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NTPC

BSE: 532555  |  NSE: NTPC  |  ISIN: INE733E01010  |  Power - Generation/Distribution

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Notes to Accounts Year End : Mar '09
1.  a) The conveyancins of the title to 10,844 acres of freehold land
 of value Rs. 4,950 million (previous year 10,288 acres of value
 Rs.3,563
 
 million) and buildinss & structures valued at Rs.1,137 million
 (previous year Rs.782 million), as also execution of lease agreements
 for 8,820 acres of land of value Rs.2,720 million (previous year 7,403
 acres, value Rs.820 million) in favour of the Company are awaiting
 completion of lesal formalities.
 
 b) Land does not include cost of 1,181 acres (previous year 1,181
 acres) of land in possession of the Company. This will be accounted for
 on settlement of the price thereof by the State Government Authorities.
 
 c) Land includes 1,223 acres of value Rs.110 million (previous year
 1,334 acres of value Rs.113 million) not in possession of the Company.
 The Company is takins appropriate steps for repossession of the same.
 
 d) Land includes an amount of Rs.1,243 million (previous year Rs.1,590
 million) deposited with various authorities in respect of land in
 possession which is subject to adjustment on final determination of
 price.
 
 e) The cost of right of use of land for laying pipelines amounting to
 Rs. 13 million (previous year Rs.13 million) is included under
 intangible assets. The right of use is perpetual in nature and
 accordingly not amortised.
 
 2.  a) The Central Electricity Regulatory Commission (CERC) has
 notified by Regulations in March 2004, the terms and conditions for
 determination
 
 of tariff applicable with effect from 1st April 2004 for a period of
 five years. The CERC has issued final tariff orders for all the
 stations/units except for two stations (four units), where sales of
 Rs.13,172 million, for the current year (previous year Rs.15,028
 million) have been recognised based on provisional tariff orders issued
 by CERC.
 
 b) In respect of stations/units where the CERC had issued final tariff
 orders applicable from 1st April 2004, the Company aggrieved over many
 of the issues as considered by the CERC in the tariff orders, filed an
 appeal with the Appellate Tribunal for Electricity (ATE). The ATE has
 disposed off the appeal favourably directing the CERC to revise the
 tariff orders as per the directions and methodology given. The CERC has
 filed an appeal with the Honble Supreme Court of India on some of the
 issues decided by the ATE which is pending and is yet to issue the
 revised tariff orders for the balance issues in respect of some of the
 stations as per the directions of the ATE. Sales for the year in
 respect of these stations amounting to Rs.370,661 million (previous
 year Rs.307,013 million) have been accounted for based on provisional
 tariff worked out by the Company as per the methodology and directions
 as decided by the ATE.
 
 c) Sales in respect of one of the stations has been provisionally
 recognised at Rs.14,402 million (previous year Rs.13,074 million) on
 the basis of principles enunciated under CERC Regulations, 2004, as
 against the billing of Rs.14,569 million (previous year Rs.13,258
 million) as per tariff order issued by CERC, prior to the takeover of
 the station by the company.
 
 d) Sales of Rs.10,201 million (previous year Rs.11,336 million)
 pertaining to previous years has been recognised based on the orders
 issued by CERC/ATE.
 
 3.  Depreciation has been charged at the rates specified in Schedule
 XIV of the Companies Act, 1956 except as stated in accounting policy
 no.12.2.1. Government of India in January 2006 notified the Tariff
 Policy under the provisions of the Electricity Act, 2003 which provides
 that the rates of depreciation notified by the CERC would be applicable
 for the purpose of tariff as well as accounting. Subsequent to the
 notification of the Tariff Policy, the CERC has not revised the rates
 of depreciation for the tariff period 1st April 2004 to 31* March 2009.
 The Company has been advised that the Tariff Policy cannot override the
 provisions of the Companies Act, 1956 and it is required to follow
 Schedule XIV of the Companies Act, 1956 in the absence of any specific
 deviation contained in the Electricity Act, 2003 which could be said to
 have been saved by Section 616 of the Companies Act, 1956. The Company
 has also been advised that there is no such provision in the
 Electricity Act, 2003 either prescribing the rates of depreciation for
 the generating Company or otherwise empowering any authority for
 providing depreciation rates for accounting purposes in supercession of
 the provisions of the Companies Act, 1956.
 
