Contingent liabilities not provided for -
a) Guarantees given by the Company pursuant to the Joint Sector
Agreement to Rajasthan Industrial & Investment Corporation for Rs.60
lacs for the financial assistance provided by them to Rajasthan
Communications Limited, a Company under liquidation.
b) Demand for additional rent aggregating to Rs. 3990.33 Lacs
(Including Interest of Rs. 2034.51) raised by the Estate Officer (Air
India Ltd.) in respect of the premises taken on Leave & Licence basis
by the Company. The Company has disputed the said demand.
As per the Sanction Scheme of BIFR, the Company is liable to pay 10% of
the crystallised dues (without any interest and other charges) to
unsecured and contingent creditors.
Certain assets of erstwhile sugar division of the company were given on
leave and licence basis to Kanoria Sugar & General Manufacturing Co Ltd
(KSGM) under the scheme of arrangement for hiving off of the Sugar
division of the Company. In terms of the said arrangement, KSGM was
entitled to purchase these assets on or before 30.6.99 at a lumpsum
value of Rs.10 lacs. The value of abovementioned assets stand fully
depreciated in the books of the company.
Previous year''s figures have been regrouped / rearranged wherever
necessary. The figures given in brackets are for the previous year.