| The Company has in May 2015 received Sales Tax Demand of Rs. 439 lacs
in respect of Assessment Orders passed by the Sales Tax Officer under
BST Act, 1959 & CST Act, 1956 for the financial years 2001-02 to 2004-
05. As per legal opinion received from the tax consultants, the Company
has already filed appeals disputing the said demands including interest
and penalty. Taking into account the advice received from the tax
consultants, in respect of the said demands, the Company has already
made a provision of Rs. 56.93 lacs in the accounts for the financial
year ended 31st March, 2015 & the balance Rs. 382.35 lacs has been
shown under 'Contingent Liabilities'.
1. Income Tax Assessments are completed upto the Assessment year
2012-13 in terms of order issued under section 143 (3) of the Income
Tax Act, 1961. The company does not expect any liability for the
pending assessments.
2. In terms of the Development Agreement dated 31.12.2003 and
Supplementary Agreements dated 30.01.2004 and 01.03.2004 respectively
entered into with Skyline Residency Pvt. Ltd. for development of the
Company's land at Kurla-Kirol Road, Ghatkopar (W), admeasuring
35,577.89 Sq. Mtrs., the Company was entitled to upfront consideration
of Rs. 1,440 Lacs and 74,446 Sq. ft. saleable area.
The Company has accounted for the said amount of Rs. 1,440 Lacs towards
the upfront consideration during the financial year ended 31st March,
2004. The details of entitlement of the Company of 74, 446 Sq. ft.
saleable area is as under:
3. Company has filed a suit on Nesco Ltd. (Formerly known as New
Standard Engineering Co. Ltd) for the recovery of its Security Deposit
of Rs. 15,00,000/- along with interest.
34) DUES TO MICRO AND SMALL ENTERPRISES :
Disclosure of payable to vendors under the "Micro, Small and Medium
Enterprise Development Act, 2006 ('MSMED Act') " is based on the
information available with the Company regarding the status of
registration of such vendors under the said Act, as per the intimation
received from them on requests made by the Company. This has been
relied upon by the auditors.
There are no overdue principal amounts/interest payable amounts for
delayed payments to such vendors at the Balance sheet date. There are
no delays in payment made to such suppliers during the year or for any
earlier years and accordingly there is no interest paid or outstanding
interest in this regard.
4. EMPLOYEE BENEFITS
i) Short Term employee benefits:
The liability towards short term employee benefits for the year ended
31st March 2014 has been recognized in the Statement of Profit and
Loss.
ii) Post-employment benefits:
The following disclosures are made in accordance with AS-15(Revised)
pertaining to Defined Benefit Plans.
5. Previous year's figures have been rearranged and regrouped wherever
necessary to correspond with the figures of the current year.
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