The company has only one class of Equity Shares having face value of Rs. 10/- per share. Each shareholder is eligible for one vote per share. The dividend proposed by the board of Directors, if any, is subject to the approval of shareholders. In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amount, in proportion to their shareholding.

(B) Information regarding issue of shares in the last five years

(a) The Company has not issued any shares without payment received in cash

(b) The Company has not issued any bonus shares

(c) The Company has not undertaken any buy back of shares

Details of Securities & Terms of repayment to Secured Long Term borrowings

The Corporate Debt Restructuring Empowered Group (CDR - EG) has approved CDR package. The CDR related documents have been executed and security creation stands completed except pledge of 1,832,453 (Previous Year 3,442,853) equity shares of Promoters holdings.

*** In addition to above, borrowings (CDR lenders only) are further secured by:

a) Pari Passu Charge on the loans & advances, Investments & any other unencumbered assets of the Company

b) Pledge of the 9,642,146 (P.Y. 9,604,753) equity shares of the company comprising of 78,09,693 (P.Y. 61,61,900) equity shares already pledged to the CDR lenders and 1,832,453 (PY. 3,442,853) unencumbered shares of the promoters. In addition 3,000,000 (P.Y. 3,000,000) equity shares of the company are already pledged with Non - CDR lenders.

c) The lenders has right to convert the debt into equity in case of defaulted amount

d) All the above borrowings are further secured by corproate gurantee of third parties, being part of promoter group companies & personal gurantees of promoter directors.

* The figures mentioned in brackets pertain to previous year

Nature of Security and terms of repayment of Long Term Unsecured Loan - Bonds

a) "During the year ended 31st March 2011, the company has issued 80,000 - 5% Foreign Currency Convertible Bonds (FCCB) of US $ 1000 each aggregating to US $ 80 million. These bonds are convertible at the option of the Bond Holders into equity shares of Rs.10 each fully paid up at the conversion price of Rs. 515.60 per share calculated at a fixed rate of exchange of Rs. 47.08 for US $ 1 prior to the close of the business hours of specified date.

The claims to FCCB of US$ 84.01 mn is subjudice before Hon'ble High Court of Delhi.

Upon conversion of all the bonds into equity shares, the Share Capital of the company will increase by 73,04,888 Shares subject to adjusments upon occurrence of certain events.

Unless previously converted, the Bonds shall be redeemable on specified date at 104.22% of their principal amount. The redemption value of these Bonds as on 31st March, 2015 was 103.94% (Previous year - 103.01%)"

b) Pending utilization of the issue proceeds of Foreign Currency Convertible Bonds (FCCB), an amount of Rs. 0.72 Crores (Previous Year Rs. 0.72 Crores) is lying in Foreign Currency Current and Deposit Accounts. During the current & previous year no amount, out of issue proceeds, have been utilized for financing capital expenditure or for Loans to Subsidiary Companies for repayment of foreign currency loans availed by them.

c) On account of non payment of interest on Foreign Currency Convertible Bonds, a winding up petition u/s. 434 of The Companies Act, 1956 was filed against the company by the Trustee i.e. Citi Corp International Ltd. on behalf of some of the bond holders before The Hon'ble High Court of Delhi by applying the accelerated clause of the offer document. The said petition is being heard from time to time by The Hon'ble High Court of Delhi. The trustee has also filed a recovery case against the company before The Queens's Court, London for recovery of USD 84.01 Million towards the accelerated amount of the bonds & interest thereon. The Queens's Court passed the judgment against the company and the trustee thereafter filed a petition before the Hon'ble Delhi High Court seeking execution of Judgment passed by the Queens's Court, London. The company is contesting the said Execution Petition as the same is not enforceable under the Indian Laws and on other grounds.

Disclosure of Securities :

Working capital loans from banks are secured by way of first pari passu charges on current assets of the company & further secured by way of second pari passu charge on fixed assets of the company excluding assets exclusively charged. In addition to above, the borrowings are further secured by :

a) Pari Passu Charge on the loans & advances, Investments & any other unencumbered assets of the Company

b) Pledge of 9,642,106 (PY. 9,604,753) equitey shares of the company comprising of 7,809,693 ( PY. 6,161,900) equity shares already pledge to the CDR lenders and 1,832,453 (PY. 3,442,853) unencumbered shares of the promoters. In addition 3,000,000 (PY. 3,000,000) equity shares of the company are already pledged with Non-CDR lenders.

c) The lenders had right to convert the debt into equity in case of defaulted amount

d) All the above borrowings are further secured by corproate gurantee of third parties, being part of promoter group companies & personal gurantees of promoter directors.

2. Going Concern : Losses for the current year has resulted in complete erosion in net worth of the Company. However, the financial statements have been prepared on a going concern basis on the strength of continued support of the promoters, bankers / other lenders. The scheme of restructuring of Company's debts with its bankers approved under Corporate Debt Restructuring Cell (CDR) mechanism in its meeting held on 24/01/2014 as per LOA dated 28/02/2014 has been implemented after complying all the conditions stipulated therein. The management, considering the future plans for operations and support of the promoters, lenders, business associates and workmen, is hopeful of improved profitability in subsequent years leading to improvement in its financial position.

3. In view of refusal to accept interest by the trustee of the FCCB Bond Holders during the course of the proceedings before the Hon'ble Delhi High Court, the company has not provided interest amounting to Rs. 250,363,200/- for the year on such FCCB Bonds. In addition to this the company has also written back the Interest amounting to Rs. 239,999,000/- for the year 2013-14 on such FCCB Bonds and has treated the same as Income in the accounts for the current year.

