Dear Members,
 
 The Directors are pleased to present the 44th Annual Report along with
 the Audited Statements of Accounts of your Company for the Financial
 Year ended the 31st March, 2011.
 
 1.  COMPANY PERFORMANCE
 
 A.  Financial Highlights
 
                                                     (Rupees in Lacs)
 
 Particulars                          For the year     For the year
 
                                  ended 31.03.2011   ended 31.03.2010
 
 Sales & Other Income                       109490              77559
 
 Profit (Before Interest, 
 Depreciation,
 Exceptional Items and Taxes)                21487              19792
 
 Less : Interest                     8886               9712
 
 Depreciation                         906     9792       858    10570
 
 Profit Before Tax                           11695               9222
 
 Less : Provision for taxation                4080               2490
 
 Profit After Tax                             7615               6732
 
 Add:- Debenture redemption 
 reserve reversed                             5400                  -
 
 Add: - Surplus Profit brought 
 forward from previous year                   8406               5942
 
 Disposable Profit                           21421              12674
 
 APPROPRIATIONS :-
 
 - Proposed Dividend including
 Dividend Tax                               917.73             767.74
 
 - Transfer to General Reserve                   -               1000
 
 - Debenture redemption Reserve                  -               2500
 
 Surplus carried to Balance Sheet            20503               8406
 
 B.  Operations
 
 Net Profit for the year 2010-11 stood at Rs 7,615 Lacs as against Rs.
 6,732 Lacs in the year 2009-10. The total turnover including other
 income for the year 2010-11 stood at Rs. 1, 09,490 Lacs, as compared to
 Rs. 77,559 Lacs for the year 2009-10. In the current year no amount has
 been transferred to General Reserve.
 
 2.  ISSUE AND ALLOTMENT OF EQUITY SHARES
 
 During the Financial Year 2010-11, the following issue and allotment of
 Equity shares have been done by the Company in pursuance of the
 applicable provisions of the Companies Act, 1956 Foreign Exchange
 Management Act, 1999 SEBI (Issue of Capital and Disclosure
 Requirements) Regulations, 2009 (In short SEBI Regulations), and, the
 approvals received from its members on the 8th June, 2010 through
 Postal Ballot:-
 
 a) 85,50,000 Nos. of Equity shares of the Company of Rs. 5/- each,
 fully paid up, were allotted at a price of Rs. 82.50 per Equity share
 (Rs. 5/- towards face value and Rs. 77.50 towards premium) aggregating
 to Rs. 70.54 crores, in the month of June, 2010, to five identified
 Resident Investors on Preferential Issue basis in terms of Chapter VII
 of the said SEBI Regulations.
 
 b) 2,57,26,291 Nos. of Equity shares of Rs. 5/- each, fully paid up,
 were allotted at a price of Rs. 89.95 per Equity share (Rs. 5/- towards
 face value and Rs. 84.95 towards premium) aggregating to Rs. 231.41
 crores, on the 13th October, 2010, to the QIBs under Qualified
 Institutions Placement, in terms of Chapter VIII of the said SEBI
 Regulations.
 
 3.  CHANGE IN CAPITAL STRUCTURE
 
 Consequent upon the corporate actions, as aforesaid, from the end of
 previous Financial Year 2009-10, the following changes have taken place
 in paid up Equity share Capital of your Company:-
 
 Sl. Details of allotment(s)/ Corporate 
     Action                                No. of Equity  Cumulative No.
 No.                                      Shares allotted of Equity 
                                                          shares (after
                                                          Allotment)
 
 1  No. of Equity shares as on the 31st 
    March, 2010                                      -     12,31,28,585
 
 2  Allotment made to Five Resident 
    Investors on                              85,50,000    13,16,78,585
    Preferential Issue basis in the 
    month of June, 2010
 
 3  Allotment made to Qualified 
    Institution Buyers                      2,57,26,291    15,74,04,876
    under Qualified Institutions 
    Placement basis on the 13th 
    October, 2010
 
 4.  DIVIDEND
 
 The Board of Directors of your Company has recommended Dividend, for
 the year ended the 31st March, 2011, of Re.  0.50 per Equity share of
 Rs. 5/- each, fully paid up {total Dividend amount aggregating to Rs.
 7,87,02,438/-, excluding dividend tax, on 15,74,04,876 Equity shares of
 Rs. 5/- each}, at its meeting held on the 26th May, 2011, wherein the
 Audited Annual Accounts for the year ended on that date (i.e. 31st
 March, 2011) was approved by the Board. Dividend will absorb Rs. 917.73
 lacs including dividend tax.
 
