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HOV Services
BSE: 532761|NSE: HOVS|ISIN: INE596H01014|SECTOR: Computers - Software Medium/Small
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« Dec 12
Notes to Accounts Year End : Mar '14
a) Rights of Equity Shareholders
 
 The Company has only one class of equity shares having a par value of
 Rs. 10 each. Each shareholder has right to vote in respect of such
 share, on every resolution placed before the Company and his voting
 right on a poll shall be in proportion to his share of the paid -up
 equity capital of the Company. In the event of liquidation, the equity
 shareholders are entitled to receive the remaining assets of the
 Company after payments to preferential amounts secured and unsecured
 creditors, if any, in proportion to their shareholding.
 
 b) Shares reserved for issue under options:
 
 a.  Employees Stock Option Plan (Plan 2007):
 
 The shareholders in its Nineteenth Annual General meeting held on July
 21, 2007 had approved to issue 1,100,000 equity shares of a face value
 of Rs.10 each with each such option conferring a right upon the
 employee to opt for one equity share of the company, in terms of HOVS
 ESOP Plan 2007. Under the plan, 400,000 options were reserved for
 employees of the Company and 700,000 for employees of subsidiary
 companies. Options were issued to employees at an exercise price not
 less than closing price of the stock exchange where there is highest
 trading volume, prior to the date of meeting of the Compensation &
 Remuneration Committee in which options are granted. The options will
 vest in a phased manner within five years as 10% in each first to four
 years and balance 60% at the end of fifth year.
 
 b. Employees Stock Option Plan (Plan 2008):
 
 The shareholders in its Twentieth Annual General meeting held on
 September 30, 2008 approved additional 750,000 equity shares of a face
 value of Rs.10 each with each such option conferring a right upon the
 employee to opt for one equity share of the Company, in terms of HOVS
 ESOP Plan 2008. Under the 2008 plan, 750,000 options were reserved for
 employees of the subsidiary companies of the Company, working in India
 or out of India.  Options were issued to employees at an exercise price
 not less than closing price of the stock exchange where there is
 highest trading volume, prior to the date of meeting of the
 Compensation & Remuneration Committee in which options are granted. The
 options will vest in a phased manner within five years as 10% in each
 first to four years and balance 60% at the end of fifth year. No
 options are granted under ESOP Plan 2008.
 
 1.  Contingent Liabilities and Commitment:
 
 a) Contingent Liabilities not provided for in respect of: (Amount in
 Rs.)
 
 Sr. No.  Particulars                  As at March       As at December
                                          31, 2014             31, 2012
 
 (i)      Corporate Guarantees 
          outstanding in respect             NIL             59,013,519
          of loans taken by an 
          Associate
 
 (ii)     Fixed Deposit pledged for
          issue of bank guarantee/     57,336,320            56,000,000
          loan on behalf of a step
          down subsidiary
 
 (iii)    Disputed Income Tax 
          Matters(including            10,259,390             5,352,170
          interest upto date of
          demand)
 
 b) Other Commitment:
 
 (i) Operating Lease: The Company has acquired certain premises under
 lease arrangements which are renewable /cancellable at the Company''s
 and/or lessors'' option as mutually agreed. The future lease rental
 payments that the Company is committed to make in respect of these are
 as follows:
 
 2.a) In the opinion of the management assets other than fixed assets
 and non-current investments have a value on realisation in the ordinary
 course of business at least equal to the amount at which they are
 stated.
 
 b) The accounts of certain Trade Receivables, Trade Payables and Loans
 & Advances are however, subject to formal confirmations/reconciliations
 and consequent adjustments, if any. The management does not expect any
 material difference affecting the current period''s financial statements
 on such reconciliation/adjustments.
 
 3.  There are no Micro, Small and Medium Enterprises as defined in
 the Micro, Small, Medium Enterprises Development Act, 2006 to whom the
 Company owes dues on account of principal amount together with interest
 and accordingly, no additional disclosures have been made.
 
 4.  As per Accounting Standard (AS) 17 Segment Reporting, segment
 information has been provided in the notes to Consolidated Financial
 Statements.
 
 5. a) In view of change in calendar year to financial year
 resulting in current period figures being for fifteen months and are
 accordingly, not comparable with that of previous year comprising of
 twelve months.
 
 b) Figures of the previous year have been regrouped / rearranged,
 wherever considered necessary to conform to the current period''s
 presentation.
Source : Dion Global Solutions Limited
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