The company had taken certain rigs on lease basis and had been paying lease rental thereon and accordingly provided in regular course amount Rs. 392,522,555/- as lease rental in its books of accounts for the year 2013-14. However, in view of the disputes arose on account of poor performance of the rigs, the company contested the lease rental so payable. On settlement of the same, the company agreed to pay only 20% of the contracted lease rental on such rigs till the same are not put in order completely Accordingly the amount of Rs.314,018,044/- has been written back and treated as an Income in its accounts for the year 2014-15.

Had the company charged full interest on FCCB, interest would have been higher by Rs 250,363,200/.Consequently the loss for the year 2014-15 would have been higher by Rs 250,363,200/ .

4. Contingent Liabilities not provided for in respect of

                                                  As at 31st March
                                                  2015        2014
                                                  (rs )       (rs )

2 Counter Guarantees given in respect of Guarantess Issued 1,643,781,960 2,613,500,000 by the Company's bankers to Oil & Natural Gas Corpn. Ltd (ONGC) and Oil India Ltd (OIL) & Other Parties

3 Corporate Gurantess given to Financial Institutions / Banks 5,323,290,938 5,552,060,022 for securing financial assistance

4 Estimated Value of Capital Commitments 
(Net of advances)                           533,273,616     511,802,024

a. Sales Tax demands (*)                      1,240,768       1,240,768

b. Custom Duty                                1,250,000       1,250,000

c. Service Tax Demand                       797,450,635     797,450,635

d. Income Tax                               338,567,479     338,567,479

e. Cases Pending in Court                   120,640,330      24,403,782

6 Interest on loan                          177,248,388      99,851,065

7 Premium on Redemption of FCCB Bond         52,356,275             NIL

Details of Loans & advances in the nature of interest free loans to wholly owned subsidary companies with no specified payment schedules

6 Related party Disclosure

The following is the list of related parties and the relationship therewith Subsidaries

Shiv Vani Oil & Gas Co. LLC, Oman Oriental Oil & Gas Services Ltd., Mauritius Natural Oil & Gas Services Ltd., Mauritius Shiv Vani Singapore Pte Ltd., Singapore Global Exploration Pte Ltd., Singapore Shiv Vani Energy Ltd., India Shiv Vani Oil Services Ltd., India Shiv Vani Infra Limited, India TNG Shiv Geo Services Ltd., India

Companies in which Directors or their relative had interest

Kamakhya Infrastructure Pvt. Ltd.

Shri Vinayaka Agrotech Pvt. Ltd.

Showlin Network Marketing Concept Pvt Ltd Chetan Arc Electrodes Private Limited Sivam India Pvt Ltd

Thrive Housing and Constructions Pvt Ltd Dharti Oil Services Pvt Ltd Mukesh Gupta Securities Pvt Ltd Suvidha Maintenance Services Pvt Ltd Syntel Infosystem (Nagpur) Pvt Ltd Amit Lubricants Pvt Ltd Eco Bags Pvt Ltd

Pradeep Downhole Equipemnts Pvt Ltd

Key Management Personnel & Relative or entity in which KMP or relative is interested Prem Singhee (Chairman and Managing Director)

Padam Singhee(Joint Managing Director) (Brother of Prem Singhee & Prakash Singhee)

Prakash Singhee (Brother of CMD & JMD)

Mayank Singhee(Vice President of the company and Son of CMD)

Chimanlal Singhee (Father of Prem Singhee,Padam Singhee and Prakash Singhee)

Gayatridevi Singhee (Mother of Prem Singhee,Padam Singhee and Prakash Singhee)

Madhuri Singhee (Spouse of Prem Singhee)

Vandana Singhee (Spouse of Padam Singhee)

Rajan Gupta (Chief Finance Officer of the Company) (upto 31-12-2014)

Anil Kumar Saxena (Chief Financial Officer of the Company) (from 18-11-2014)

Neeru Gupta(Spouse of Rajan Gupta)

Vimal Chadha( Company Secretary of the Company)

Auyshman Consultant Pvt Ltd (Relatives of one of Key Management Person are interested parties)

7. Others

a) Loss on insurance claims filed ,if any, are accounted for at the time of receipt of claims.

b) The Company has adopted an approved plan for the payment of gratuity based on actual valuation carried by Life Insurance Corporation of India. The liability towards the same has been accounted for accordingly.

c) The registration of leasehold building acquired is in process.

f) The Company has during the year imported stores & spares Rs. NIL (Previous year Rs. 1,21,05,994/-) under Essentially Certificates issued by Directorate General of Hydrocarbon, New Delhi for availing zero duty.

g) The cost in respect of old unusable fixed assets impaired amounting to Rs. NIL (Previous Year Rs. 191,983,542/-) has been reduced from the gross block.

h) The Company has not received any intimation from 'Suppliers' regarding their status under the Micro, Small & Medium Enterprises Development Act, 2006 and hence no disclosure as required by Schedule III of the Companies Act, 2013 has been provided.

i) There are no amounts due and outstanding to be credited to Investor's Education and Protection Fund.

j) In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and Advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

k) Balance appearing in Sundry Debtors / Creditors and Loans & Advances are subject to confirmation.

l) Figures of the previous year are regrouped and reclassified wherever necessary to correspond with the figures of the current year.

**Since the earnings / (loss) per share computation based on diluted weighted average number of shares is anti- dilutive, the basic and diluted earnings / (loss) per share is the same.