 5.  BUSINESS
 
 Your Company is one of the leading real estate developers in India with
 over four decades of real estate experience.  From last 44 years, it
 has been engaged in the development of integrated townships and other
 large mixed-use and stand-alone developments in the residential,
 commercial, retail and hospitality segments, as well as Agro SEZs,
 IT/ITES and industrial parks, with a focus on large-scale mixed use
 developments, particularly in residential projects.  As an established
 developer your Company has several well known buildings in Connaught
 Place (CBD of New Delhi) viz. Akash Deep, Surya Kiran, Vikas Minar,
 Amba Deep, Statesman House etc., the Company has developed its brand
 image through long decades. It has taken lead in promoting the
 affordable housing segment of the residential property market,
 particularly in key cities of Northern India. The majority of its
 projects are located in the NCR, the States of Uttar Pradesh, Haryana,
 Rajasthan and Punjab. The business is being carried on by the Company
 on its own as well through various joint venture partners and
 collaborators.
 
 The Management''s Discussion and Analysis Report forming part of the
 Directors'' Report gives a detailed overview about the general economic
 scenario of the Global and the Indian economy and particularly the
 realty sector in the Country, including the unprecedented downturn and
 signs of revival, and beyond, which has and shall have impact on the
 nature of Company''s business and generally in the classes of business
 in which the Company has interest. With the gradual upturn happening,
 your Company has ambitious growth plans to be achieved by way of
 establishing new and expansion of existing real estate activities.
 
 Real Estates Business
 
 Historically, the real estate sector in India was unorganized and
 characterized by various factors that impeded organized dealing, such
 as the absence of a centralized title registry providing title
 guarantee, lack of uniformity in local laws and their application, non
 availability of bank financing, high interest rates and transfer taxes
 and the lack of transparency in transaction values, however, in recent
 years, the real estate sector in India has been marked by a trend
 towards greater organisation and transparency accompanied by various
 regulatory reforms.
 
 Your Company has at present, projects under assorted stages of
 implementation across residential, commercial, retail, SEZ and
 Industrial Parks segments.Townships form the major portion of the land
 bank and real estate development plans. About 19 integrated townships,
 including two Hi-Tech Townships, have components of realty segments,
 such as residential, which will be in majority, commercial, retail and
 social infrastructure - such as educational institutions, hospitals,
 clubs, etc.  Mention of some of the projects in the process of various
 stages of development in these States, has been made in the
 Management''s Discussion and Analysis Report
 
 Affordable Housings / Mid Income Housings
 
 Everyone has a dream of having his /her own house, therefore, making a
 home or owning a home is one of the most important events in one''s life
 and your Company plays a leading role to focus on affordable housing.
 The importance of affordable housing is undeniable. The growth of
 economy, the following recession and its gradual revival have taught
 lesson to both the suppliers and the consumers. Affordability can be
 counted as a consumer''s ability to purchase, and, your Company strongly
 believes that affordable housing is a subject that needs to be tackled
 with utmost priority. In the recent times, your Company has launched
 various independent houses and apartments under Affordable and Mid
 Income housing segment in the States of Rajasthan, Uttar Pradesh and
 Haryana, which have received good response from the customers proving
 that affordable / Mid Income housing concepts are attractive in the
 large middle-income market segment. The Company''s focus continues in
 this segment, particularly in key cities in Northern India and it
 intends to capitalize the current market trends and mortgage products
 available in the real estate market.
 
 Townships
 
 Townships development is a trend that is portraying a new face of
 Indian real estate. A trend that has played an essential role in
 opening the floodgates for the development of integrated townships
 across the Country that offer their residents the promise of a quality
 lifestyle tailored to suit every budget.
 
 This has brought in the FDIs with more and more foreign entities
 investing in such projects. India is proposing to set up separate
 regime complete with integrated townships for the planned growth of the
 knowledge industry because the growing IT sector in major cities is
 straining current infrastructure and adding to inflationary pressure.
 Your Company is also developing and promoting townships, which are
 fully integrated residential communities. The Company, as a developer,
 plans and builds the entire infrastructure, including roads, to allow
 the township to function. It has employed a series of reputed
 contractors to carry out development of the infrastructure.
 
 Townships form the majority of real estate developments of your Company
 and are driven by the demand for high quality residential properties
 within easy reach of city centres and transport links. Some of the
 significant projects under development are as follows:-
 
 Hi-Tech Township-Sushant Golf City, Lucknow
 
 The Company is developing a Hi-Tech Residential Township, Sushant Golf
 City in Lucknow, sprawling across 3530 acres of land. A world-class
 international championship golf course surrounds residential and
 commercial areas, making life on the greens a reality. Designer
 landscaping, state-of-the-art infrastructure, excellent entertainment
 and healthcare facilities, lush greens; everything is specially
 designed to excel even under the most discerning eye.  Township is
 divided into manageable and compact sectors with regulated single
 entry/ exit points.
 
