| i The Company has made a Scheme of Arrangement between Company and its
share holders and its unsecured creditors, effect from 30.09.2012. As
Per the court order , accumulated loss of Rs 607,75,211/- has been set
off against Share Premium to the extent of Rs 5800000/-, 9,45,000/-
against general Reserve and 540,25,317/- against paid up share capital
ii As per the Scheme of arrangement , Company has Unsecured Creditors
are Rs 2,67,52,701/- as on 30.09.2012. The unsecured loans have been
converted into equity shares of the Company at par.
iii The scheme of arrangement states that the identified investors
/promoters have also consented to subscribe for further shares of
15,38,795 at Par which will again be beneficial to company to retrieve
its operation and improve its net worth.
(a) Terms/rights attached to equity shares
The company has only one class of equity shares having a par value of
Rs.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 share holders in the ensuing Annual General Meeting.
During the year ended 31-03-15 the amount of per share dividend
recognized as Distributions to equity share holders was Rs. Nil
(31-03-14: Nil) In the event of liquidations 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 shareholders Notes on accounts annexed to and forming part of
the accounts as at and for the year ended March 31, 2015.
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