1. Share capital
(a) Issued, subscribed and paid-up share capital includes:
(i) 5,877,850 equity shares of Rs. 2 each (originally 1,175,570 shares of
Rs. 10 each) fully paid-up allotted pursuant to a Scheme of Amalgamation
of DLF United Limited with the Company, without payment being received
in cash.
(ii) 1,338,603,595 equity shares of Rs. 2 each fully paid issued as bonus
shares by way of capitalisation of free reserves and securities premium
account.
(b) Upon exercise of Options granted under the Employees Stock Option
Scheme 2006 (ESOP), 180,904 (Previous year 240,457) equity shares of Rs.
2 each were issued at par during the year.
(c) Pursuant to the above mentioned transaction the paid-up share
capital of the Company increased by Rs. 3.62 lacs, during the year
(Previous year: increase by Rs. 4.08 lacs).
2. Secured loans
a) Facilities with banks comprise, term loans and overdraft facilities
which are secured by equitable mortgages of certain freehold and
leasehold lands/ properties of the Company/subsidiary companies/
sellers/lessors, land under agreement to sell and/ or against future
receivables of the Company/subsidiary companies.
b) Loan from others comprise of term loans from financial institutions
which are secured by equitable mortgages of certain lands/ properties
of some subsidiary entities/ associates/ group companies and the
receivables and/ or against future receivables of the Company/
subsidiary companies.
c) Loans for aircraft, helicopter and vehicles are secured by
hypothecation of the respective assets, thus purchased.
d) i) 5,000 (previous year 5,000), 13.70%
Non-Convertible Redeemable
Debentures of face value of Rs.1,000,000/- each and 7,200 (previous year
7,200), 14% Non- Convertible Redeemable Debentures of face value of Rs.
1,000,000/- each, issued to the Life Insurance Corporation of India are
secured by pari passu charge over certain lands / properties of the
Company / subsidiary companies.
ii) 3,000 (previous year 3,000), 10% Non- Convertible Redeemable
Debentures of Rs. 1,000,000/- each and 7,000 (previous year 7,000),
10.50% Non- Convertible Redeemable Debentures of Rs. 1,000,000/- each,
issued to various investors are secured by pari passu / exclusive
charge over certain lands / properties of the Company / subsidiary
companies.
iii) 1,500 (previous year Nil), 10.24% Non-Convertible Redeemable
Debentures of Rs. 1,000,000/- each, 1500 (previous year Nil), 10.24% Non-
Convertible Redeemable Debentures of Rs. 1,000,000/- each and 2,000
(previous year Nil), 10.24% Non Convertible Redeemable Debentures of Rs.
1,000,000/- each, issued to Bank of India are secured by pari passu
charge over certain lands/ properties of the Company/subsidiary
companies.
iv) The Company has transferred Rs. 74,600.00 lacs to the debenture
redemption reserve in respect of outstanding debentures for the year
ended March 31, 2011 in line with the provisions of the Companies Act,
1956.
e) Loans due within one year Rs. 274,605.12 lacs (previous year Rs.
93,914.70 lacs).
3. Unsecured loans
Loans due within one year Rs. 35,884.73 lacs (previous year Rs. 100,000.00
lacs).
6 a) The profit/loss from sale of land / developed plots/constructed
properties in DLF City, Gurgaon (Complex) is accounted as per revenue
recognition policy 7 stated in Schedule 24 – Significant accounting
policies. The Complex comprises lands owned by the Company as also
those under agreements to purchase entered into with subsidiary/
coordinating companies. In terms of such agreements, the Company has
purchased (2.70) lacs sq. mts. of plotted area during the year
(previous year 3.32 lacs sq. mts.) from the land owning companies at
the average cost of land to the Company and/ or the land owning
companies. The average estimated internal development costs and
external development charges, in respect of the plots sold have been
written off in terms of accounting policy 9 stated in Schedule 24 –
Significant accounting policies. Final adjustment, if any, is made on
completion of the applicable scheme/ project.
b) The profit/ loss from sale of agricultural land comprising land
owned by the Company and its subsidiary/ coordinating companies,
covered under agreement to sell the land to the Company is accounted
for on execution of the sale agreements in favour of the customers.