 This Hi-Tech Township proposes to offer residential plots, group
 housings, independent luxury villas, shop cum office complex, shopping
 malls, office space, non-polluting industries, schools, educational
 institutes, medical centres, professional educational zones,
 entertainment parks, tourist parks, clubs, hotels and also offer fully
 equipped health and recreational centres.
 
 This Township has also planned to have 18-hole championship
 international standard golf course spread over 338 acres of land,
 designed by Dr. Martin Hawtree, U.K, a world renowned name behind more
 than 750 golf courses across the globe. This Township will provide fine
 mix of conveniences within the Township.
 
 Some reputed institutions and business centres have already started
 operating or they are in the process of being operative shortly which
 includes Ansal Terchnical Campus, Goenka International School and a
 Bharti Wal-Mart bulk market centre. The Golf Academy is already in
 operation and it is the center of attraction for Sushant Golf City at
 Lucknow Project.
 
 Some residential clusters are already alive and people are shifting in
 the built houses which have added the attraction for this new project.
 The Express-way connecting Lucknow International Airport with the site
 is ready and now it is 15 minutes drive from the Airport. A cricket
 academy with the expertise of cricketer Shri Yuvraj Singh,and, another
 academy, Shri Mahesh Bhupati Tennis Academy and an Iskcon spiritual
 centre are also being established and your Company has initiated
 development works at these centres. The Railways have already approved
 two big under bridges to connect parent city with the extended area.
 The development and construction operations, within the township, are
 in full swing which has given recognition to the Company as a master
 developer engaged in the creation of big townships.
 
 Your Company is pleased to state that it has offered for possession
 about 1044 residential plots and about 119 built- up units of this
 ambitious Hi-Tech Township in Lucknow during the financial year.
 
 Hi-Tech Township- SUSHANT MEGAPOLIS, Dadri, adjoining Greater Noida
 
 The Government of Uttar Pradesh has awarded the Project for development
 of a Hi-Tech Township to the Consortium led by your Company. The
 Consortium has set up Ansal Hi-Tech Townships Limited (Ansal Hi-Tech)
 as the Special Purpose Vehicle to implement the Project. This Township
 is being developed on an area admeasuring 2,504 acres under the brand
 SUSHANT MEGAPOLIS having saleable area of about 77 million square
 feet. Your Company has planned to develop the project in four stages
 with all the facilities pertaining to sports & recreation, medical and
 education including golf course. Megapolis is well connected with Delhi
 and other vital commercial centres through expressways and highways,
 i.e. Gautam Budh Expressway to Greater Noida, Eastern peripheral
 expressway, NH-91. The Project lies within the National Capital Region
 (NCR). The Mega city situates near the proposed International Airport
 and adjoins North India''s largest proposed rail terminal coming up in
 Bodaki on the Delhi Howrah railway line.
 
 The first phase of the development of the project is underway. About
 700 acres of land have already been acquired out of the total land area
 under planning of 2504 acres.
 
 Megapolis is gifted with five natural lakes and a grand canal, which
 enhance the township''s beauty. It will offer one of the finest 18-hole
 international golf courses in India designed by World Champion golfer
 Nick Faldo from U.K and it will also offer a state-of-the-art Mahesh
 Bhupathi Tennis Academy.
 
 This township Project will be a perfect blend of nature''s glory, modern
 infrastructure, elegance and luxury.
 
 Integrated Township-Golf Link, Mohali
 
 Your Company is developing an integrated township in Mohali, {Punjab}
 spread over about 309 acres of land. This project is at the prime
 location near Swaraj Mazda plant, on Kharar Landran Road. This Project
 has all the facilities that include hospitals, shopping complexes,
 schools and community centres.
 
 Integrated Township-Esencia, Gurgaon
 
 Your Company is all set to achieve one more first with the launch of
 the ''Esencia'' township project, in Sector 67 & 67A, Gurgaon with the
 objective of creating eco-friendly and environmentally sustainable
 living. This township project has been registered as the pilot project
 for green rating for integrated development by GRIHA (Green Rating for
 Integrated Habitat Assessment), in India. Esencia will offer
 well-designed homes with the best amenities. The Project is being
 implemented through a joint venture. The total developable area is
 about 220 acres.
 
 Landscaping is an integral part of life at Esencia. With an aim to
 create a sustainable green cover with minimal maintenance, the
 landscaping at Esencia is planned around carefully designed parks and
 open areas.
 
