27. Contingent Liabilities not provided for in the Accounts.
1. The Director General of Foreign Trade , Coimbatore had levied penalty of Rs 55,66,632 /
towards non-fulfilment of Export Obligation by the Company in respect of 45 EPCG Licences.
The company has preferred an Appeal before the appropriate Appellate Forum .
2. The Income Tax Department has preferred an Appeal with a tax effect of Rs 5.85 lakhs before
ITAT against the Order of CIT ( Appeal) in favour of the company regarding interest claim u/s
234 B / 234 C for the Assessment Year 2004-05.
3. The Income Tax Department’s Appeal for the Assessment Year 1998-99 before the Hon’b;e High
Court, Chennai against the Company’s stand regarding Section 80 1A has been decided in favour
of the Department and thereby , the likely demand on the Company is estimated at Rs 1.25 lakhs.
4. M/s National Stock Exchange of India, Mumbai has levied penalty of Rs 8,03,073/due to belated
submission of audited Financial Results for the year ended 31-3-2017 under Regulation 33 (d)
of ( Listing Obligation and Disclosure Requirements ) Regulations, 2015 . The Company as
preferred an Appeal before the Appellate Forum contesting the said penalty and the said Forum
has confirmed the penalty at Rs 6,68,073/. The Company has not paid the said penalty due to its
financial sickness.
5. M/s National Stock Exchange of India, Mumbai has levied penalty of Rs 34,68,073 / due to
belated submission of un-audited financial for the quarter ended 30-9-2015 under Clause 41 )
of the ( Listing Obligation and Disclosure Requirements ) Regulations, 2015 . The Company as
preferred an Appeal before the Appellate Forum contesting the said penalty and the said Forum
has confirmed the penalty at Rs 34,73,073/. The Company has not paid the said penalty due to
its financial sickness.
6. The company has been served with a demand notice by the Maharashtra Sales Tax Department
for Rs 32.46 lakhs for issues representing reversal of Input Credit for the Assessment Year 2005¬
06 & 2006-07 and the company has preferred an Appeal before the appropriate Appellate Forum.
7. The company lost its case in the Honorable Supreme Court of India regarding the penalty of
Rs. 7,30,48,152 imposed by the income tax department relating to the assesment year 2012-13.
Against this the Company has filed Review Petition before the Hon’ble Supreme Court of India,
New Delhi. The matter is sub-judice.
8. The Company has filed Insolvency petition before the Honorable National Company Law Tribunal
Chennai on 20.11.2024 vide IBBI reference No. I AAA-1124-006501.
31. Requirement under Clause 32 of the Listing Agreement
Loans and advances in the nature of loans to Subsidiaries, Firms, Associates and Companies
in which Directors are interested; NIL ( Previous Year Nil)
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