 4.  Due to uncertainty of realisation in the absence of sanction by the
 Government of India (GOI), the Companys share of net annual profits of
 one of the stations taken over by the Company in June 2006 for the
 period 1st April 1986 to 31st May 2006 amounting to Rs. 1,155 million
 (previous year Rs.1,155 million) being balance receivable in terms of
 the management contract with the GOI has not been recognised.
 
 5.  The pay revision of the employees of the Company is due w.e.f 1*
 January 2007. Pending implementation of pay revision, provision for the
 year Rs. 5,342 million (previous year Rs.4,094 million) and up to the
 year Rs.10,415 million (upto previous year 31st March 2008 Rs.5,073
 million) has been made towards wage revision on an estimated basis
 having regard to the guidelines issued by Department of Public
 Enterprises, GOI. A sum of Rs.3,142 million (previous year Rs. 1,444
 million) paid as adhoc advance towards pay revision is included in
 loans and Advances (Schedule 14).
 
 6.  In accordance with the Uttar Pradesh Electricity Reforms (Transfer
 of Tanda Generation Undertaking) Scheme 2000, the assets for Rs. 6,070
 million (previous year Rs.6,070 million) of Tanda Power Station of UP
 State Electricity Board (UPSEB) were handed over to the Company free
 from all encumbrances. However, the mortgage created by UPSEB on fixed
 assets in favour of Life Insurance Corporation of India (LIC) before
 the assets were taken over was not vacated. Uttar Pradesh Rajkiya
 Vidyut Utpadan Nigam Ltd (erstwhile UPSEB) has confirmed the repayment
 of loan to LIC and the process of de-mortgage of fixed assets of Tanda
 Power Station is in progress.
 
 7.  The amount reimbursable to GOI in terms of Public Notice No.38
 dated 5th November, 1999 and Public Notice No.42 dated 10th October,
 2002 towards cash equivalent of the relevant deemed export benefits
 paid by GOI to the contractors for one of the stations amounted to
 Rs.2,768 million (previous year Rs.2,768 million) out of which Rs.2,696
 million (previous year Rs.2,696 million) has been deposited with the
 GOI and liability for the balance amount of Rs.72 million (previous
 year Rs.72 million) has been provided for. No interest has been
 provided on the reimbursable amounts as there is no stipulation for
 payment of interest in the public notices cited above.
 
 8.  As per the direction of the Ministry of Power (MOP), a memorandum
 of understandins was signed between the Company, Gujarat Power
 Corporation Ltd. (GPCL) and Gujarat Electricity Board (GEB) on 20th
 February 2004 to set up Pipavav Power Project. The Company
 disassociated from the Pipavav Power Project on 24th May 2007 after
 obtaining approval from the MOP. The Board of Directors of NTPC Ltd.,
 have given consent for winding up of the Pipavav Power Development
 Company Ltd. (PPDCL), a wholly owned subsidiary of the Company after
 due settlement of claims towards expenses incurred by the Company on
 PPDCL with GPCL/GOG.During the year, a sum of Rs.22 million has been
 received from M/ s GPCL out of which Rs.4 million has been adjusted
 against claims recoverable, Rs.4 million received towards equity
 contribution has been shown as other liability pending liquidation of
 PPDCL and the balance amount of Rs.14 million has been accounted as
 Miscellaneous Income and Interest - Others. As full amount has been
 received towards equity invested, no provision is considered necessary
 for diminution in the value in investment.
 
 9.  Based on the opinions of the Expert Advisory Committee (EAC) of the
 Institute of Chartered Accountants of India (ICAI) received during the
 year, in respect of land in possession of the company, provision of
 Rs.2,842 million has been made towards expenditure on resettlement &
 rehabilitation activities including the amount payable to the project
 affected persons (PAPs) towards land for land option, resettlement
 grant or other grants, providing community facilities and compensatory
 afforestation, greenbelt development & loss of environmental value etc.
 based on the Rehabilitation Action Plan (RAP) of the Company or as per
 the agreement with/demand letters/directions of the local authorities
 and the same is included in the cost of land.
 
