1.  Contingent liabilities not provided for :
 
 Particulars                                     As at          As at
 
                                        March 31, 2011 March 31, 2010
                                              Rs. ''000       Rs. ''000
 
 (i) Corporate guarantee given to Bank 
 for finance provided to Digihome 
 Solutions Private Limited against which 
 loan outstanding is (Rs.''000) 7,900 
 previous year (Rs.''000) 11,441}                77,900        77,900
 
 (ii) Disputed Service Ta x Liability 
 on fees and charges paid for Borrowings 
 in the form of Foreign Currency 
 Convertible Bonds and External Commercial 
 Borrowings                                      4,667         4,667
 
 (iii) Pending assessment of Income tax and 
 Sales tax(Including Interest, if any)          Amount unascertainable
 
 Total                                          82,567        82,567
 
 (ii) Raw Material Consumed Quantities in respect of raw materials and
 consumable are not ascertainable due to multiplicity and diverse nature
 of items and value of each such items are less than 10% of the total
 value
 
 2.  Staff Benefits cost in accordance with Accounting Standard 15
 (Revised)
 
 (i) Defined Contribution Plan: The amount of contribution to provident
 fund recognized as expenses during the year is (Rs.''000 )
 2,917{Previous Year (Rs.''000 ) 4,948}
 
 (ii) The Company had been recognizing, accruing and accounting the
 Retirement Benefits as per the erstwhile Accounting Standard -15 on
 Retirement Benefits till March 31, 2007. The Company has adopted
 revised AS -15 w.e.f. April 01, 2007.
 
 3.  Dues to Micro, Small and Medium Enterprises (MSME)
 
 The Company has not received any intimation from the suppliers
 regarding status under the Micro, Small and Medium Enterprises
 Development Act, 2006 (the ''Act'') and hence disclosure regarding
 following has not been provided.
 
 a) Amount due and outstanding to MSME suppliers as at the end of the
 accounting year.
 
 b) Interest paid during the year to MSME
 
 c) Interest payable at the end of the accounting year.
 
 d) Interest accrued and unpaid at the end of the accounting year to
 MSME
 
 The Company is making efforts to get the confirmations from the
 suppliers as regards their status under the Act.  Management believes
 that the figures for disclosure will not be significant.
 
 The agreements are executed for a period of 11 to 60 months with a
 cancellable period at the beginning of the agreement ranging from 0 to
 24 months and having a renewable clause.
 
 4 .  Foreign Currency Convertible Bonds
 
 The Company had raised USD 34.5 million through an issue of 3000
 numbers of 1% Foreign Currency Convertible Bonds Due 2010 of USD 10,000
 each (FCCB) in June 2005 followed by 450 numbers of additional FCCB
 in July 2005 on account of exercise of green shoe option of 15%. These
 FCCB are listed at Luxembourg Stock Exchange. The FCCB bear interest @
 1% per annum with redemption at 128.25% of their principal amount. At
 the option of the Bondholders, FCCB are convertible into Shares/Global
 Depository Receipts (GDR) within a period of 5 years from the date of
 the original issue i.e. June 24, 2005 at the revised conversion price
 of Rs 75.20 per share effective from June 25, 2006 (initial conversion
 price being Rs. 94/- per share) pursuant to the provisions of the Trust
 Deed executed in respect of the FCCB. At the year end, 880 FCCB were
 outstanding which, if converted into GDR/Equity shares at the reset
 Conversion Price of Rs 75.20 per share, would result into issuance of
 additional 5,099,202 numbers of equity shares of Rs. 2 each.  However
 the company is in the process of resetting the conversion price as per
 current pricing guidelines. The same is currently pending before the
 Reserve Bank of India, Mumbai.
 
 5 Segment Information
 
 Primary Segment Information
 
 The Company is in the business of sale of software services which is
 viewed by the management as a single primary segment, i.e. business
 segment.
 
 Secondary Segment Information - Geographical
 
 6. Unhedged Foreign Currency Exposure:
 
 Particulars of Unhedged Foreign Currency exposure as at Balance Sheet
 date in (''000s)
 
 Advance to Creditors Rs. 744,531 (USD 16,757) (PY: Rs. 575 ; USD 13).
 
