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CONTINGENT LIABILITY & COMMITMENTS
(i) Contingent Liabilities not provided for:
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(Amount in ? Lakhs)
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Particulars
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As at 31st March, 2023
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As at 31st March, 2022
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(a) Service Tax Demand and Penalty for period April 2016 to June 2017
The Company has filed appeal in respect of above demand before CESTAT.
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39.60
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-
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(b) Stamp Duty demand raised by Stamp Duty Department on Demerger of AAC Block Division of Mohit Industries Limited in the Company.
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28.38
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28.38
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(ii) Commitments:-
(a) Estimated amount of contracts remaining to be executed on capital account and not provided for is W326.00 Lakhs (P.Y NIL) against which advance paid is W 130.77 Lakhs (P.Y NIL).
(b) Uncalled Liability on shares and other investments partly paid W NIL (P.Y. W NIL)
(c) Other Commitments W NIL (P.Y. W NIL)
The above information disclosure regarding Trade Payables of Micro, Small and Medium Enterprises is made by the Management as per information from suppliers’ regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and relied upon by Auditors. The liability to pay interest u/s 16 of MSMED Act is provided in books of accounts as and when same is claimed by supplier by raising Debit Note in respect of the same. Accordingly, the above disclosure has been given as per liability of Trade Payable shown in the books of accounts of the Company.
(ii) Process risk management involves assurances by the Company’s internal audit department regarding the effectiveness of business and financial controls and processes in all key activities across the various business processes.
(iii) Compliance risk management comprises a detailed mechanism of assurances with respect to adherence of all laws and regulations, with a comprehensive reporting process that cascades upwards from the accountable business line executives to BCL’s Audit Committee and then on to the Board of Directors.
The outcomes of business review meetings conducted by management and internal audit regarding processes and their compliance, as well as observations of the Audit Committee and the Board of Directors are continuously incorporated to capture new risks and update the existing ones. All three dimensions of BCL’s Risk Management framework are reviewed annually for their relevance and modifications, as required. The businesses and internal audit make regular presentations to the Audit Committee for detailed review. The risk management process, including its tracking and adherence, is substantially enabled for greater consistency and better reporting capabilities.
Explanation: There was no income generated from investment activity during current year.
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