During the year the Company has purchased Nil acres of land (previous
year 2.32 acres) from the land owning companies, consequent to
registration of the sale deeds/ transfer of ownership in favour of the
customers at the average cost of land to the Company and/ or the land
owning companies.
c) In terms of the agreement with DLF Home Developers Limited (earlier
DLF Housing and Construction Limited, since merged with DLF Home
Developers Limited), and Mayur Recreational and Development Limited,
since merged with the DLF Building & Services Private Limited, the
Company has agreed to develop their lands along with its own lands at
Loni (Ankur Vihar) into a colony. In terms of the said agreement, the
Company is entitled to realise and retain the entire sale proceeds and
pay the cost of land, incidentals etc. plus a sum of Rs. 0.10 lacs per
acre to the aforesaid land owners on registration of the properties and
revenue is recognised on proportionate realisation basis.
d) In respect of Dilshad Garden II Scheme, the profit/loss on sale of
developed plots is accounted by adjusting cost proportionate to the
realisations made.
e) The Company on November 3, 2006 has entered into an agreement to
sell in terms of the resolution passed by the Board of Directors in
their meeting held on March 28, 2006, with one of its wholly owned
subsidiary company namely, DLF Home Developers Limited (DHDL) to sell
a parcel of land of saleable area consisting 30 million sq. ft built
up area under construction / to be constructed. Further, DHDL will
complete all the finishing work before selling the same to its
customers. In terms of the accounting policy 7(a) in Schedule 24 –
Significant accounting policies to the financial statements on
revenue recognition, revenue in respect of projects under
implementation under these agreements to sell is being recognised based
on percentage of completion method.
7. The Company has entered into business development agreements with
DLF Commercial Project Corporation and Rational Builders and Developers
(partnership firms). As per these agreements, the Company has acquired
sole irrevocable development rights in identified lands which are
acquired / or in the process of acquisition by these partnership firms.
In terms of accounting policy 6 in Schedule 24 – Significant
accounting policies the amount paid to these partnership firms
pursuant to the above agreements, are classified as stock of
development rights.
10. Related party disclosures a) Relationship:
(i) Subsidiary companies at any time during the year
1 Aadarshini Real Estate Developers Private Limited
2 Abhigyan Builders & Developers Private Limited ( w.e.f. November 10,
2010)
3 Abhiraj Real Estate Private Limited
4 Adelie Builders & Developers Private Limited
5 Adeline Builders & Developers Private Limited ( w.e.f. December 7,
2010)
6 Adrienne Builders & Constructions Private Limited ##
7 Alastair Builders & Developers Private Limited ##
8 Alta Builders & Developers Private Limited
9 Alvernia Limited
10 Alvita Builders & Developers Private Limited
11 Aman Gocek Insatt Taahhut Turizm Sanayi ve Ticaret AS
12 Amancruises (2006) Company Limited
13 Amancruises Company Limited
14 Amankila Resorts Limited
15 Amanproducts Limited
16 Amanresorts B.V.
17 Amanresorts International Pte Limited
18 Amanresorts IPR B.V
19 Amanresorts Limited
20 Amanresorts Limited
21 Amanresorts Management BV
22 Amanresorts Services Limited
23 Amanresorts Technical Services B.V
24 Americus Real Estate Private Limited
25 Amishi Builders & Developers Private Limited
26 Amoda Builders & Developers Private Limited ##
27 Amon Builders & Developers Private Limited ( till December 3, 2010)
++
28 Anbest Holdings Limited
29 Andaman Development Company Limited
30 Andaman Holdings Limited
31 Andaman Resorts Co. Limited
32 Andaman Thai Holding Co. Limited
33 Andes Resort Limited SAC
34 Anjuli Builders And Developers Private Limited ####
35 Annabel Builders & Developers Private Limited
36 Aradal Company N.V.
37 Argent Holdings Limited
38 Ariadne Builders & Developers Private Limited ( w.e.f. September 9,
2010)