 Creditors Rs.5 (USD 0.12) (PY: Nil)
 
 Export Debtors Rs.1,349,211 (USD 22,474; EURO 5,621) (PY: Rs. 1,442,642
 ; USD 23,920; EURO 6,129)
 
 Foreign Currency Bank Account Rs. 699,894 (USD 15577; EURO 125 )
 (PY:Rs. 2,345,345; USD 47,099; EURO 3,858)
 
 Term Loan Rs. 285,750 (EURO 4,500) (PY: Rs.273,780; EURO 4,500)
 
 Unsecured Loan Rs. 403,161 (USD 8,995) (PY: Rs. 416,826; USD 9,206)
 
 Loans and Advances to Subsidiaries Rs. 78,729 (USD 124; CHF 1,523) (PY:
 Rs. 35,769; USD 124; CHF 723)
 
 7. At the beginning of the year, the Company had outstanding Interest
 Free Deposits with Body Corporates aggregating (Rs ''000) 80,639.
 (Previous year (Rs ''000) 80,639.) These deposits were given prior to
 2003 to Company''s various business associates for the business
 development. During the current year, no amount has been received. In
 respect of balance receivables of Rs 80,639, the management is taking
 appropriate steps for recovery of these dues. Consequently no provision
 is considered necessary at this stage.
 
 8 The Company had issued 1,333,100 Global Depository Receipts (GDRs)
 on February 07, 2003 at a price of USD 11.25, per GDR with each GDR
 representing 3 equity shares of Rs.10 each. These GDRs are listed on
 Luxembourg Stock Exchange. Pursuant to Special Resolution passed at the
 Annual General Meeting held on December 29, 2003, equity shares of
 Rs.10 each were sub-divided into smaller denomination of Rs.2 each for
 which the Company had fixed January 29, 2004 as the Record Date.
 Corresponding increase was made to the number of GDRs from one to five
 in order to maintain the GDR to Equity proportion of 1:3.
 
 Further, pursuant to the Special Resolution passed at the Annual
 General Meeting held on December 28, 2004, bonus shares in the
 proportion of one equity share for every two equity shares held on the
 record date of January 28, 2005 were allotted on January 31, 2005
 resulting in increase in the number of GDRs.
 
 No GDRs (PY(''000) 100, representing (''000) 300 equity shares) were
 outstanding as at March, 2011.
 
 As stated at para 11 above, 880 numbers of 1% Foreign Currency
 Convertible Bonds Due 2010 was outstanding as at March, 31, 2011. In
 the event these FCCB are converted into GDR, it would result into
 issuance of 1,699,734 numbers of GDRs representing 5,099,202 numbers of
 equity shares at the existing conversion price. However, at the behest
 of majority bondholders, the company is in the process of resetting the
 conversion price as per applicable pricing guidelines.  The same is
 currently pending before the Reserve bank of India, mumbai.
 
 9 The Company has an investment (net of provision) of (Rs ''000) 29,597
 (Previous year (Rs ''000) 29,597) in Opdex Inc (Opdex), a wholly owned
 subsidiary and it has also granted loans and advances of (Rs ''000)
 5,508 (Previous year (Rs ''000) 5565) to Opdex, whose accumulated losses
 substantially exceed its paid up capital. The management has initiated
 series of steps to revive the business of Opdex, including providing
 additional funds and deputing a senior employee to head the operations
 of Opdex. The management believes that Company''s investment in Opdex is
 strategic and diminution in value, if any, is only temporary. In view
 of the foregoing, the management believes that provision made is
 sufficient and no further loss is anticipated on diminution in the
 value of said investment. Management also believes that dues from Opdex
 are fully recoverable.
 
 10 Financial restructuring
 
 a) The company has formulated a scheme of Financial restructuring to
 deal with current recession in the software industry, and the costs
 incurred on the product development and foreign currency losses.
 Accordingly as per the scheme of arrangement Under section 100 to 103
 read with section 78 of the Companies Act, 1956, The Hon''ble High Court
 of Judicature at Bombay, vide its Order dated 13th August, 2010 has
 sanctioned the scheme approved by members by the Special Resolution
 passed at the Extra-ordinary General Meeting held on 08th June, 2010
 for utilization of Rs.215.00 crores out of the balance standing to the
 credit of the Securities Premium Account for allocating and/or
 earmarking to adjust product development expenditure incurred/to be
 incurred, diminution in value of investments if any and loss arising on
 account of foreign exchange fluctuations. Accordingly, the resolution
 has been given effect to in the accounts of the Company to the tune of
 aggregating an amount of Rs.196.80 crores.
 
 11 Previous years'' figures are regrouped and re arranged to make them
 comparable.
 
 12 Schedules - A to S form an integral part of the financial statements
 accounts and has been duly authenticated.
 
 Signatures to Schedules A to S