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« Mar 12
Notes to Accounts Year End : Mar '13
Terms and Conditions of Options Granted
 
 Each Option entitles the holder thereof to apply for and be allotted
 ten Ordinary Shares of the Company of Rs. 1.00 each upon payment of the
 exercise price during the exercise period. The exercise period
 commences from the date of vesting of the Options and expires at the
 end of five years from (i) the date of grant in respect of Options
 granted under the ITC Employee Stock Option Scheme (introduced in 2001)
 and (ii) the date of vesting in respect of Options granted under the
 ITC Employee Stock Option Scheme -2006 & the ITC Employee Stock Option
 Scheme -2010.
 
 Term loans from Banks
 
 Repayable in equated periodic instalments upto a 5 year period from the
 date of respective loan. These are repayable by 2014-15 and carry an
 interest of 11.25% p.a.
 
 Sales tax deferment loans
 
 Repayable after a period of 10 to 14 years from the end of the month of
 respective loans. These are repayable by 2025-26 and are interest free.
 
 * Represents dividend amounts either not claimed or kept in abeyance in
 accordance with Section 206A of the Companies Act, 1956, or such
 amounts in respect of which Prohibitory / Attachment Orders are on
 record with the Company.
 
 ** Represents amounts which are subject matter of pending legal
 disputes, details in respect of which are on record with the Company,
 including an amount of Rs. 0.30 Crore (2012 - Rs. 0.30 Crore)
 maintained with a bank for which the Company has filed a suit.
 
 (i) Exchange difference in respect of forward exchange contracts to be
 recognised in the Statement of Profit and Loss in the subsequent
 accounting period amounts to Rs. 0.88 Crore (2012 - Rs. 0.78 Crore).
 
 (ii) Contingent liabilities and commitments:
 
 (a)Contingent liabilities
 
 Claims against the Company not acknowledged as debts Rs. 466.54 Crores
 (2012 - Rs. 287.08 Crores). These comprise:
 
 - Excise duty, sales taxes and other indirect taxes claims disputed
 by the Company relating to issues of applicability and classification
 aggregating Rs. 377.74 Crores (2012 - Rs. 199.23 Crores).
 
 - Local Authority taxes/cess/royalty on property, utilities etc.
 claims disputed by the Company relating to issues of applicability and
 determination aggregating Rs. 45.16 Crores (2012 - Rs. 47.35 Crores).
 
 - Third party claims arising from disputes relating to contracts
 aggregating Rs. 39.07 Crores (2012 - Rs. 37.26 Crores).
 
 - Other matters Rs. 4.57 Crores (2012 - Rs. 3.24 Crores).
 
 It is not practicable for the Company to estimate the timings of cash
 flows, if any, in respect of the above.
 
 (b) Commitments
 
 - Estimated amount of contracts remaining to be executed on capital
 accounts and not provided for Rs. 1656.29 Crores (2012 - Rs. 2246.53
 Crores).
 
 - Uncalled liability on shares partly paid Rs. 26.40 Crores (2012 -
 Rs. 26.40 Crores).
 
 (iii) The status on excise matters which is treated as an annexure to
 these accounts are as outlined in this years Report of the Directors
 & Management Discussion and Analysis under the Excise section. In the
 opinion of the Directors, the Company does not accept any further
 liability.
 
 (iv) Research and Development expenses for the year amount to Rs. 109.22
 Crores (2012 - Rs. 87.84 Crores).
 
 (v) Micro, Small and Medium scale business entities:
 
 A sum of Rs. 15.12 Crores is payable to Micro and Small Enterprises as
 at 31st March, 2013 (2012 - Rs. 12.42 Crores). There are no Micro,
 Small and Medium Enterprises, to whom the Company owes dues, which are
 outstanding for more than 45 days during the year and also as at 31st
 March, 2013. This information as required to be disclosed under the
 Micro, Small and Medium Enterprises Development Act, 2006 has been
 determined to the extent such parties have been identified on the basis
 of information available with the Company.
 
 (vi) The Companys significant leasing arrangements are in respect of
 operating leases for premises (residential, office, stores, godowns
 etc.). These leasing arrangements which are not non-cancellable range
 between 11 months and 9 years generally, or longer, and are usually
 renewable by mutual consent on mutually agreeable terms. The aggregate
 lease rentals payable are charged as Rent under Note 28.
 
 (vii) The Employee Stock Option Scheme section in the Report on
 Corporate Governance and the disclosure in respect of Employees Stock
 Options which are outlined in this years Annexure to the Report of
 the Directors are treated as an annexure to these accounts.
 
 (viii) Previous years figures have been regrouped / reclassified
 wherever necessary to correspond with the current years
 classification/ disclosure.
 