 Integrated Township-Ghaziabad (Aquapolis)
 
 Your Company is developing a joint venture project named Aquapolis, in
 Ghaziabad (U.P), located near Hapur By- Pass, which is about 127 acres
 of township having a saleable area of about 5.01 million square feet.
 
 Aquapolis will provide latest world-class designs with all the
 amenities.
 
 Other Integrated Townships
 
 Your Company''s other integrated townships are Sushant City, Ajmer,
 Sushant City, Jaipur, Sushant City, Jodhpur, Sushant City, Meerut and
 others. The facilities in these townships include health centres,
 shopping complexes, schools, parks, community centres and underground
 parking systems.
 
 Power/ Infrastructure Project
 
 Your Company had commissioned a 12MW Wind Power Project in Gujarat in
 the month of September, 2007. The Company had entered into a power
 purchase agreement with Gujarat Urja Vikas Nigam Limited for the sale
 of electricity produced at its Wind Farm for a period of 20 years. Over
 the last five years, this project is working satisfactorily.
 
 6.  CORPORATE SOCIAL RESPONSIBILITY {CSR}
 
 Your Company strongly believes that pursuit and fulfilment of Corporate
 Social Responsibility is as critical as Corporate Governance in the
 organisation. The Company extends full support to Governments'' schemes
 for the economically weaker sections and to the underprivileged
 communities. Moreover, environmental issues remain very significant.
 Hence, to create awareness amongst employees and others towards
 environment, your Company organizes various Tree Plantation Camps /
 activities from time to time. The projects of your Company are aimed at
 environmental protection, its up-gradation, conservation, water
 harvesting, plantation of saplings/trees, etc.
 
 Your Company is implementing the vision of social development through
 various CSR initiatives. Shri Sushil Ansal, Chairman of the Company has
 been actively associated with the social welfare activities of the
 Human Welfare Mission, founded by his father late Shri Chiranji Lal
 Ansal. The Chairman has expanded the scope of the welfare activities of
 the Group to help and reach out to innumerable people belonging to the
 socially and economically backward strata of the society.
 
 In order to give a more meaningful ambit to the human welfare
 activities being carried out by the Human Welfare Mission, its name and
 status were changed to Charanjiv Charitable Trust in 1976.
 
 Your Company is supporting the following CSR initiatives through
 Charanjiv Charitable Trust {CCT} and other NGOs.
 
 Education
 
 The Charanjiv Charitable Trust, set up by the Ansals in 1976, currently
 runs schools in Palam Vihar and Sushant Lok in Gurgaon. Currently over
 6000 students are studying in these schools.
 
 The Trust is also in the process of setting up a large number of
 schools, which will provide quality education.
 
 Charanjiv Charitable Trust (CCT) had also promoted the Ansal Institute
 of Technology (AIT) in Gurgaon in the year 2000. AIT, an institution
 for higher education, today conducts undergraduate courses in
 Engineering in affiliation with Guru Gobind Indraprastha University and
 post graduate courses in management in affiliation with Tilak
 University of Pune. AIT is a sought after Institution by the students.
 Besides the regular programmes in engineering and management, AIT is
 also conducting academic twinning programs both at undergraduate and
 postgraduate levels in engineering, technology and management in
 association with many reputed and accredited universities.
 
 Besides AIT, Charanjiv Charitable Trust, also runs Sushant School of
 Art and Architecture set up in Gurgaon about twenty years back to
 impart education in the field of architecture which inspires students
 to experiment, create and refine their ideas.
 
 Sushil Ansal Foundation (SAF), set up by Shri Sushil Ansal in 2010 as a
 non profit making company to carry out all philanthropic and charitable
 activities in the fields of education etc., provides funds and/or
 logistical support to institutions, organizations & others.
 
 SAF has set-up a technical campus on 13.65 Acres developed land in
 Sushant Golf City at Lucknow in the name of ''Ansal Technical Campus''.
 The building complex as duly sanctioned and approved by LDA is already
 developed and is being made operational. The admissions to the
 Institute have started and it is going to be a center of excellence in
 the field of professional education. The hostel facility and
 residential block are available next door in the private residential
 units built and ready for delivery of possession to the respective
 owners. The campus is proposed to run from the current academic
 session. A process of recognition by National Council of Technical
 Education is in the final stage for its operation during the current
 session for admissions in the Institute. The Sushant Golf City will
 also be benefited with the establishment of the reputed Institute.
 
