Deferred Tax
Company has not recognised deferred tax asset as there in no reasonable certainty that in future sufficient taxable income will be available against which such deferred tax asset can be realized.
iii. There is conversion of 2870000 Preference shares into 2800000 Equity shares.
iv. 276109 equity shares of Rs. 10/- each were issued for a consideration other then cash in pursuant of a contract.
(a) The Amount of Rs.19.75 lacs (Rs.19.75 lacs) standing to the credit of Capital Suspense Account required to be converted into paid up equity capital of the Company by issue of 1,99,345(1,99,345) fully paid up Equity Shares of Rs.10 each for consideration other than cash to the resident stock holders of erstwhile Indian Copper Corporation Limited, Holding 7,49,860 (7,49,860) units of stock as and when they will surrender their stock certificates as per the agreement dated 3rd January,1977 entered into with the liquidators of Indian Copper Corporation Limited (in Member's Voluntary Liquidation).
(b) Capital Reserve amounting to Rs.32,78,841 represents the excess of assets over liabilities taken over from the Liquidators of Indian Copper Corporation Limited (in Member's Voluntary Liquidation, hereinafter referred to as ICCL) as per the agreement dated 3rd January,1977 and 700000 represents reserve arising on conversion of preference shares into equity shares.
Sundry balances written off in the profit and loss account pertain to amounts previously payable to creditors that are no longer payable.
These amounts have been written back and credited to the profit and loss account as other income, reflecting a true and fair view of the company's financial position."
20. Previous year's figures have been regrouped/ reclassified/restated wherever necessary to correspond with the current year's classification/disclosures._
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