 10.  Consequent to the issuance of the new Coal Distribution Policy by
 Ministry of Coal in October 2007, the Company and Coal India Ltd.
 (holding Company of the coal suppliers), revisited the Model Coal
 Supply Agreement (CSA) initialled in March 2007. The new CSA, which is
 in advance stage of finalisation, would be valid for 20 years with a
 provision for review after every 5 years. On finalisation, separate
 CSAs would be signed by each station with the respective subsidiaries
 of Coal India Ltd.
 
 11 The Company challenged the levy of transit fee/entry tax on supplies
 of coal to some of its power stations and has paid under protest such
 transit fee/entry tax to Coal Companies/Sales Tax Authorities. Further,
 in line with the agreement with GAIL, the Company has also paid entry
 tax and sales tax on transmission charges in respect of supplies made
 to various stations in the state of Uttar Pradesh. GAIL has paid such
 taxes to the appropriate authorities under protest and filed a petition
 before the Honble High Court of Allahabad challenging the
 applicability of relevant Act. In case the Company gets refund from
 Coal Companies/Sales Tax Authorities/GAIL on settlement of these cases,
 the same will be passed on to respective beneficiaries.
 
 12 a) Balances shown under advances, creditors and material lying with
 contractors and material issued on loan in so far as these have since
 not
 
 been realised/discharged or adjusted are subject to
 confirmation/reconciliation and consequential adjustment, if any.
 
 b) In the opinion of the management, the value of current assets, loans
 and advances on realisation in the ordinary course of business, will
 not be less than the value at which these are stated in the Balance
 Sheet.
 
 13. Effect of changes in Accounting Policies:
 
 a) I) Based on the opinions of the EAC of the ICAI, pronounced during
 the year, with regard to accounting of exchange differences arising
 from restatement/settlement of foreign currency monetary items, the
 following adjustments have been carried out:
 
 (i) Exchange differences (gain) of Rs.7,536 million in respect of
 foreign currency loans contracted before 1st April 2004, which were
 hitherto treated as borrowing cost and recognised in the Profit and
 Loss Account have been adjusted in the cost of related assets by debit
 to Prior Period Interest (Schedule - 24). Due to the above
 adjustment, depreciation of Rs.2,478 million pertaining to previous
 years has been written back through Prior Period Depreciation
 (Schedule - 24) and depreciation for the year is lower by Rs.408
 million.
 
 (it) Exchange differences (gain) of Rs. 99 million for the financial
 years 2004-05 to 2006-07 arising from restatement/settlement of foreign
 currency monetary items in respect of transactions entered into on or
 after 1st April 2004, which were hitherto treated as Incidental
 Expenditure During Construction (IEDC) at units under construction have
 been recognized in the Profit & Loss Account through Prior Period
 Interest/Exchange differences (Schedule - 24). Due to the above
 adjustment, depreciation amounting to Rs. 2 million pertaining to
 previous years has been charged to Prior Period Depreciation
 (Schedule - 24) and depreciation for the year is higher by Rs. 5
 million.
 
 II) In line with the Central Government Gazette Notification No.193
 dated 31st March 2009 amending Accounting Standard (AS) - 11 on The
 Effects of Changes in Foreign Exchange Rates, the Company has
 exercised the option to adjust with effect from the financial year
 2007-08, the exchange differences arising from restatement/settlement
 of long term foreign currency monetary items relating to acquisition of
 depreciable capital assets in the cost of related assets and depreciate
 the same over the balance life of the asset. Accordingly, the Company
 adjusted exchange differences arising for the financial year 2007-08
 and 2008-09 amounting to Rs.152 million included in the cost of related
 assets, of this a sum of Rs.2 million relating to the year 2007-08 has
 been credited to the General Reserve as per the transitional provisions
 in the aforesaid Notification. Consequently, depreciation for the year
 is higher by Rs. 30 million
 
