| 1. OPERATIONS
The commercial complex and hotel projects were sold out under SARFAESI
Act during the financial year 2007-08. There have been no operations
during the year.
2. GOING CONCERN
The Company is also looking at the option of getting back into liquor
trading operations subject to obtaining necessary government approvals.
The Company is exploring the possibility of tying up with strategic
partners and/or infusion of funds by investors into the Company to take
up distillery operations in which it has experience. The Company is
also looking at possibilities of merger and restructuring which will
result in synergies.
3. a) All the equity shares carry equal rights and obligations including
for Dividend and with respect to voting rights.
b) The preference shares are redeemable in four equal installments of
Rs. 25 lakhs each at the end of 7th,8th,9th and 10th year from the date
of allotment i.e., 07.01.2013.
4. a. Alpic Finance Ltd: The Company has accepted the OTS for the Rs.
350.00 lakhs said amount, which was payable by 30.09.2002. However, the
Company has not complied with the terms of OTS.
b. East India Hotels Ltd: This amount is payable on account of
termination of technical services agreement with the party, and the
said amount is payable by the Company by 31.12.2002 vide agreement
dated 04.02.2002. The Company has made default in repaying the amount
along with interest.
5. PREFERENCE SHARES:
The Company had issued 1,00,000 12% Cumulative Redeemable Non
convertible Preference Shares of Rs. 100/- each to M/s. Lakshmi
Utility Finance Pvt Ltd on 07.01.2013. The Dividend is payable at 12%
on pro rata basis at the end of February and August each year. The
company has not paid any dividend so far and the cumulative dividend
payable amounting to Rs. 14,72,877/- has not been provided in the
books.
6. CONTINGENT LIABILITIES (Rs. In Lacs)
Claims against the company not acknowledged
as Debts: 2013-14 2012-13
For the A.Y from 90-91 to 93-94, in respect of
Liabilities pertaining to Wealth Tax issues of
BIPL amalgamated with BFI&EL. The company has
preferred an Appeal before High Court and the 58.08 58.08
same is pending. As per the expert legal advice
rendered, the Company is confident of winning
its Appeal and therefore no provision for tax
is deemed necessary.
For the A.Y from 95-96 to 01-02, the Income Tax
Appeals filed by the Company and the Income Tax
Dept have been held in favour of the Company by 3712.76 3712.76
the ITAT, Chennai deleting the entire demand
raised on the Company. However, as on date, the
Income Tax Dept has appealed to the Hon'ble
Madras High Court.
For the A.Y 2008-09, the company has received a
demand notice for Rs.1693.44 lakhs. The company
has appealed before Commissioner of Income Tax, 1693.44 -
Chennai. Based on the strength of the facts of
the case and the expert legal opinion rendered
to the Company, no provision for tax is deemed
necessary.
7. FOREIGN CURRENCY TRANSACTIONS: NIL (P.Y.NIL)
8. In respect of the Equity shares in M/s. Balaji Industrial
Corporation Ltd (BICL) acquired from M/s. Tourism Finance Corporation
Ltd, the transfer of such shares in Company's name is pending due to
non listing status of the Equity Shares in BICL in stock exchanges.
9. MICRO, SMALL AND MEDIUM ENTERPRISES:
The company has not received any information from the suppliers as
regards their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosure requirements in this regard
as per Schedule-VI of the Companies Act, 1956, could not be provided.
However there are no dues during the year to any of the suppliers.
10. Previous year figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
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