1 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)
 
                                                          (Rs. in Lacs)
 
                                                  As at 31st March 
 Particulars                                      2012          2011
 
 (I) Contingent Liabilities
 
 (Excluding interest and penalty on 
 the respective amount if any arrived
 upon the final out come)
 
 (a) Claims against the company not 
 acknowledged as debt Appeal filed in
 respect of disputed demand of Income Tax
 for Assessment Year 2007-08                    146.22        146.22
 
 Management is contesting against 
 these matter and is hopeful of
 succeeding in the same
 
 (b) Guarantees
 
 Corporate Guarantee given 
 for loan taken by
 
 Subsidiary Companies                        13,835.61     1,836.40
 
                                             13,981.83     1,982.62
 
 (II) Commitments
 
 Estimated amount of contracts 
 remaining to be executed on
 capital account and not provided 
 for (Net of advances)                          147.13       147.13
 
 2 SEGMENT DISCLOSURES
 
 As per Accounting Standard (AS) 17- Segment Reporting, segment
 information has been provided under notes to Consolidated Financial
 Statements.
 
 3 EMPLOYEE STOCK OPTION PLAN
 
 i.  During the year 2010-11, the Company has granted Employee Stock
 Options to employees of the Company and Subsidiaries.
 
 ii.  Salient Features
 
 The options are granted at the price determined by the Compensation
 Committee. Each option entitles the holder to exercise the right to
 apply for and seek allotment of one equity share of Re.  1/- each. The
 option shall vest in four equal installments. Details of options
 granted during the year 2010-11 duly approved by the Compensation
 Committee under the said scheme are as under:
 
 (iii) Method of Accounting of ESOP
 
 The Company has adopted the Intrinsic Value-based method of accounting
 for stock options granted to the employee of the Company and
 subsidiaries. The difference between the intrinsic value and the
 exercise price is being amortized as employee compensation cost over
 the vesting period. For the year ended 31st March, 2012 the Company has
 recorded stock compensation expense of Rs. 518.61 Lacs (previous yearRs.
 196.82 Lacs).
 
 4 DISCLOSURE REQUIRED BY CLAUSE 32 OF THE LISTING AGREEMENT
 
 Amount of Loans and Advances in the nature of Loans outstanding to
 Subsidiaries / Step down Subsidiaries /Associates etc.
 
 Notes:
 
 - Loans and Advances shown above, to subsidiaries and associates fall
 under the category of Loans and Advances in nature of Loans where there
 is no repayment schedule and are re- payable on demand.
 
 - Loan to employees as per Company''s policy is not considered.
 
 b) Investment by the loanee in the share of the Company
 
 None of the loanees and loanees of subsidiary companies has, perse,
 made investments in shares of the Company.
 
 5 RELATED PARTY DISCLOSURES
 
 (A) Related parties and transactions with them during the year as
 identified by the Management are given below:
 
 (i) Parties where control exists
 
 Direct Subsidiaries:
 
 - AAA Aviation Private Limited (AAPL) (till 13.09.2010)
 
 - Daman Entertainment Private Limited (from 22.12.2011)
 
 - Delta Pleasure Cruise Company Private Limited (DPCCPL) (from
 20.09.2010)
 
 - Delta Adventures and Entertainment Private Limited (DAEPL)
 
 - Delta Holding USA Inc. (DHUSA)
 
 - Delta Hospitality & Leisure Private Limited (DHLPL) (from 30.04.2010)
 
 - Delta Hospitality and Entertainment Private Limited (DHEPL) (till
 25.05.2010)
 
 - Delta Leisure and Entertainment Private Limited (earlier known as
 Delta Cruises and Entertainment Private Limited (DLEPL)
 
 - Delta Lifestyle and Entertainment Private Limited (DLIEPL)
 
 - Delta Offshore Developers Limited (DODL) (from 15.12.2010)
 
 - Delta Pan Africa Limited (DPAL)
 
 - Goodluck Renewable Energy Resources Private Limited (GRERPL) (from
 08.09.10 to 20.01.11)
 
 Step-down Subsidiaries / LLPS:
 
 - AAA Township Private Limited (AAATPL)
 
 - Aman Infrastructure Private Limited (AIPL) (from 24.11.2010)
 
 - Argyll Hotels Private Limited (AHPL) (from 24.11.2010)
 
 - Atled Technologies Private Limited (ATPL) (from 29.07.2011)
 
 - Caravela Casino (Goa) Private Limited (CCGPL) (from 23.09.2010)
 
