(1) Provision for diminution in value of Investments written back
include Rs. 18,73,790/
- provision made (previous year Rs. 15,01,246/-) in respect of Non
Current/Long Term Investments and Rs. 17,89,36,879/- provision written
back in respect of Current Investments (Previous Year Rs. 24,00,110/-
(2) Dividend Income includes Rs. 60,33,596/- (Previous Year Rs.
2,71,46,444/-) on Long Term/Non current Investments and Rs. 8,79,179/-
(Previous year Rs. 18,91,542/-) on Current Investments.
3. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED
(a) Income Tax demand disputed Rs. 82,53,941/-(Previous year Rs.
2,44,13,018/-) against which appeals are pending with appropriate
authorities and in respect of which the management is confident that
appeals will be decided in favour of the company.
(b) Guarantees given on behalf of Related Parties:- Rs. 22,00,00,000/-
(Previous Year Rs. 22,00,00,000/-)
In the Opinion of the Management, the aforesaid guarantees had been
given in view of overall long term business involvement/relation of the
company with the aforesaid companies and the giving of aforesaid
guarantees will not have any prejudicial impact on the company.
4. RELATED PARTY TRANSACTIONS
4.1 List of related parties with whom transactions have taken place
1. HB Prima Capital Limited
2. Mount Finance Limited
b) Key Managerial Personnel
1. Shri Vijay Sood, Managing Director
2. Shri J.M.L.Suri, Executive Director
3. Shri Anil Kumar Mittal ,Company Secretary
c) Person having control/significant influence /major shareholders
1. Shri H.C. Bhasin (Expired on 07.12.2010)
2. Shri Lalit Bhasin
1. Pisces Portfolios Private Limited
e) Enterprises over which control/significant influence exist of the
relatives of persons mentioned in(c ) above :-
1. RRB Master Securities Delhi Ltd.
f) Enterprises under direct or indirect common control/significant
1. HB Portfolio Ltd.
2. HB Estate Developers Ltd.
3. HB Securities Ltd.(Subsidiary of HB Portfolio Ltd.)
4. RRB Securities Ltd.
5. SEGMENT REPORTING
In the opinion of Management there are no separate reportable segments
as per Accounting Standard Segment reporting (AS-17).
6. Due to Micro, Small and Medium Enterprises
To the extent information available with the company it has no dues to
the Micro, Small and medium enterprises as at 31st March,2012 and 31st
7. Disclosure pursuant to Accounting Standard AS-22 for accounting for
taxes on Income:-
The company is having brought forward losses under the Income Tax Act.
In the absence of virtual as well as reasonable certainty of the
realization and on the consideration of prudence, credit for Deferred
Tax Assets has not been recognised to comply with Accounting Standard
8. Disclosure relating to outstanding derivative exposures in
a) Cash Margin amounting to Rs.Nil (Rs.Nil) on Equity Derivative
instruments contracts has been paid and outstanding as at the end of
previous year. However, shares having book value of Rs.
1,24,06,250/-(Previous year Rs. 1,75,67,250/-) Market Value Rs.
12,75,00,000/-(Previous Year Rs. 20,46,56,250/-) were given as margin at
the year end.
9. Exceptional Item
Exceptional item consists of Rs. 1,21,62,532/-(Previous Year Rs. NIL) being
interest Income on refund of income tax & Rs. 20,00,000/-(Previous Year Rs.
NIL) on account of Claim received in settlement of Legal cases under
Section 138 of the Negotiable Instrument Act.
10. Securities Exchange Board of India (SEBI),vide its Order dated May
09,2012 restrained the Company from buying, selling or dealing in the
securities market whatsoever or accessing the securities market
directly or indirectly for a period of 2 years from the date of the
order. The order has been passed in relation to certain trades carried
out more than 10 years ago in the scrip of a company. Aggrieved with
the said order, the company filed an appeal and also a miscellaneous
application before the Securities Appellate Tribunal (SAT),Vide its
order dated May 17,2012, the Hon''ble SAT has stayed the operation of
the aforesaid order of SEBI till the disposal of appeal,the hearing of
which has been fixed for July 11,2012.The Management is of the firm
belief that, and as also legally advised, the order of SEBI is not
tenable and that appeal will be decided in its favour. In the opinion of
the management, the going concern status of the company will not be
impacted due to aforesaid order of SEBI, the operation of which has
since been stayed by SAT.