 Healthcare
 
 Shanti Sahyog: An NGO, Shanti Sahyog, is carrying out its health care
 programmes in and around Delhi for the over last five years. The Group
 has helped Shanti Sahyog in renovating and re-starting a dysfunctional
 health centre in Kalkaji area of New Delhi. The health centre provides
 free preventive and curative health care, with a focus on women''s
 health. It caters not only to about 850 families that reside in the
 nearby slum areas, but also to those living in poverty and deprivation
 in and around Kalkaji. This health centre also doubles up as a
 vocational training centre where women are taught tailoring by
 professional teachers.
 
 ILA Trust: Another NGO, ILA Trust, is also operating in the area of
 healthcare. Free medical treatment, including medicines are provided to
 the needy through this Trust. The Trust runs three medical vans, which
 visit several slum colonies of Delhi by rotation, providing medical
 assistance to the underprivileged sections of the society.
 
 Activities in village Kahma: The welfare and social upliftment of this
 village and the surrounding areas is continued to be done through Kahma
 Welfare Committee, a non profitable organization set up for this
 purpose. A hospital in Kahma-Hansraj Government Hospital - in the name
 of Shri Hans Rajji grandfather of Shri Sushil Ansal, has been set up.
 
 Housing for Economically Weaker Section of the Society
 
 Approximately three thousand plots for economically weaker section of
 the society, in the various townships, are being developed. The plots
 were allotted through open public lottery system at highly subsidized
 rates and easy interest free instalments. The rates were less than 10
 per cent of the market rate.
 
 Senior Citizen Home
 
 A plot of 1000 sq mtrs was donated to establish a senior citizen''s home
 in Palam Vihar, Gurgaon. Free technical and engineering support was
 provided to build this home called Chiranjiv Karam Bhoomi. Several
 senior citizens are staying in this home which is being run by Divya
 Chhaya Trust through Smt. Kusum Ansal and other members of the Trust.
 
 Promotion of Literature
 
 In order to encourage Hindi writers and literature, SAMVAD a literary
 organization is being given support for over twenty five years now.
 Samvad provides an opportunity for creative writers where their
 literary works are discussed and analysed.
 
 7.  SUBSIDIARY COMPANIES
 
 During the Financial year 2010-11, your Company has invested in the
 Equity shares of Ansal Colours Engineering SEZ Limited consequent upon
 which the said company has become a subsidiary of the Company. Ansal
 SEZ Projects Ltd. (ASPL), which has one (1) wholly owned subsidiary
 (WOS) has been de-subsidiarized during the year.  Apart from this,
 Ansal Hi-Tech Townships Limited (AHTL), which is subsidiary of the
 Company, has purchased the entire Equity shares of Phalak Infracon
 Limited, Rudrapriya Realtors Limited and Medi Tree Infrastructure
 Limited consequent upon which the said companies have become WOS of
 AHTL, thereby become the chain subsidiaries of the Company.
 
 Accordingly, as on the 31st March, 2011, the number of subsidiaries of
 the Company has been increased from Forty Six (46) to Forty Eight (48).
 
 In terms of the General Circular No. 2/2011 dated the 8th February,
 2011 issued by the Ministry of Corporate Affairs (MCA), Government of
 India, a general exemption has been granted from attaching the accounts
 of the subsidiaries
 
 8.  CONSOLIDATED FINANCIAL STATEMENT
 
 The Consolidated Financial Statement, which forms a part of this Annual
 Report, has been prepared in accordance with principles and procedures
 set out in the Accounting Standard-21 on ''Consolidated Financial
 Statements'' and Accounting Standard-27 on ''Financial Reporting of
 Interest in Joint Ventures'', issued by the Central Government under
 Companies Accounting Standard Rules, 2006. These Statements have been
 prepared on the basis of financial statements received from Forty Eight
 (48) subsidiaries {as mentioned in the above para} and Seven (7) joint
 venture companies
 
 9.  STATUTORY STATEMENTS
 
 A.  Conservation of energy and technology absorption
 
 The information relating to Conservation of Energy and Technology
 Absorption as required to be disclosed under Section 217(1)(e) of the
 Companies Act, 1956, read with Rule 2 of the Companies (Disclosure of
 Particulars in the Report of Board of Directors) Rules, 1988, is not
 applicable to your Company.
 