 - Coastal Sports and Ventures Private Limited (CSVPL)
 
 - Daman Hospitality Private Limited (DHPL)(from 03.06.2011)
 
 - Delta Corp East Africa Limited (DCEAL)
 
 - Delta Hospitality and Entertainment Private Limited (DHEPL) (from
 26.05.2010)
 
 - Delta Square Limited (DSL)
 
 - Highstreet Cruises & Entertainment Private Limited (HCEPL)
 
 - Highstreet Riviera Leisure (Goa) Private Limited (HRLGPL) (through
 its Subsidiary Company DLEPL) (from 20.09.2011)
 
 - Kaizan LLP (KLLP)
 
 - Marvel Resorts Private Limited (MRPL) (from 21.02.2011)
 
 - Richtime Realty Private Limited (RRPL)
 
 - Samarpan Properties and Construction Private Limited (SPCPL)(from
 18.03.2011)
 
 - Samarpan Township Private Limited (STPL) (from 14.03.2011)
 
 - Shree Mangesh Realty Private Limited (SMRPL) (from 10.03.2011)
 
 - Victor Hotels and Motels Limited (VHML) Associate Company:
 
 - Zeicast PTE Limited (ZPL) (through its Step down subsidiary Company
 HCEPL)
 
 (ii) Key Management Personnels (KMP):
 
 - Mr. Jaydev Mody (JM) - Chairman
 
 - Mr. Ashish Kapadia (AK) - Managing Director
 
 - Mr. Hardik Dhebar (HD) - Group CEO.
 
 (iii) Relatives of Key Management Personnels:
 
 - Mrs. Zia Mody (ZM)-Wife of Chairman
 
 - Mrs. Urvi Piramal (UP) - Sister of Chairman
 
 - Mrs. Kalpana Singhania (KS) - Sister of Chairman
 
 (iv) Enterprises over which persons mentioned in (ii) and (iii) above
 exercise significant influence:
 
 - Anjoss Trading Private Limited (ATPL)
 
 - Arrow Textiles Limited (ATL)
 
 - AZB & Partners (AZB)
 
 - Dacapo Brokerage India Private Limited (DBIPL)
 
 - Delta Magnets Limited (DML)
 
 - Freedom Registry Private Limited (FRPL)
 
 - Peninsula Facility Management Services Private Limited (PFMS)
 
 - Peninsula Land Ltd (PLL)
 
 - Aarti J Mody Trust (AAJMT)
 
 - Aditi J Mody Trust (ADJMT)
 
 - Anjoss J Mody Trust (ANJMT)
 
 - Jayem Realty Solution Private Limited (JRSPL)
 
 6 EMPLOYEE BENEFITS
 
 Disclosure required under Accounting Standard (AS) 15 - (Revised 2005)
 for employee benefits are as under:
 
 i) The Company has recognized the expected liability arising out of the
 compensated absence and gratuity as at 31st March, 2012 based on
 actuarial valuation carried out using the Project Credit Method.
 
 ii) The below disclosure have been obtained from independent actuary.
 The other disclosures are made in accordance with (AS) 15 - (Revised
 2005) pertaining to the Defined Benefit Plan is as given below:
 
 7 MAT CREDIT ENTITLEMENT
 
 MAT Credit Entitlement of Rs. 2,142.12 Lacs (Previous Year Rs. 2,177.41
 Lacs) is based on business projection of Company provided by
 Management, and the same have been relied upon the Auditors.
 
 8 Borrowing cost capitalized for the year amounts to Rs. 168.58 Lacs
 (Previous year Rs. 188.82 Lacs).
 
 9 The Company has filed a Scheme of Amalgamation dated 30.03.2012 with
 an appropriate authority, u/s. 391 to 395 of The Companies Act, 1956
 where by step down subsidiary Company Richtime Realty Private Limited
 will merge with the Company, w.e.f. 1st April, 2011. The Scheme is yet
 to be approved by Bombay High Court. The effect of the same will be
 given on receipt of the order from Bombay High Court approving the
 Scheme.
 
 10 PREVIOUS YEAR COMPARATIVES
 
 As notified by Ministry of Corporate Affairs, Revised Schedule VI under
 the Companies Act, 1956 is applicable to the Financial Statements for
 the financial year commencing on or after 1st April, 2011.
 Accordingly, the financial statements for the year ended March 31, 2012
 are prepared in accordance with the Revised Schedule VI. The amounts
 and disclosures included in the financial statements of the previous
 year have been reclassified to conform to the requirements of Revised
 Schedule VI.