39 ARL Marketing Inc.
40 ARL Marketing Limited
41 Armand Builders & Constructions Private Limited ( w.e.f. December 7,
2010)
42 ASL Management (Palau) Limited
43 Baakir Real Estates Private Limited ( w.e.f. September 6, 2010)
44 Balaji Highways Holding Private Limited (w.e.f. May 15, 2010 )
45 Balina Pansea Company Limited
46 Barbados Holdings Limited
47 Bedelia Builders & Construction Private Limited
48 Benedict Estates Developers Private Limited ( w.e.f. November 10,
2010)
49 Berenice Real Estate Private Limited
50 Beverly Park Maintenance Services Limited
51 Bhamini Real Estate Developers Private Limited
52 Bhoruka Financial Services Limited
53 Bhosphorous Investments Limited
54 Bhutan Hotels Limited
55 Bodrum Development Limited
56 Breeze Constructions Private Limited
57 Butan Resorts Private Limited (Amankora)
58 Cachet Real Estates Private Limited ( w.e.f. December 7, 2010)
59 Calantha Builders & Developers Private Limited ####
60 Callista Builders & Constructions Private Limited ##
61 Calvine Builders & Constructions Private Limited ( w.e.f. December
7, 2010)
62 Caraf Builders & Constructions Private Limited
63 Careen Builders & Developers Private Limited (till October 31, 2010)
64 Caressa Builders & Constructions Private Limited ####
65 Catriona Builders & Constructions Private Limited
66 Cee Pee Maintenance Services Limited
67 Ceylon Holdings B.V.
68 Chakradharee Estates Developers Private Limited (w.e.f. November 10,
2010)
69 Chandrojyoti Estate Developers Private Limited
70 City Icon Limited (till April 27, 2010) ++
71 Colombo Resort Holdings N.V
72 Comfort Buildcon Private Limited
73 Current Finance Limited
74 Cyrilla Builders & Constructions Limited
75 Dae Real Estates Private Limited (w.e.f. November 10, 2010)
76 Dalmia Promoters & Developers Private Limited
77 Dankuni World City Limited
78 Delanco Home & Resorts Private Limited
79 Delanco Real Estate Private Limited (w.e.f. December 16, 2010)
80 Delanco Realtors Private Limited
81 Deltaland Buildcon Private Limited
82 Deltaland Real Estate Private Limited (w.e.f. December 7, 2010)
83 DHDL Wind Power Private Limited (Formerly Var Infratech Private
Limited)
84 Dhoomketu Builders & Developers Private Limited
85 Digital Talkies Private Limited (w.e.f. October 29, 2010)
86 Diwakar Estates Limited
87 DLF Ackruti Info Parks (Pune) Limited (Formerly DLF Akruti Info
Parks (Pune) Limited)
88 DLF Aspinwal Hotels Private Limited
89 DLF Assets Private Limited
90 DLF Brands Limited (till October 31, 2010)
91 DLF Business Hotels Ventures Private Limited (till September 29,
2010) ++
92 DLF City Centre Limited
93 DLF City Centre Limited (till April 27, 2010) ++
94 DLF Cochin Hotels Private Limited
95 DLF Comfort Hotels Private Limited
96 DLF Commercial Complexes Limited ##
97 DLF Commercial Developers Limited
98 DLF Construction Limited (Formerly DLF Projects Limited )
99 DLF Cyber City Developers Limited
100 DLF Developers Limited
101 DLF Emporio Restaurants Limited
102 DLF Estate Developers Limited
103 DLF Exotica Hotels Private Limited ++
104 DLF Financial Services Limited
105 DLF Finvest Limited
106 DLF Food Courts Private Limited ##
107 DLF Garden City Indore Private Limited
108 DLF Global Hospitality Limited
109 DLF Golf Resort Limited
