidiary company

4 Orbit Residency Private Limited 100 % Subsidiary company

5 Mazda Construction Company Private Limited - Upto 08.12.2014 75.19% Subsidiary company Step Subsidiary

6 Karmik Designs Private Limited - Upto 08.12.2014 Wholly owned subsidiary of Mazda Construction Company Private Limited

b Key Management Personnel

1 Mr. Ravi Kiran Aggarwal Chairman & Executive Director

2 Mr. Pujit Aggarwal Managing Director & CEO

3 Mr. Manoj Raichandani - (w.e.f. 07.07.2014 upto 24.02.2015) Chief Financial Officer

4 Ms.Smita Pramanik - (w.e.f. 24.02.2015 upto 30.05.2015) Chief Accounting Officer

5 Mr. Shivratan R.Soni - (Upto 31.12.2014) Company Secretary

6 Mr. Manoj Jain - (w.e.f. 09.03.2015 upto 08.05.2015) Company Secretary c Others

Enterprises over which Key Managerial Personnel are able to exercise Significant influence

1 Apex Hotel Enterprises Private Limited

2 Emgee Foils Private Limited

3 Orbit Compel Infra-Build Private Limited

4 Orbit Entertainment Private Limited

5 Orbit Exquisites Housing Private Limited

6 Orbit Infraserve Private Limited

7 Orbit Socio Foundation

8 Revati Academic & Infrastructure Private Limited

9 Ambuj Infrastructure Private Limited

10 Brio Academic Infrastructure and Resource Management Private Limited

11 Nitika Multitrading Private Limited

12 Orbit Abode Private Limited

13 Orbit Dwelling Private Limited

14 Orbit Edward Private Limited

15 Orbit Evolve Developers Private Limited

16 Orbit Lifestyle City Developers Private Limited

17 Orbit Parkcity Private Limited

18 Orbit Parkland Developers Private Limited

32. Note on Taxes

a "The Company considering interlaid, the legislative intent of the provisions of the Section 80-IB (10) of the Income Tax

Act, 1961, particularly with respect to the deduction of the profits derived from redevelopment of buildings/properties, is of the considered opinion that it shall be entitled to a 100% deduction of its profits derived from such property redevelopment activities undertaken in accordance with Development Control Regulations (DCR) in force in the state of Maharashtra, notwithstanding approvals etc. in terms of provisions of the said Section 80-IB (10). Accordingly the taxable profit computed in accordance with the provisions of Income Tax Act, 1961 have been reduced to the extent of claim u/s. 80-IB (10).

"The company has applied for admission at settlement commission for various issues inter alia under section 80-IB(10) claim made by the Company, to which Income Tax department had contested upon.

The company has been granted interim relief in form of stay order against abatement of all cases. In view of the matter being subject of scrutiny by Settlement Commission and further verification of facts, the same is subjudice for deduction u/s 80 - IB(10). Submission of facts & justification of the said claim is in process through various hearing from time to time at the Humble Income Tax Settlement Commission.

There is no change in the cumulative provision for tax in view of loss during the financial year ended 2015 (A.Y 2015-16) In addition to the amount of Rs. 971.43 millions provided cumulative for previous years for tax, Rs. 776.79 millions may be an additional amount for the same in case the deduction U/s 80 IB (10) is not available for such previous years.

b The Company inter alia had received notice U/s 153A of the Income Tax Act, 1961 in respect of search carried out by the relevant authority in February 2010. The Company has filed return for the same and also for the cases pending with Humble Income Tax Settlement Commission. The Income Tax department has passed orders assessment year wise in response to the said returns filed by the Company. However the company has contested the said orders and the demand raised thereon by filing appeal before Income Tax Appellate Tribunal. [Refer note 26 2(a) for details]

7. Employee Stock Options

a ESOP Scheme 2012

1 At an Annual General Meeting held on 24th September, 2012 resolution to grant up to 1,200,000 options to employees was approved which entitles the option holders to subscribe to one equity shares of the company of face value of Rs.10 per option granted at grant price on such terms and conditions as may be fixed or determined by the board.

2 At Annual General Meeting held on 24th September, 2013 total options which may be granted were further modified to 2,400,000.

3 Compensation Committee had granted 12,00,000 fresh options under Orbit ESOS 2012 at an exercise price of Rs.10/- per option on 1st July 2013, as Grant 1.

4 The Options have been granted at exercise price of Rs. 10 per option as against the market price of Rs.16.40 per share at the time of grant and have a vesting period of one year from the date of grant.

5 During the year, 1,25,000 options were granted at Exercise price of Rs.10/- Per Option as against the Market Price of Rs.21.05 per share at the Time of Grant , as Grant 2. The vesting period is spread over 5 Years in equal proportion.

6 During the year 1,39,980 Options have lapsed out of Grant 1 due to separations and 9,81,820 Options of grant 1 were outstanding as on 31st March 2015

Note: The difference in basic and diluted EPS is insignificant under both the methods.

8. Staff benefits cost in accordance with Accounting Standard 15 (Revised 2005) Retirement Benefits: Payments under defined contribution plans like Provident Fund and Family Pension have been charged to Profit & Loss Account as and when made.

Disclosure for defined benefit plan - Gratuity (non funded):

"The Company provides for gratuity benefit under a defined benefit retirement scheme (the "Gratuity Scheme") as laid out by the Payment of Gratuity Act, 1972 of India covering eligible employees. The Gratuity Scheme provides for a lump sum payment to employees who have completed at least five years of service with the Company, based on salary and tenure of employment. Liabilities with regard to the Gratuity Scheme are determined by actuarial valuation carried out using the Projected Unit Credit Method by an independent actuary. The Gratuity Scheme is a non-funded scheme and the Company intends to discharge this liability through its internal resources.

9. Remuneration paid to the Executive Chairman and Managing Director & CEO amounting to Rs.9.60 millions is subject to Central Government approval.

10. Corporate Social Responsibility Expenditure

In view of the losses being incurred ,no amount is required to be spent on corporate social responsibility expenditure in terms of section 135 of companies Act,2013.

11. Previous Year Figures

The previous year's figures have been recast / regrouped / rearranged wherever considered necessary.

12. The total value of sales for project mentioned in note 36 for which revenue recognition is applicable is Rs.11,600 millions. Out of which Rs.8,684 millions was recognized in previous year and Rs.1158.33 millions is recognized revenue for the year as per percentage completion method. The remaining amount i.e. outstanding book size is Rs. 1,757 millions.