 III) Consequent to the change in the accounting policies as detailed in
 (I) and (II) above, the balance of Rs.2,554 million as on 31st March
 2008 in the Deferred Foreign Currency Fluctuation Liability has been
 written back through Prior Period Sales - (Schedule 24). In respect
 of operating stations, an amount of Rs.2,080 million recoverable from
 the beneficiaries in future years as per CERC Regulations corresponding
 to exchange differences recognised in the Profit & Loss Account for the
 periods up to 31st March 2008 has been recognised as Deferred Foreign
 Currency Fluctuation Asset through Prior Period Sales (Schedule -
 24). Similarly, Rs.4,144 mlHion to be passed on to the beneficiaries in
 future years corresponding to exchange differences adjusted in the cost
 of related assets up to 31st March 2008 has been recognised as
 Deferred Foreign Currency Fluctuation Liability1 by debit to Deferred
 Expenditure from Foreign Currency Fluctuation.  Due to accounting of
 such exchange differences, corresponding decrease in depreciation
 amounting to Rs.736 million has been credited to Deferred Expenditure
 from Foreign Currency Fluctuation by debit to Prior Period
 Depreciation out of Deferred Expenses/ Income from Foreign Currency
 Fluctuation (Schedule - 24).
 
 In case of projects under construction, Deferred Foreign Currency
 Fluctuation Asset/Liability has been created corresponding to exchange
 differences recognised in the statement of Profit & Loss Account which
 are admissible for inclusion in capital cost for tariff determination
 as per CERC Regulations, relating to prior years (Schedule -24) Rs.250
 million and current year Rs.268 million.
 
 As a result, net profit for the year is lower by Rs.639 million.
 
 b) Expenses common to operation and construction activities were
 hitherto allocated to Profit & Loss Account and Incidental Expenditure
 ^^^S durins Construction in proportion of sales to annual capital
 outlay in the case of Corporate Office and sales to accretion to
 capital work-in- ^B prosress in the case of projects. Consequent upon
 the withdrawal of Guidance Note on Treatment of Expenditure during
 Construction Period by the ICAI, the Company has identified and
 allocated on a systematic basis the administration and general overhead
 expenses attributable to construction of fixed assets at the corporate
 office and construction projects and included the same in capital
 work-in- progress/fixed assets. Due to this, profit for the year and
 fixed assets/capital work-in-progress are lower by Rs. 733 million.
 
 14.  The Company has prosressively implemented SAP-ERP System at
 different units w.e.f. 1st June 2007. As a result, the valuation of
 inventory items has undergone a change from monthly weighted average to
 moving weighted average at the units where ERP system has been
 implemented during the year. Due to the above change, impact on profit
 for the year if any, is not ascertainable.
 
 15.  Revenue Grants recognised during the year is Rs. 9 million
 (previous year Rs. 22 million).
 
 16.  Disclosure as per Accounting Standard (AS) 15:
 
 General description of various defined employee benefit schemes are as
 under:
 
 A.  Provident Fund
 
 Company pays fixed contribution to Provident Fund at predetermined
 rates to a separate trust, which invests the funds in permitted
 securities.  The contribution to the fund for the year is recognised as
 expense and is charged to the Profit & Loss Account. The obligation of
 the Company is to make such fixed contribution and to ensure a minimum
 rate of return to the members as specified by GOI. As per report of the
 actuary, overall interest earnings and cumulative surplus is more than
 the statutory interest payment requirement. Hence no further provision
 is considered necessary.
 
 B.  Gratuity & Pension
 
 The Company has a defined benefit gratuity plan. Every employee who has
 rendered continuous service of five years or more is entitled to get
 gratuity at 15 days salary (15/26 X last drawn basic salary plus
 clearness allowance) for each completed year of service subject to a
 maximum of Rs.1 million (previous year Rs.0.35 million), on
 superannuation, resignation, termination, disablement or on death. The
 Company has a scheme of pension at one of the stations in respect of
 taken over employees from erstwhile State Government Power Utility.
 These schemes are funded by the Company and are managed by separate
 trusts. The liability for the same is recognised on the basis of
 actuarial valuation.
 
 C.  Post-Retirement Medical Facility (PRMF)
 
 The Company has Post-Retirement Medical Facility (PRMF), under which
 retired employee and the spouse are provided medical facilities in the
 Company hospitals / empanelled hospitals. They can also avail treatment
 as Out-Patient subject to a ceiling fixed by the Company.
 
 D.  Terminal Benefits
 
 Terminal benefits include settlement at home town for employees &
 dependents and farewell gift to the superannuating employees. Further,
 the Company also provides for pension in respect of taken over
 employees from erstwhile State Government Power Utility at another
 station.
 