 B.  Foreign Exchange Earnings and outgo
 
 Information about the foreign exchange earnings and outgo, as required
 to be given under Section 217(1)(e) of the Companies Act, 1956 read
 with Rule 2(c) of the Companies (Disclosure of Particulars in the
 Report of Board of Directors) Rules, 1988, is given as follows:-
 
                                                       (Rs. in lacs)
 
 Sl. 
 No.  Particulars                         For the Year 
                                                 ended   For the Year
                                                                ended
                                         on 31.03.2011  on 31.03.2010
 
 (i) Expenditure in Foreign Currency
 
 Traveling expenses                              32.73        76.31
 
 Payment to contractors/cost of lift             97.84        64.88
 
 Professional Fee/Brokerage                     124.64         4.23
 
 Advertisement                                    3.75        14.76
 
 Architect Fee                                  207.68        88.56
 
 Membership Fee                                   2.68         2.78
 
 Total                                          469.32       251.52
 
 (ii) Earnings in Foreign Currency
 
 Sale of Flats/Plots/Farms etc.                  29.15        38.47
 
 C.  Amount due to Small-Scale Industries
 
 During the Financial Year 2010-11, an amount of Rs. 13.53 lacs is due
 to small scale industrial undertakings as on the 31stMarch, 2011
 (previous year Rs. 4.44 lacs) and the same has also been disclosed in
 the financial statement.
 
 D.  Particulars of Employees
 
 During the year under review, eight (8) employees/executive directors
 were in receipt of remuneration of Rs. 60 lacs or more per annum or Rs.
 5 lacs or more per month, if employed for a part of the year (Limit of
 remuneration has been increased from Rs. 24 lacs to Rs. 60 lacs per
 annum and from Rs. 2 lacs to Rs. 5 lacs per month vide Notification No.
 2/29/1998-CLV dated 31.03.2011 issued by the Ministry of Corporate
 Affairs (MCA), Government of India). In accordance with the provisions
 of Section 217(2A) of the Companies Act, 1956 and the Rules made
 there under, the names and other particulars of employees/ directors are
 setout in the annexure to the Directors Report as Annexure B.
 
 10.  CORPORATE GOVERNANCE
 
 Your Company''s Corporate Governance philosophy stems from the belief
 that Corporate Governance is a key element in improving efficiency,
 transparency, accountability and growth as well as enhancing investor
 confidence.
 
 Your Company has continuously been endeavouring to infuse the
 philosophy of Corporate Governance in all its activities so as to
 conduct its affairs to ensure fairness to all stakeholders.
 
 As required:-
 
 a) A report on Corporate Governance together with a certificate
 received from Shri Vivek Arora, Company Secretaries, a Practicing
 Company Secretary confirming the compliance with the provisions of
 Corporate Governance as stipulated in Clause 49 of the Listing
 Agreement is given separately which forms part of this Report;
 
 b) Management''s Discussion and Analysis Report is also given separately
 and also forms part of this Report.
 
 11.  FIXED DEPOSITS
 
 As on the 31stMarch, 2011, fixed deposits stood at Rs. 8036.89 lacs as
 against Rs. 1775.37 lacs in the previous year.  Deposits amounting to
 Rs. 14.06 lacs (as on 31stMarch, 2011) have not been claimed by the
 depositors. Since then deposits amounting to Rs. 6.05 lacs have been
 claimed during the current year. Depositors are being intimated
 regarding the maturity of deposit with a request to either renew or
 claim their matured deposit amounts. Your Company has a track record of
 extending constantly good services to its fixed deposit holders.
 Therefore, due and timely payments of deposits on maturity and interest
 thereon, in terms of the Company''s Deposit Schemes, is a continuing
 priority.
 
 12.  TRANSFER OF UNCLAIMED DEPOSITS / DIVIDEND TO IEPF
 
 As per the provisions of Section 205C of the Companies Act, 1956,
 deposits / dividend remaining unclaimed for a period of seven years
 from the date they become due for payment have to be transferred to
 Investors Education & Protection Fund (IEPF) established by the Central
 Government.  Accordingly, the unclaimed dividends for the Financial
 Years 1994-1995 to 2002-2003 and the unclaimed deposits for the
 Financial Years 1995-1996 to 2004-2005 have been transferred to the
 said IEPF.
 
 13.  DIRECTORS
 
 Resignation
 
 During the period under review, ACM O.P. Mehra (Retd.), a Non-Executive
 and Independent Director has resigned from the Board w.e.f. the 8th
 February, 2011.The Board places on record its gratitude for the most
 invaluable contributions made by ACM Mehra (Retd.) during his long
 tenure on the Board of the Company.
 
 Appointment of New Director
 
 The Nomination Committee and the Board of Directors, at their
 respective meetings held on the 11th August, 2011, have recommended and
 approved the appointment of Dr. Prem Singh Rana, an independent
 non-executive director, as an Additional Director of the Company, with
 effect from the said date, whose term of office is upto the date of
 this Annual General Meeting in accordance with the applicable
 provisions of the Articles of Association and the Companies Act, 1956.
 The matter of appointing him, as regular director, liable to retire by
 rotation, appears as an Agenda item in the Notice of the 44thAnnual
 General Meeting.
 