110 DLF Gurgaon Developers Limited (Formerly DLF SEZ Holdings Limited)
111 DLF Haryana SEZ (Ambala) Limited
112 DLF Haryana SEZ (Gurgaon) Limited
113 DLF Hilton Hotels (Mysore) Private Limited
114 DLF Home Developers Limited
115 DLF Home Services Private Limited
116 DLF Homes Ambala Private Limited
117 DLF Homes Durgapur Private Limited ####
118 DLF Homes Goa Private Limited
119 DLF Homes Kokapet Private Limited
120 DLF Homes Panchkula Private Limited
121 DLF Homes Pune Private Limited
122 DLF Homes Rajapura Private Limited
123 DLF Hospitality & Recreational Limited
124 DLF Hotel Holdings Limited
125 DLF Hotels & Apartments Private Limited
126 DLF Hotels & Hospitality Limited
(Formerly DLF Hilton Hotels Limited)
127 DLF Housing & Construction Limited ####
128 DLF India Limited (Formerly DLF Universal Limited)
129 DLF Info City Developers (Chandigarh) Limited
130 DLF Info City Developers (Chennai) Limited
131 DLF Info City Developers (Kolkata) Limited
132 DLF Info Park Developers (Chennai) Limited
133 DLF Infra Holding Limited ####
134 DLF Inns Limited
135 DLF International Holdings Pte Limited
136 DLF International Hospitality Corp
137 DLF Jaipur Convention Center Private Limited
(till September 29, 2010) ++
138 DLF Land Limited ####
139 DLF Luxury Hotels Limited
140 DLF Metro Limited
141 DLF New Delhi Convention Center Limited
142 DLF New Gurgaon Homes Developers Private Limited
143 DLF New Gurgaon Offices Developers Private Limited
144 DLF New Gurgaon Retail Developers Private Limited
145 DLF Phase IV Commercial Developers Limited
146 DLF Pramerica Life Insurance Company Limited
147 DLF Premium Homes Private Limited ####
148 DLF Projects Limited (Formerly DT Projects Limited )
149 DLF Property Developers Limited
150 DLF Real Estates Builders Limited
151 DLF Recreational Foundation Limited
152 DLF Residential Builders Limited
153 DLF Residential Developers Limited
154 DLF Residential Partners Limited
155 DLF Retail Services Limited ##
156 DLF Service Apartments Limited
157 DLF Services Limited (till October 12, 2010) ###
158 DLF SEZ Developers Limited ####
159 DLF Southcourt Hotels Private Limited
(till September 29, 2010) ++
160 DLF Southern Homes Private Limited
161 DLF SouthernTowns Private Limited
162 DLF Telecom Limited
163 DLF Trust Management Pte Limited
164 DLF Universal Limited
(Formerly DLF Retail Developers Limited)
165 DLF Utilities Limited
166 DLF Wind Power Private Limited (Formerly Bestvalue
Housing & Construction Private Limited)
167 Domus Real Estates Private Limited
(w.e.f. December 16, 2010)
168 Domus Realtors Private Limited
(w.e.f. December 7, 2010)
169 DT Cinemas Limited (till October 12, 2010) ###
170 Eastern India Powertech Limited
171 Edward Keventer(Successors) Private Limited
172 Eila Builders & Developers Private Limited
173 Elvira Builders & Constructions Private Limited
( w.e.f. December 7, 2010)
174 Enki Retail Private Limited (till October 31, 2010)
175 Eros Retail Private Limited (till October 31, 2010)
176 Falguni Builders Private Limited
177 Faye Builders & Constructions Private Limited
(w.e.f. December 7, 2010)
178 First City Real Estate Private Limited
(w.e.f. December 7, 2010)
179 Flora Real Estate Private Limited
(w.e.f. December 7, 2010)