 1. Related Party Disclosures
 
 1.  ENTERPRISES WHERE CONTROL EXISTS:
 
 i) Subsidiaries:
 
 a) Srinivasa Resorts Limited
 
 b) Fortune Park Hotels Limited
 
 c) Bay Islands Hotels Limited
 
 d) WelcomHotels Lanka (Private) Limited, Sri Lanka
 
 e) Landbase India Limited
 
 f) Russell Credit Limited and its subsidiary
 
 Greenacre Holdings Limited
 
 g) Technico Pty Limited, Australia and its subsidiaries
 
 Technico Agri Sciences Limited
 
 Technico Technologies Inc., Canada
 
 Technico Asia Holdings Pty Limited, Australia and its subsidiary
 
 Technico Horticultural (Kunming) Co. Limited, China
 
 h) Wimco Limited and its subsidiaries
 
 Pavan Poplar Limited
 
 Prag Agro Farm Limited
 
 i) ITC Infotech India Limited and its subsidiaries
 
 ITC Infotech Limited, UK
 
 ITC Infotech (USA), Inc. and its subsidiary
 
 Pyxis Solutions, LLC, USA
 
 j) Wills Corporation Limited
 
 k) Gold Flake Corporation Limited
 
 l) ITC Investments & Holdings Limited
 
 m) Surya Nepal Private Limited
 
 n) King Maker Marketing, Inc., USA
 
 o)   BFIL Finance Limited and its subsidiary
 
 MRR Trading & Investment Company Limited
 
 The above list does not include ITC Global Holdings Pte. Limited,
 Singapore (in liquidation)
 
 ii) Other entities under control of the Company:
 
 a) ITC Sangeet Research Academy
 
 b) ITC Education Trust
 
 c) ITC Rural Development Trust
 
 2.  OTHER RELATED PARTIES WITH WHOM THE COMPANY HAD TRANSACTIONS
 
 i) Associates & Joint Ventures:
 
 Associates
 
 a) Gujarat Hotels Limited
 
 b) International Travel House Limited
 
 - being associates of the Company, and
 
 c) Tobacco Manufacturers (India) Limited, UK
 
 - of which the Company is an associate.
 
 Associates of the Companys subsidiaries
 
 a) Russell Investments Limited
 
 b) Classic Infrastructure & Development Limited
 
 c) Divya Management Limited
 
 d) Antrang Finance Limited
 
 - being associates of Russell Credit Limited, and
 
 e) ATC Limited
 
 - being associate of Gold Flake Corporation Limited
 
 Joint Ventures
 
 a) Maharaja Heritage Resorts Limited
 
 b) Espirit Hotels Private Limited
 
 c) Logix Developers Private Limited
 
 Joint Venture of the Companys subsidiary
 
 a) ITC Filtrona Limited
 
 - being joint venture of Gold Flake Corporation Limited
 
 ii) a) Key Management Personnel:
 
 Y. C. Deveshwar Executive Chairman
 
 N. Anand Executive Director
 
 P. V. Dhobale Executive Director
 
 K. N. Grant Executive Director
 
 A. Baijal Non-Executive Director
 
 S. Banerjee Non-Executive Director
 
 S. H. Khan Non-Executive Director
 
 A. V. Girija Kumar Non-Executive Director
 
 S. B. Mathur Non-Executive Director
 
 D. K. Mehrotra Non-Executive Director
 
 H.  G. Powell Non-Executive Director
 
 P. B. Ramanujam Non-Executive Director
 
 S. S. H. Rehman (w.e.f. 27.07.2012) Non-Executive Director
 
 A.  Ruys Non-Executive Director
 
 B.  Sen Non-Executive Director
 
 M. Shankar (w.e.f. 06.09.2012) Non-Executive Director
 
 K. Vaidyanath Non-Executive Director
 
 B. Vijayaraghavan Non-Executive Director
 
 Members - Corporate Management Committee
 
 B. B. Chatterjee
 
 A. Nayak
 
 T. V. Ramaswamy
 
 S. Sivakumar
 
 K. S. Suresh
 
 R. Tandon
 
 b) Relatives of Key Management Personnel:
 
 Mrs. B. Deveshwar (wife of Mr. Y. C. Deveshwar)
 
 Mrs. S. Chatterjee (wife of Mr. B. B. Chatterjee)
 
 iii) Employee Trusts where there is significant influence:
 
 a) IATC Provident Fund
 
 b) IATC Staff X Provident Fund
 
 c) ITC Defined Contribution Pension Fund
 
 d) ITC Management Staff Gratuity Fund
 
 e) ITC Employees Gratuity Fund
 
 f) ITC Gratuity Fund C
 
 g) ITC Pension Fund
 
 h) ILTD Seasonal Employees Pension Fund
 
 i) ITC Platinum Jubilee Pension Fund
 
 j) Tribeni Tissues Limited Provident Fund 
 
 k) Tribeni Tissues Limited Gratuity Fund
 
 l) ITC Bhadrachalam Paperboards Limited Management Staff Pension Fund
 
 m) ITC Bhadrachalam Paperboards Limited Gratuity Fund A
 
 n) ITC Bhadrachalam Paperboards Limited Gratuity Fund C
 
 o) ITC Bhadrachalam Paperboards Limited Staff Provident Fund
 
 p) ITC Hotels Limited Employees Superannuation Scheme
 
 q) ITC Hotels Limited Employees Gratuity Fund
Source : Dion Global Solutions Limited
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