 Retiring by rotation and re-appointment
 
 In accordance with the provisions of the Articles of Association and
 the Companies Act, 1956, Dr. R.C. Vaish, Shri Lalit Bhasin and Shri
 P.R. Khanna, Directors of the Company are due to retire by rotation at
 the ensuing AGM. They are eligible for re-appointment and offer
 themselves for re-appointment. The matter of re-appointing them is
 included in the Notice of the 44thAnnual General Meeting.
 
 None of the Directors are disqualified from being
 appointed/re-appointed as Director in terms of Section 274(1) (g) of
 the Companies Act, 1956.
 
 14.  AUDITORS'' REPORT AND AUDITORS
 
 Report
 
 The Notes to Accounts, forming part of Balance Sheet as at the 31st
 March, 2011 and Profit & Loss Account for the year ended on that date,
 referred to in the Auditors'' Report, are self explanatory. However, in
 terms of sub-section {3}of Section 217 of the Companies Act, 1956 {the
 Act}, the Auditors'' Report on the Accounts for the year ended on the
 31st March, 2011, wherein the Statutory Auditors have made certain
 observations/ qualifications, the Management''s responses are reportedly
 as under:
 
 i) “During the period under review the company has claimed exemption of
 Rs.39.91lacs in addition to exemption accounted for upto the period
 ended 31stMarch,2010, of Rs. 3,408 lacs under Section 80 IAof the
 Income Tax Act, 1961 being tax profits arising out of sale of
 Industrial Park units, pending the notification of the same by Central
 Board of Direct Taxes. Further the Company has taken opinion from a
 senior counsel that its application satisfies all the conditions
 specified in the said Scheme of Industrial Park.
 
 ii) The Auditors of the Company have drawn attention to the fact that
 the Company is carrying project inventory of Rs. 16719 lacs for Group
 Housing Project in Greater Noida. Due to downward trend in the market,
 the Greater Noida Industrial Development Authority (GNIDA) announced a
 Scheme whereby the developers have option to accept project on a
 smaller piece of land equivalent to the amount paid and surrender
 balance project land subject to some deductions. The management has
 applied to the Authority conveying its intention to develop the project
 under this Scheme and is awaiting its approval. Necessary adjustments
 will be carried out upon receipt of approval from the Authority and
 management is of the view that there is no impairment in the value of
 land / project.
 
 iii) With respect to comments of the Auditors on advances aggregating
 to Rs. 16603 lacs given to land owning companies/collaborators/others
 for purchase of land and comments on its recoverability/adjustment, the
 management is of the view that such advances are given in respect of
 ongoing transactions and are regarded as being in the normal course of
 business.
 
 iv) The Auditors of the Company have drawn attention that the Company
 has not considered for the estimated cost of land to be incurred in
 future for one of its large Township projects and also not considered
 borrowing costs to be incurred in future in general for determining the
 project revenues, project inventory and debtors.  The management is of
 the view that the amount of these items cannot be determined at this
 stage.
 
 v) The Company has, during the year ended 31st March, 2010, changed its
 accounting policy in respect of accounting for certain costs in the
 nature of administration and selling costs by charging them off to
 Profit & Loss against the earlier policy of treating them as part of
 project cost for determining project inventory, revenue and debtors.
 The management is of the view that expenditure of such nature incurred
 in earlier years and considered as part of project inventories under
 Projects/ Contract work in progress upto 31stMarch, 2009 has been
 carried forward as such.
 
 vi) With regard to the comments of the Auditors relating to Ansal
 Hi-Tech Townships Ltd. (AHTL) which is a subsidiary, that the Company
 has given advances amounting to Rs. 14970 lacs (including Rs. 7082 lacs
 to group companies), for purchase of land parcels for which agreements
 with and confirmations of these companies are available with the
 Company but in the absence of details of land purchased and financial
 position of concerned companies, they are unable to comment on these
 advances.These advances, in management view, are good and adequately
 covered in the normal course of business.
 
 vii) With respect to the comments of the Auditors relating to Ansal
 Hi-Tech Townships Ltd. (AHTL), which is a subsidiary, that the company
 has received advances of Rs. 5786 lacs from certain
 individuals/companies and in the absence of agreements/booking details
 for these advances they are unable to comment on the repayment of these
 advances. The management is of the view that such advances are in the
 normal course of business and all details/agreements will be executed
 with in this financial year.
 
 viii) The Company Law Board (CLB) has issued an ad-interim order
 directing maintenance of status quo on immoveable assets, shareholding
 & composition of Board of the subsidiary, M/s Ansal Colours Engineering
 SEZ Limited (Ansal Colours) in a petition filed by erstwhile Joint
 Venture Partner u/s 397 & other applicable provisions of the Companies
 Act, 1956. In this regard, the Company is in the process of settlement
 with erstwhile Joint Venture Partner. The accounts of Ansal Colours
 which are consolidated with the Company''s accounts are unaudited due to
 the interim order.”
 