180 Fonton Limited
181 Forerum Group Limited
182 Galaxy Mecantiles Limited
183 Galleria Property Management Services Private Limited
184 Ganika Builders Private Limited
185 Gavin Builders & Developers Private Limited ##
186 Geocities Airport Infrastructures Private Limited
187 Goyo Services Limited
188 Guardian International Private Limited
189 Gulika Home Developers Private Limited
190 Gulliver Enterprises Limited
191 Gyan Real Estate Developers Private Limited
192 Hansel Builders & Developers Private Limited (w.e.f.
December 7, 2010)
193 Heritage Resorts Private Limited
194 Hiemo Builders & Developers Private Limited
195 Highvalue Builders Private Limited
196 Hospitality Tradings Limited
197 Hotel Finance International Limited
198 Hotel Sales Service Limited
199 Hotel Sales Service Private Limited
200 Hyacintia Real Estate Developers Private Limited
(w.e.f. September 9, 2010)
201 Incan Valley Holdings Limited
202 Irving Builders & Developers Private Limited
(w.e.f.December 7, 2010)
203 Isabel Builders & Developers Private Limited
204 Ishayu Builders & Developers Private Limited
(till December 3, 2010) ++
205 Jackson Hole Holdings Limited
206 Jai Luxmi Real Estate Private Limited
207 Jalisco Holdings Pte Limited
208 Janya Estate Developers Private Limited ####
209 Jawala Real Estate Private Limited
210 Juno Retail Private Limited (till October 31, 2010)
211 K G Infrastructure Private Limited
212 Kairav Real Estate Private Limited ####
213 Kapo Retail Private Limited (till October 31, 2010)
214 Khem Buildcon Private Limited
215 L P Hospitality Company Limited
216 Lada Estates Private Limited (w.e.f. December 7, 2010)
217 Laman Real Estate Private Limited
218 Lao Holdings Limited
219 Lawanda Builders & Developers Private Limited
220 Le Savoy Limited
221 Leandra Builders & Developers Private Limited ##
222 Lear Builders & Developers Private Limited
(w.e.f. December 7, 2010)
223 Lempo Buildwell Private Limited
(w.e.f. December 7, 2010)
224 Liber Buildwell Private Limited
(w.e.f. December 7, 2010)
225 Lizebeth Builders & Developers Private Limited
(w.e.f. November 10, 2010)
226 Lodhi Property Company Limited
227 Mariposa Builders & Developers Private Limited
(w.e.f. December 7, 2010)
228 Marrakech Investments Limited
229 Melosa Builders & Developers Private Limited
(w.e.f. December 7, 2010)
230 Mens Buildcon Private Limited
231 Mhaya Buildcon Private Limited
232 Monroe Builders & Developers Private Limited
233 Mulvey B.V
234 Mulvey Venice Sri
235 Naman Consultants Limited
236 Nambi Buildwell Private Limited
237 Necia Builders & Developers Private Limited ##
238 Nellis Builders & Developers Private Limited
239 NewGen MedWorld Hospitals Limited
240 Nilayam Builders & Developers Limited
241 NOH (Hotel) Private Limited
242 Nusantara Island Resorts Limited
243 Otemachi Tower Resorts Co. Limited
244 Overseas Hotels Limited
245 P.T. Amanresorts Indonesia
246 P.T. Amanusa Resort Indonesia
247 P.T. Indrakila Villatama Development
248 P.T. Moyo Safari Abadi
249 P.T. Nusantara Island Resorts
250 P.T. Tirta Villa Ayu
251 P.T. Villa Ayu
252 Palawan Holdings Limited
253 Paliwal Developers Limited
254 Paliwal Real Estate Private Limited
255 PAT Infrastructures Private Limited ##
256 Pee Tee Property Management Services Limited
257 Penthea Builders & Developers Private Limited
(w.e.f. November 10, 2010)
258 Philana Builders & Developers Private Limited
(w.e.f. November 10, 2010)
259 Phoena Builders & Developers Private Limited
(w.e.f. November 10, 2010)
260 Phraya Riverside (Bangkok) Co. Limited
261 Princiere Resorts Limited
262 Prompt Real Estate Private Limited
263 Puri Limited
264 Pyrite Builders & Constructions Private Limited
(w.e.f. December 7, 2010)
265 Qabil Builders & Constructions Private Limited
(w.e.f. December 7, 2010)
266 Queensdale Management Limited
267 Rachelle Builders & Constructions Private Limited (w.e.f.
December 7, 2010)
268 Rati Infratech Private Limited
269 Red Acres Development Limited
270 Regency Park Property Management Services Private
Limited
271 Regent Asset Finance Limited
272 Regent Land Limited
273 Regional Design & Research B.V
274 Regional Design & Research N.V
275 Reha Retail Private Limited (till October 31, 2010)
276 Richmond Park Property Management Services Limited
277 Riveria Commercial Developers Limited
278 Rochelle Builders & Constructions Private Limited (w.e.f.
December 7, 2010)
279 Rod Retail Private Limited (till October 31, 2010)
280 Royalton Builders & Developers Private Limited
(w.e.f. December 7, 2010)
281 Saguna Builders & Developers Private Limited
(w.e.f. December 7, 2010)
282 Saket Holiday Resorts Private Limited
(Formerly Saket Courtyard Hospitality Private Limited )
