| Right, Preferences and Restriction attached to shares Equity shares
The company has only one class of Equity having a par value Rs. 10.00
per share. Each shareholder is eligible for one vote per share held. In
the event of liquidation, the Equity shareholders are eligible to
receive the remaining assets of the company after distribution of all
preferential amounts, in proportion to their shareholding.
Note No. 1 Transactions with Related Parties
As per Accounting Standard 18, issued by the ICAI, the disclosure of
transactions with the related parties as defined in the Accounting
Standard are as given below:
Names of related parties and description of relationship
1. Hitraj Realities Pvt. Ltd.
Enterprise under significant influence
Hitraj Traders of key management personnel or
their relatives
Balaji Nandan Infracon Developers Pvt. Ltd.
Akash Enterprise
Chaitanya Cineworld Pvt. Ltd.
Bleach Marketing Pvt. Ltd.
Radheshyam Land Developers Pvt. Ltd.
Maruti Nandan Hotel Estate Pvt. Ltd.
Primerose Mercantile Pvt. Ltd.
Hitraj Developers Pvt.Ltd.
2. Key Management Personnel Mr. Hitesh M Bagdai
Kantilal Kalidas Khakhar Ketan Dhuleshia Janish N Ajmera Bhavdeep V
Vala
3. Relatives of Key Management Poonam H Bagdai Personnel
Note No. 2 Income Tax Provision
The Hon'ble Gujarat High Court has admitted appeal of the Income Tax
Department against the order of the Income Tax Appellate Tribunal
deciding the Interest Tax matter in favour of the company relate to
A.Y. 1988-89 to 1994-95. In view of the ITAT's order in favour of the
company no provision for tax liability has been made.
Note NO. 2 Deferred Tax
Deferred Tax has been provided in accordance with AS-22 Accounting for
Taxes on Income issued by The Institute of Chartered Accountants of
India with effect from 1st April 2001.
The breakup of net Deferred Tax Liability as on 31st March, 2015 is as
under:
Notes :
1. As defined in paragraph 2(1)(xii) of the Non Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions,
1998.
2. Provisions norms shall be applicable as prescribed in non banking
financial (Non deposit accepting or holding) companies prudential norms
(Reserve Bank) Directions, 2007.
3. All accounting standards and guidance note issued by ICAI are
applicable including for valuation of investments and other assets as
also assets acquired in satisfaction of debt. However, market value in
respect of quoted investments and break up/ fair value/ NAV in respect
of unquoted investments should be disclosed irrespective of whether
they are classified as long term or current in (4) above.
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