 E.  Leave
 
 The Company provides for earned leave benefit (including compensated
 absences) and half-pay leave to the employees of the Company which
 accrue annually at 30 days and 20 days respectively. 75% of the earned
 leave is en-cashable while in service and a maximum of 300 days on
 superannuation. Half-pay leave is en-cashable only on superannuation up
 to the maximum of 240 days as per the rules of the Company. The
 liability for the same is recognised on the basis of actuarial
 valuation. The above mentioned schemes (C, D and E) are unfunded and
 are recognised on the basis of actuarial valuation. The summarised
 position of various defined benefits recognised in the profit and loss
 account, balance sheet are as under: (Figures given in {} represents
 previous year)
 
 H.  Actuarial Assumptions
 
 Principal assumptions used for actuarial valuation are:
 
 i) Method used Projected Unit Credit Method
 
 ii) Discount rate 7.00 %
 
 Hi) Expected rate of return on assets - Gratuity 8.00 %
 
 - Pension 9.00 %
 
 iv) Future salary increase 4.50 %
 
 The estimates of future salary increases considered in actuarial
 valuation, take account of inflation, seniority, promotion and other
 relevant factors, such as supply and demand in the employment market.
 
 I.  Actual return on Plan Assets Rs.423 million (previous year Rs.357
 million)
 
 17.  the effect of foreisn exchanse fluctuation durins the year is as
 under:
 
 i) The amount of exchange differences (net) debited to the Profit &
 Loss Account is Rs. 244 million {previous year Rs.98 million (credit)}.
 
 ii) The amount of exchanse differences debited to the carryins amount
 of fixed assets and Capital work-in-progress is Rs11,649 million
 {previous year Rs.194 million (credit)).
 
 18.  Borrowing costs capitalised during the year is Rs. 12,221 million
 (previous year Rs.6,383 million).
 
 19.  Segment information:
 
 a) Business Segments:
 
 The Companys principal business is generation and sale of bulk power
 to State Power Utilities. Other business includes providing
 consultancy, project management and supervision, oil and gas
 exploration and coal mining.
 
 b) Segment Revenue and Expense
 
 Revenue directly attributable to the segments is considered as Segment
 Revenue. Expenses directly attributable to the segments and common
 expenses allocated on a reasonable basis are considered as Segment
 Expenses.
 
 c) Segment Assets and Liabilities
 
 Segment assets include all operating assets in respective segments
 comprising of net fixed assets and current assets, loans and advances.
 Construction work-in-progress, construction stores and advances are
 included in unallocated corporate and other assets. Segment liabilities
 include operating liabilities and provisions.
 
 20. Related Party Disclosures:
 
 a) Related parties:
 
 i) Joint ventures:
 
 Utility Powertech Ltd., NTPC-Alstom Power Services Private Ltd.,
 BF-NTPC Energy Systems Ltd.
 
 During the year, the company reviewed the applicability of the
 provisions of Accounting Standard (AS) 18 Related Party Disclosures
 and AS 27 to Financial Reporting of Interests in Joint Ventures to
 the investment made in PTC India Ltd. The company is of the view that
 provisions of these Standards are not applicable to investment in PTC
 India Ltd. and the same has been excluded from the disclosures during
 the year.
 
 ii) Key Management Personnel:
 
 Shri R.S. Sharma Chairman and Managing Director 1
 
 Shri T. Sankaralingam Chairman and Managing Director 2
 
 Shri Chandan Roy Director (Operations)
 
 Shri R.K. Jain Director (Technical)
 
 Shri A.K. Singhal Director (Finance)
 
 Shri R.C. Shrivastav Director (Human Resources)
 
 Shri K.B. Dubey Director (Projects)
 
 Shri I.J. Kapoor Director (Commercial) 3
 
 1
 
 1.  Director (Commercial) from 1st April 2008 to 30th April 2008 and
 assumed charge as Chairman and Managing Director w.e.f 1st May 2008.
 