283 Samali Builders & Developers Private Limited ####
284 Serendib Holdings B.V.
285 Shakirah Real Estates Private Limited
(Formerly DLF Pleasure Hotels Private Limited )
286 Shivajimarg Properties Limited
287 Silver - Two (Bangkok) Company Limited
288 Silver Oaks Property Management Services Limited
289 Silverlink (Mauritius) Limited
290 Silverlink (Thailand) Company Limited
291 Silverlink Resorts Limited
(Formerly Silverlink Holdings Limited)
292 Sinonet Holding Limited
293 Societe Nouvelle de LHotel Bora Bora
294 Solid Buildcon Private Limited ####
295 Springhills Infratech Private Limited
296 Sunlight Promoters Private Limited
297 Tahitian Resorts Limited
298 Tangalle Property Private Limited
299 Toscano Holdings Limited
300 Triumph Electronics Private Limited
301 Universal Hospitality Limited
302 Urvasi Infratech Private Limited
303 Valini Builders & Developers Private Limited
304 Vibodh Developers Private Limited
(w.e.f. November 10, 2010)
305 Vilina Estate Developers Private Limited
(w.e.f. December 7, 2010)
306 Villajena Development Company Limited
307 Vinanti Builders & Developers Private Limited
(w.e.f. December 7, 2010)
308 Vkarma Capital Investment Management Company
Private Limited
309 Vkarma Capital Trustee Company Private Limited
310 VSK Investment & Finance Limited #
311 Wagishwari Estates Private Limited
(till December 3, 2010) ++
312 Webcity Builders & Developers Private Limited
(w.e.f. November 10, 2010)
313 Yucatan Holdings Pte Limited
314 Zeugma Limited
315 Zola Real Estate Private Limited
316 Zoria Infratech Private Limited
317 Norman Cays Holdings Limited
(ii) Partnership firms
1 DLF Commercial Projects Corporation
2 DLF Office Developers
3 DLF South Point
4 Kavicon Partners
5 Rational Builders and Developers
6 DLF GK Residency
7 Saket Courtyard Hospitality
8 DLF Green Valley (w.e.f. December 31, 2010)
(iii) Joint Ventures
1 Star Alubuild Private Limited
2 Delanco Real Estates Private Limited
(till December 15, 2010)
3 Kujjal Builders Private Limited
4 DLF Gayatri Home Developers Private Limited
5 DLF SBPL Developer Private Limited
(iii) Joint Ventures (Contd.)
6 DLF Limitless Developers Private Limited
7 Mount Mary Residential Project
8 GSG DRDL Consortium
9 Y.G. Realty Private Limited
10 Design Plus Architecture Private Limited
( w.e.f. December 7, 2010)
11 Banjara Hills Hyderabad Complex
12 Saket Courtyard Hospitality
13 Domus Real Estate Private Limited
(till December 15, 2010)
14 Cleva Builders and Developers Private Limited
15 Prowess Buildcon Private Limited
(iv) Associates
1 Australian Resorts Limited
2 Ferragamo Retail India Private Limited
(till October 31, 2010)
3 Giorgio Armani India Private Limited
(till October 31, 2010)
4 Islan Aviation Limited
5 Joyous Housing Limited
6 Kyoto Resorts YK
7 P.T Jawa Express Amanda Indah
8 Pamalican Island Holdings Inc
9 Pandis (Thailand) Company Limited
10 Pansea Tourism Company Limited
11 Regional D & R Limited
12 Revlys SA
13 Seven Seas Resorts and Leisure Inc
14 Surin Bay Co. Limited
15 Villajena
16 Zeus Infrastructure Private Limited
17 Rapid Rail Metro Gurgaon Limited (w.e.f. May 27, 2010)
# Pursuant to the Order of the Honourable High Court of Delhi by virtue
of Scheme of Arrangement, the said entity has been merged with DLF Real
Estate Builders Limited. Accordingly, transactions with the said
entity during the year ended March 31, 2011 and balance outstanding
thereto on that date have been disclosed as transactions with and
balances outstanding to as the case may be, DLF Real Estate Builders
Limited during the year ended and as of March 31, 2011.
## Pursuant to the Order of the Honourable High Court of Delhi by
virtue of Scheme of Arrangement, the said entities have been merged
with DLF Universal Limited (Formerly DLF Retail Developers Limited).
Accordingly, transactions with the said entities during the year ended
March 31, 2011 and balance outstanding thereto on that date have been
disclosed as transactions with and balances outstanding to as the case
may be, DLF Universal Limited (Formerly DLF Retail Developers Limited)
during the year ended and as of March 31, 2011.
### Pursuant to the Order of the Honble High Court of Punjab and
Haryana at Chandigarh by virtue of scheme of arrangement, the said
entities have been merged with DLF Utilities Limited. Accordingly,
transactions with the said entities during the year ended March 31,
2011 and balance outstanding thereto on that date have been disclosed
as transactions with and balances outstanding to as the case may be,
DLF Utilities Limited during the year ended and as of March 31, 2011.
