Aksh Optifibre

1.  Contingent Liabilities not provided for:
 
 a.  Claims notacknowledged as debts
 
                                                    (Amount in Rs./lacs)
 S. No. Particulars            March 31,2009          September 30,2007
 
 i)       Income Tax Matters               -                     114.24
 ii)      Sales Tax Matters            74.25                      74.25
 iii)     Service Tax                  94.12                      14.31
 iv)      Excise / Custom Duty        226.02                     104.14
 v)       Stamp Duty                  413.01                     372.59
 vi)      Others                       73.36                      49.79
 
 b) Bank Guarantees, letters of credit issued by banks and outstanding
 as at 31st March, 2009 is Rs. 2,536.93 lacs, net of margin (Previous
 Period Rs.984.53 lacs).
 
 c) Corporate Guarantee given by erstwhile Aksh Broadband Ltd. amounting
 to Rs. 582.03 lacs (Previous Period Rs. 582.03 lacs) in favour of M/s
 Cisco Systems Capital India Private Limited for loan taken by APAKSH
 Broadband Ltd., subsidiary of erstwhile Aksh Broadband Ltd.
 
 d) Consequent to import of Plant & Machinery in previous years, the
 balance of export obligation pending as at 31 st March, 2009 is Rs.
 5,033.24 lacs (Previous Period Rs. 6,345.46 lacs) and the contingent
 liability in respect thereof till 31st March, 2009 is Rs.749.57 lacs
 (Previous Period Rs. 836.66 lacs) The management expects that the
 obligation will be fulfilled in the coming years.
 
 2. Out of the three petition forwinding up of erstwhile Aksh Broadband
 Limited by a few of its creditors under the provisions of the Companies
 Act, 1956 before the Honble High Court of Delhi, two matters have been
 referred to Arbitrator and one matter is pending before the Honble
 High Court of Delhi.
 
 3.  Global Depository Receipts (GDRs)
 
 During the period, the Company issued 4,901,961 Global Depository
 Receipts (GDRs) aggregating to US Million equivalent to Rs. 58.90
 Crores and further 1,633,987 GDRs under Green shoe Option aggregating
 to US$ 5 Million equivalent to Rs. 19.64 Crores. The GDRs are listed on
 Luxembourg Stock Exchange. The GDR issue expenses have been adjusted
 against the Securities Premium Account. The proceeds from the issue of
 GDRs have been utilised for the purposes as stated in the offer
 documents.
 
 4.  During the period, the company has issued 5,000,000 convertible
 warrants on preferential basis. The holder of each warrant is entitled
 to apply for one equity share of Rs. 5/- each at a premium of Rs. 58/-
 per share.
 
 Out of above, 396,825 warrants have been converted into equity shares.
 
 Application money @ Rs. 6.30 per warrant i.e. 10% of the price
 aggregating to Rs. 2.90 Crores received against 4,603,175 warrant has
 been shown under Shareholders Funds as Share Warrants (These warrants
 shall be convertible into equity shares within a period of 18 months
 from the date of allotment i.e. 15th January 2008).