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, a renewable source of energy. Since investments dominated
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 ''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 for one more year upto 31 March 2015 vide its letter
dated 8 July 2014.
2 Share capital
A. Further, of the above
i. 101,183,510 equity shares were allotted as fully paid up pursuant to
the scheme of arrangement for demerger of erstwhile Bajaj Auto Ltd.
(now Bajaj Holdings & Investment Ltd.) by the Company on 3 April 2008.
ii. 1,805,071 equity shares thereof are deemed to be issued by way of
Euro Equity Issue represented by Global Depository Receipts (GDR)
evidencing Global Depository Shares outstanding on the record date.
Outstanding GDRs at the close of the year were 41,132 (41,132)
B. Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of B
5 per share. Each holder of equity shares is entitled to one vote per
share. The dividend proposed by the Board of Directors and approved by
the shareholders in the annual general meeting is paid in Indian
rupees. In the event of liquidation 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.
c. Shares reserved for issue at a subsequent date
26,677 (29,509) equity shares of B 5 each offered by way of right in an
earlier year, have been held in abeyance pending adjudication of title
and subscription thereafter.
3 Contingent liabilities
(Rs. In Crore)
As at 31 March
Particulars 2015 2014
a Claims against the Company not acknowledged
as debts 8.26 12.23
b Income Tax matters under dispute
Appeal by Company 27.85 27.85
c Value Added Tax (VAT) matters under
dispute 1.64 0.61
4 Segment information
Segment information based on consolidated financial statements is given
in note 33 to consolidated financial statements.
The Company has disclosed the business segments as primary reporting
segment on the basis that risks and returns are primarily determined by
the nature of products and services. Consequently, geographical segment
has been considered as a secondary segment.
The business segments have been identified on the basis of the nature
of products and services, the risks and returns and internal
performance reporting systems.
The business segments comprise the following:
iii. Retail financing
iv. Investments and others
As a lessor:
The Company has given a premise on operating leases. This lease
arrangement is for a period of 3 years and is a cancellable lease.
This lease agreement is renewable for further period on mutually
agreeable terms and also include escalation clauses.
(6) Miscellaneous disclosures
a) Registration obtained from other financial sector regulators:
Apart from RBI, Company is also governed by SEBI and MCA.
b) Disclosure of penalties imposed by RBI and other regulators:
During previous year, no penalty was imposed by RBI or other
c) Related party transactions:
Please refer note 26 for details of related party transactions.
d) Ratings assigned by credit rating agencies and migration of ratings
during the year:
Company is a non-deposit taking/accepting NBFC. It does not carry out
lending/securitisation activity. Hence, there are ''Nil'' values in
respect of following disclosures -
- Forward rate agreement/Interest rate swap
- Exchange traded interest rate (IR) derivatives
- Qualitative disclosures on risk exposure in derivatives
- Quantitative disclosures on risk exposure in derivatives
- Disclosures relating to securitised assets etc.
- Details of financial assets sold to securitisation/reconstruction
company for asset reconstruction
- Details of assignment transactions undertaken by NBFCs
- Details of non-performing financial assets purchased/sold
3. Details of financing of parent company products
4. Details of Single Borrower Limit (SBL)/Group Borrower Limit (GBL)
exceeded by the NBFC
5. Unsecured advances
6. Concentration of deposits, advances, exposures and NPAs
- Concentration of deposits (for deposit taking NBFCs)
- Concentration of advances
- Concentration of exposures
- Concentration of NPAs
- Sector-wise NPAs
- Movement of NPAs
7. Overseas assets (for those with joint ventures and subsidiaries
8. Off-balance sheet SPVs sponsored
9. Disclosure of customer complaints
7 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 financial statements.
8 Previous year figures
Previous year figures have been regrouped wherever necessary to make
them comparable with those of the current year.
a. Rs. 1 crore is equal to Rs. 10 million.
b. Amounts less than Rs. 50,000 have been shown at actual against
respective line items statutorily required to be disclosed.