ix) Provisions
The company recognizes a provision when there is a present obligation as a result of a past event and it is
probable that it would involve an outflow of resources and a reliable estimate can be made of the amount
of such obligation. Such provisions are not discounted to their present value and are determined based on
the management’s estimation of the obligation required to settle the obligation at the balance sheet date
and adjusted to reflect management’s current estimates. The company has discontinued the policy of carry
forward of leave, hence the balances provision which was brought forward has been written back to the
profit & loss statement_
4 - SHARE CAPITAL
The Authorised, Issued, subscribed and fully paid up share capital comprises of equity shares having par value of ' 10
each as follows_
b. Terms/rights attached to Equity Shares_
The company has only one class of equity shares having a par value of '10 per share. Each holder of equity shares is
entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of
the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity
shares held by the shareholder.
25. Figures for the previous year have been rearranged/ regrouped / recast wherever necessary to conform to the current year
presentation/ classification.
26. Figures represented in the financial statements has been rounded off to the nearest rupee
For SMV & Co For and on Behalf of Board of Directors of
Chartered Accountants Globe MultiVentures Limited
CIN:L52110MH1985PLC293393
. V
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