| Company Overview
1 Corporate Information
The Amalgamated Electricity Company Limited (referred to as "the
Company") provides a wide range of consultancy and management services.
2. Deferred tax
The break up of net deferred tax asset as on 31st March, 2014 is Rs.
172,039/- mainly representing Unabsorbed Business Loss & Depreciation.
Due to uncertainty of future profits in terms of Accounting Standard
22, the company has not recognised additional deferred assets during
the year. The balance brought forward Rs. 8,975/- has been carried over.
Difference between WDV as per books and Income tax
ii Related party disclosures The particulars of related parties, as
certified by the management, together with the transactions during the
year and related balances as on 31st March, 2014 are as under:
i) List of related parties :
a) Holding Company : None
b) Subsidiary Company: None
c) Associate Companies :
Cifco Limited
Tropical Securities and Invesments Pvt Ltd
Western Press Pvt Ltd
Cifco Properties Pvt Ltd
Cifco Travels Pvt Ltd
Bombay Swadeshi Stores Ltd
Gateway International Pvt Ltd
Grishma Constructions and Trading Pvt Ltd
Sam Leaseco Ltd.
Arcadia Invesments Co. Ltd
Apurva Investments Co. Ltd
Chasam Investment and leasing Pvt Ltd
Milan Investments Ltd
Harbinger Trading Co. Pvt Ltd
d) Key Management Personnel : Mr. Milan B Dalal
Mr. Satyen B Dalal
Mr. Deepak Sheth
iii Income tax department have raised ` 380,360/- for AY 2001-02 and `
412,659/- for AY 2002-03 which are not disputed by the Company. Against
these liabilities the payment of tax and refund of Income Tax
aggregating to Rs. 7,16,342/- has remained unadjusted. Despite consistent
efforts with the department, the matter has remained unresolved.
iv C ontingent Liabilities and Commitments With regard to the claim
of Rs. 78,600/- by a consumer of erstwhile Ajmer undertaking, the Company
does not expect any liability and if any arises, same is
unascertainable.
v During the year under review the Company filed a Special Leave
Petition before the Hon'ble Supreme Court in April, 2013 which has been
disposed off on 10th May, 2013 and dismissed by the Hon'ble Supreme
Court. As a consequence the Company handed over the peaceful possession
of its premises to Dena Bank on 9th November, 2013.
Since then Dena Bank has not filed any application in any higher court
or lower court with regard to any damages/ mesne profits. The Company
has obtained legal opinion that there will be no liability arising in
future. At the time of proceedings before Hon'ble High Court at Mumbai
the Company was required to deposit a sum of Rs. 10 lacs to the Hon'ble
High Court as per their order. The Company is pursuing the matter with
the court for refund of this amount of Rs. 10 lacs, pending the refund ,
the amount has been reflected under the head Long Term Loans and
Advances in the Balance sheet
vi Figures of the previous year are re-grouped/re-arranged to make
them comparable with the figures of the year under review.
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