#### Pursuant to the Order of the Honble High Court of Delhi and the
Honble High Court of Punjab & Haryana by virtue of Scheme of
Arrangement, the said entities have been merged with DLF Home
Developers Limited. Accordingly, transactions with the said entities
during the year ended March 31, 2011 and balance outstanding thereto on
that date have been disclosed as transactions with and balances
outstanding to as the case may be, DLF Home Developers Limited during
the year ended and as of March 31, 2011.
++ Company already wound up u/s 560, Registrar of Companies approval
awaited.
16. a) The Company uses forward contracts and Swaps to hedge its risks
associated with fluctuations in foreign currency and interest rates.
The use of Forward contracts and Swaps is covered by Companys overall
strategy. The Company does not use forward covers and Swaps for
speculative purposes. As per the strategy of the Company, foreign
currency loans are covered by comprehensive hedge, considering the
risks associated with the hedging of such loans, which effectively
fixes the principal and interest liability of such loans and further
there is no additional risk involved post hedging of these loans.
17. Contingent liabilities, not provided for, exist in respect of :
(Rs. in lacs)
2011 2010
a) Guarantees issued by the Company on
behalf of :
Subsidiary companies 901,156.09 626,456.09
Others 13,005.93 13,005.93
b) Claims against the Company (including
unasserted claims) not acknowledged
as debts 13,001.41 13,778.33
c) Income tax demand in excess of
provisions (pending in appeals) 71,855.86 50,992.28
d) Undertaki ng to buy back preference shares in subsidiary/ associate
companies -- 186,629.82 28. (a) Wind mill projects of the Company are
entitled for tax holiday under section 80-IA of the Income tax Act,
1961. Accordingly, the computation of tax (current and deferred) has
been done as per Accounting Standard 22 Accounting for taxes on
Income issued by the ICAI.
(b) The Companys profits from Special Economic Zone (SEZ) business
are exempt under section 80- IAB of the Income Tax Act, 1961 and the
dividend declared out of such SEZ profits are exempt from Dividend
Distribution Tax under the provisions of section 115-O(6) of the Income
tax Act, 1961.
In line with the above provisions, the Company has not provided the
dividend Tax since the dividend has been declared out of non SEZ
profits and after adjustment of the dividend received from its wholly
owned subsidiary company in terms of provisions of section 115-O(1A)(i)
of the Income tax Act, 1961.
29. Income Tax and other matters
a) Subsequent to the year ended March 31, 2011, the Company received an
assessment order for A.Y. 2008-2009 from the Income Tax Authorities,
creating an additional demand of Rs. 54,684.97 lacs, out of which, Rs.
48,723.00 lacs pertains to demand on account of disallowance of SEZ
profit u/s 80IAB of Income Tax Act. The Company is challenging the
order with the appropriate authorities.
Based on the advice from independent tax experts, the Company is
confident that the additional demand so created will not be sustained.
Pending of the order of the appellate authorities no provision has been
made in the financial statements.
b) On March 25, 2011, the Company received Appellate Order from CIT
(Appeals) in respect of the A.Y. 2006-2007. As per this appeal order,
the Appellate authority has given significant relief under the various
items resulting reducing the demand from Rs. 48,274.34 lacs to Rs. 7,314.24
lacs.
The Company has further filed an appeal before the ITAT, Delhi against
the appellates order for the remaining demand of Rs.7,314.24 lacs.
Based on the advice from independent tax experts, the Company is
confident that this balance demand of Tax will also not be sustained by
the appellate authorities. Pending the order of ITAT, no provision has
been made in the financial statements.
c) During the year ended March 31, 2011, the Company received a
judgement from the Honble High Court of Punjab and Haryana cancelling
the release / sale deed of land relating to IT SEZ project in Gurgaon.
The Company has filed Special Leave petitions, challenging the order in
the Honble Supreme Court of India.
Based on the advice of the independent legal counsel, the Company has a
reasonably strong likelihood of succeeding before the Honble Supreme
Court. Pending the final decision on the matter; no adjustment has been
done in these financial statements.
30. Based on the information available with the Company, there are no
dues outstanding in respect of Micro, Small and Medium enterprises at
the balance sheet date. No amounts were payable to such enterprises
which were outstanding for more than 45 days. Further, no interest
during the year has been paid or payable in respect thereof. The above
disclosure has been determined to the extent such parties have been
identified on the basis of information available with the Company. This
has been relied upon by the auditors.
31. Previous year figures have been regrouped/ recast wherever
considered necessary to make them comparable with those of the current
year. |