1 The company is primarily engaged in the business of promoting
financial services such as finance, insurance, wealth management etc.
through its investments in subsidiaries and joint ventures. The company
is also engaged in the business of generating power through wind
turbines. Since investments dominate the composition of assets and
revenue, the Company was registered on 30 October 2009 by RBI as a
Non-Banking Financial Institution (non-deposit taking). However, the
Company has obtained an exemption from RBI vide its letter dated 8
March 2010 on the compliance with the norms in respect of
''concentration of investments'' prescribed in para 18(1) of the
Non Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007. The said exemption
has been renewed vide its letter dated 18 July 2011 for one more year.
2 Contingent liabilities
(Rs. In Crore)
a. Claims against the Company not
acknowledged as debts 7.71 7.65
b. Income Tax matters under dispute
Appeal by company 0.14 0.14
3 The consolidated financial statements of the Company and its group
are attached to these independent financial statements. The details of
the group regarding the nature of relationship and the basis of
consolidation can be referred to in note 1 to the said consolidated
4 Previous year figures
The financial statements for the year ended 31 March 2011 had been
prepared as per the then applicable, pre-revised Schedule VI to the
Companies Act, 1956. Consequent to the notification of Revised Schedule
VI under the Companies Act, 1956, the financial statements for the year
ended 31 March 2012 are prepared as per Revised Schedule VI.
Accordingly, the previous year figures have also been reclassified to
conform to this year''s classification. The adoption of Revised Schedule
VI for previous year figures does not impact recognition and
measurement principles followed for preparation of financial
Rs. 1 crore is equal to Rs. 10 million.
Amounts less than Rs. 50,000 have been shown at actual against respective
line items statutorily required to be disclosed.