Rights & restriction attached to equity shareholders
The Company has only one class of equity shares having a face value of Rs. 10/- each. Every Shareholder is entitled for one vote per share. .In the event of liquidation, the equity shareholders are entitled to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.
Note 1: The Company does not owe any sum to Small Scale Industrial Undertakings.
Note 2: Contingent Liabilities
The Company has disowned the liability on the ground that these liabilities being in the nature of replacement are to be borne by the Central Railway, as per the Contracts. But in spite of disowning the liability by your Company, the Central Railway has adjusted an amount of Rs.2,30,12,005/- being the railway earnings of your Company for the period from October, 2002 to 31st March, 2018. Hence, your Company thought it proper and as an abundant caution and not to harm the interest of shareholders of the Company and therefore decided not to include the said Income from railways amounting to Rs.6,64,703/- in the Accounts for the year ended 31st March, 2018
As per the terms of agreement between the Company and the then Secretary of State for, the Construction and Working of Ellichipur Murtajapur Yeotamal Railway and Pulgaon-Arvi Railway the said Secretary of State (now the Railway Board) has a right to terminate the contract by purchasing the assets of the Company at a price which shall not be less then the total capital cost incurred by the Company. In view of the said contract, no provision for depreciation or impairment of asset is deemed necessary.
Note 3: Related Party Disclosure
Related Party Disclosure under AS-18 issued by the Institute of Chartered Accounts of India. The Management has informed that all the transactions entered during the previous year with various parties do not fall within the purview of the Accounting standard 18 "Related Party Transaction" issued by the Institute of Chartered Accountants of India.
Note 4: No provision for Contingent Liabilities, if any has been made in these accounts. Note 18: Figures have been rounded off to the nearest rupee.
Note 5: Previous year’s figures have been regrouped & rearranged wherever necessary.
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