| Note 1. Contingent liabilities not provided for -
a) Guarantees given by the Company pursuant to the Joint Sector
Agreement to Rajasthan Industrial & Investment Corporation for Rs.60
lacs for the financial assistance provided by them to Rajasthan
Communications Limited, a Company under liquidation.
b) Demand for additional rent aggregating to Rs. 3990.33
Lacs (Including Interest of f 2034.51) raised by the Estate Officer
(Air India Ltd.) in respect of the premises taken on Leave & Licence
basis by the Company. The Company has disputed the said demand. The
appeal is pending before the Hon'ble High Court against the order
passed by the City Civil Court.
c) Demand raised by Govt. Of India under Cement Control (Regulation of
Production) Order,- aggregating to Rs. 69.52 Lacs with interest @ 18%
for manufacturing of colour cement by the Company. The Company has
disputed the said demand. The review petition is pending before the
Delhi High Court.
As per the Sanction Scheme of BIFR, the Company is liable to pay 10% of
the crystallised dues as stated above (without any interest and other
charges) to unsecured and contingent creditors.
2. Certain assets of erstwhile sugar division of the company were
given on leave and licence basis to Kanoria Sugar & General
Manufacturing Co Ltd (KSGM) under the scheme of arrangement for hiving
off of the Sugar division of the Company. In terms of the said
arrangement, KSGM was entitled to purchase these assets on or before
30.6.99 at a lumpsum value of Rs.10 lacs. The value of abovementioned
assets stand fully depreciated in the books of the company.
3. Previous year's figures have been regrouped / rearranged wherever
necessary. The figures given in brackets are for the previous year.
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