 
 Auditors
 
 The tenure of the Statutory Auditors M/s S. S. Kothari Mehta & Company,
 Chartered Accountant, having their office at 146-149 Tribhuvan Complex,
 Ishwar Nagar, Mathura Road, New Delhi-110065, comes to an end at the
 conclusion of this Annual General Meeting and is eligible for
 re-appointment.The Company has received a certificate from the
 Statutory Auditors to the effect that their appointment, if made, would
 be within the limit prescribed under Section 224 of the Companies Act,
 1956.
 
 The Board of your Company recommends their re-appointment.
 
 15.  LISTING INFORMATION
 
 Equity shares of your Company are listed on the National Stock Exchange
 of India Ltd. (NSE), Delhi Stock Exchange Association Ltd. (DSE) and
 Bombay Stock Exchange Ltd. (BSE).
 
 During the year under review, the Company has issued and allotted the
 Equity shares. The said shares have also been listed and permitted to
 be traded at DSE, BSE & NSE. There has been no trading at DSE for a
 number of years. The details of allotment and listing of shares are
 given below :-
 
 Particulars             Date of    No. of    Date of    Date of
                       Allotment    Shares    Listing 
                                             approval  Trading approval
 
 Allotment of Equity 
 shares on 
 Preferential         19.06.2010  70,50,000 16.07.2010 
                                               -BSE     05.08.2010 -BSE
 Issue basis in 
 terms of Chapter 
 VII of SEBI                                23.07.2010 
                                              - NSE     29.07.2010 -NSE
 (Issue of Capital 
 and Disclosure       21.06.2010  15,00,000 03.09.2010 
                                               - DSE    03.09.2010 -DSE
 Requirements) 
 Regulations, 2009
 
 Allotment of Equity 
 shares under 
 Qualified            13.10.2010 2,57,26,291 14.10.2010
                                                -BSE    15.10.2010-BSE
 Institution 
 Placement basis 
 as per                                      14.10.2010
                                                -NSE    15.10.2010-NSE
 provisions of 
 Chapter VIII of 
 SEBI                                        08.11.2010
                                                - DSE   08.11.2010- DSE
 (Issue of Capital 
 and Disclosure
 Requirements) 
 Regulations, 2009.
 
 Listing fees for the Financial Year 2011-12 has been paid by the
 Company to all the Stock Exchanges (i.e. DSE, BSE & NSE) in time and no
 amount is outstanding.
 
 16.  DIRECTORS'' RESPONSIBILITY STATEMENT
 
 In accordance with the provisions of Section 217(2AA) of the Companies
 Act, 1956 and based on the information provided by the Management, your
 Directors hereby confirm:
 
 i) That in the preparation of the Annual Accounts, the applicable
 Accounting Standards have been followed and no material departures have
 been made from the same
 
 ii) That appropriate accounting policies have been selected and applied
 them consistently, and, judgments and estimates that are reasonable and
 prudent have been made so as to give a true and fair view of the state
 of affairs of the Company as at the end of the financial year on the
 31st March,2011, and of the profit of the Company for the year ended on
 that date.
 
 iii) That proper and sufficient care has been taken for maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act, 1956 for safeguarding the assets of the Company and for
 preventing and detecting fraud and other irregularities.
 
 iv) That the Annual Accounts have been prepared on a going concern
 basis.
 
 17.  ACKNOWLEDGMENT
 
 Your Directors would like to express their sincere appreciation and
 gratitude to:- all the regulatory authorities including SEBI, Stock
 Exchanges, Ministry of Corporate Affairs, Registrar of Companies and
 the Depositories.
 
 all the Bankers and Financial Institutions, the Central and State
 Governments as well as their respective Departments and Development
 Authorities in India and abroad connected with the business of the
 Company for their co-operation and continued support.
 
 the members, depositors, suppliers, contractors and customers for the
 trust and confidence reposed by them in the Company.
 
 Your Directors also appreciate the hard work, competence, devoted
 teamwork and professionalism of the employees of the Company and its
 subsidiaries and the group, at all levels. The employees continue to
 remain the Company''s most valuable resources and their sustained hard
 work has enabled your Company to successfully meet the challenges
 during the year under review.
 
 Regd. Office:                          For and on behalf of the Board
 
 115, Ansal Bhawan
 
 16, Kasturba Gandhi Marg
 
 New Delhi-110001
 
                                                         (Sushil Ansal)
 
 Date: 11th August, 2011                                      Chairman