10.6 Rights, Preferences and Restrictions Attached to Shares:
(i) The Company has only one class of shares i.e. Equity Shares having par value of Rs 10 each. Each holder of Equity Shares is entitled to one vote per share.
(ii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the 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 shareholders.
10.7 In the current year, the company vide its board resolution dated 26/12/2023, with reference to special
resolution passed by the members of the company in EGM dated 09/12/2022 and on reciept of 75 % of the issue price of all share warrant holders, it converted 20,00,000 Equity Share Warrants into 20,00,000 Equity Shares of face value Rs. 10/- each at a premium of Rs. 52/- per share. The rights attached to such shares shall be pari-passu with the existing Equity Shares of the Company.
12.4 The Outstanding Balance of PNB and Indian Bank is taken over by SBI on 30/03/2024. The outstanding balance in latter banks is amount petinent to Interest on the closing date.
**The company is liable to get registered under The Employee’s Provident Fund scheme, 1952 and deduct PF of its employees and contribute the same to EPFO. Nevertheless, the company has not taken any Universal Account Number (UAN) for EPF contribution and does not conform to the requirements of the said act.
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Note 32: Contingent Liabilities and Commitments
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Particulars
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For the Year Ended 31 March, 2024
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For the Year Ended 31 March, 2023
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(i) Contingent Liabilities
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|
|
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(A) Claims against the Group / disputed liabilities not acknowledged as debt
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|
|
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(B) Guarantees
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|
|
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(i) Guarantees to Banks and Financial Institutions against credit facilities extended to third parties & other guarantees
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|
|
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(ii) Performance Guarantees
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-
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-
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(iii) Outstanding guarantees furnished to Banks and Financial Institutions including in respect of Letters of Credits *
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263.51
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256.74
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| |
|
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(ii) Commitments
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_
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_
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| |
|
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Total
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263.51
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256.74
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Note 34: Significant Events Occuring After the Balance Sheet Date
(i) The company had received an Adjudication Order Bearing No. Order/SV/VC/2023-24/30058-30065 dated February 29th, 2024 under provisions of section 15HA of Securities and Exhange Board ogf India Act, 1992, for violation of the provision of section 12A(a),(b),(c) of SEBI Act read with Regulations 3(a),3(b),3(c),3(d) and regulations 4(1),4(2)(a), and (e) (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) of SEBI Regulations, 2003, imposing a penalty of Rs. 48,00,000. The company, along with its directors, have filed an appeal on April 15th, 2024 against the adjudicating officer for the amount of penalty imposed.
(ii) The company had received Income Tax Assessment Order vide DIN: ITBA/AST/S/143(3)/2023-24/1063476558(1) on 27/03/2024 under section 143(3) r.w.s. 144B of the Income Tax Act, 1961 which proposed an addition of Rs. 1,01,35,000 in the total income filed as per original return. The department raised a demand of Rs. 11,510 (after MAT adjustments) against which the company has filed an appeal on April 18th, 2024.
(iii) The company had received Income Tax Assessment Order vide DIN: ITBA/AST/S/147/2023-24/1063361063(1) on 25/03/2024 under section 147 r.w.s 144B of the Income Tax Act, 1961 which proposed an addition of Rs. 1,13,41,802 in the total income filed as per original return. The department raised a demand of Rs. 3,52,300 (after MAT adjustments) against which the company has filed an appeal on April 16th, 2024
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