 2.  Superannuated on 30th April 2008
 
 3.  W.e.f 26th December 2008
 
 b) Operating leases
 
 The Companys significant leasing arrangements are in respect of
 operating leases of premises for residential use of employees, offices
 and guest houses/transit camps. These leasing arrangements are usually
 renewable on mutually agreed terms but are not non-cancellable.
 Schedule 20 - Employees remuneration and benefits include Rs.307
 million (previous year Rs.229 million) towards lease payments, net of
 recoveries, in respect of premises for residential use of employees.
 Lease payments in respect of premises for offices and guest
 house/transit camps are shown as Rent in Schedule 21 - Generation,
 Administration and Other expenses.
 
 24. Research and Development expenditure charged to revenue during the
 year is Rs.81 million (previous year Rs.62 million).
 
 b) Joint Venture Operations:
 
 The Company along-with M/s Geopetrol International Inc. and M/s Canoro
 Resources Ltd., (the consortium) has been allotted with an oil and gas
 block in the State of Arunachal Pradesh. The consortium has entered
 into a Production Sharing Contract (PSC) with GOI for exploration and
 production of oil and gas. The Company is a non-operator and has 40%
 share in expenses, income, assets and liabilities with a minimum work
 programme commitment of Rs. 636 mHHon (previous year Rs.563 million) as
 per the PSC.
 
 The other two consortium partners viz. M/s Geopetrol International Inc.
 and M/s Canoro Resources Ltd. each initially had 30% participating
 interest in the Block. M/s Canoro Resources Ltd. had off-loaded 50% of
 their participating interest to M/s Brownstone Ventures Inc. which was
 approved by GOI in December 2007 and the consequent amendment to the
 PSC has been executed on 2nd December 2008.
 
 28. The pre-commissioning expenses during the year amounting to Rs.
 1,689 mHHon (previous year Rs. 1,699 million) have been included in
 Fixed Assets/Capital work-in-progress after adjustment of
 pre-commissioning sales of Rs. 1,610 mHHon (previous year Rs.721
 million) resulting in a net pre-commissioning expenditure of Rs.79
 million (previous year Rs.978 million).
 
 33. Estimated amount of contracts remaining to be executed on capital
 account and not provided for is Rs.588,185 million (previous year
 Rs.243,310 million).
 
 34 Contingent Liabilities.
 
 1.  Claims against the Company not acknowledged as debts in respect of:
 
 (i) Capital Works
 
 Some of the contractors for supply and installation of equipments and
 execution of works at our projects have lodged claims on the Company
 for Rs. 46,623 million (previous year Rs.11,255 million) seeking
 enhancement of the contract price, revision of work schedule with price
 escalation, compensation for the extended period of work, idle charges
 etc. These claims are being contested by the Company as being not
 admissible in terms of the provisions of the respective contracts.
 
 The company is pursuing various options under the dispute resolution
 mechanism available in the contract for settlement of these claims.  It
 is not practicable to make a realistic estimate of the outflow of
 resources if any, for settlement of such claims pending resolution.
 
 (ii) Land compensation cases
 
 In respect of land acquired for the projects, the land losers have
 claimed higher compensation before various authorities/courts which are
 yet to be settled. In such cases, contingent liability of Rs. 15,515
 million (previous year Rs.10,465 million) has been estimated.
 
 1
 
 (iii) Others
 
 In respect of claims made by various State/Central Government
 departments/Authorities towards building permission fees, penalty on
 diversion of agricultural land to non- agricultural use, Nala tax,
 Water royalty etc. and by others, contingent liability of Rs. 12,585
 million (previous year Rs.12,878 million) has been estimated. This
 includes amount of Rs 2,558 million (previous year Rs.2,558 million)
 billed by the Coal supplier on account of MPGATSV tax up to 31st July
 2007 which is subject matter of dispute before Supreme Court.
 
 In respect of (i) and (ii) above, payments, if any, by the company on
 settlement of the claims would be eligible for inclusion in the capital
 cost for the purpose of determination of tariff as per CERC Regulations
 subject to prudence check by the CERC. In case of (iii), the estimated
 possible reimbursement is Rs. 8,750 million (previous year Rs.3,443
 million).
 
 2.  Disputed Income Tax/Sales Tax/Excise demands
 
 Demand made against the company by Central/State Tax Authorities
 amounting to Rs.682 million (previous year Rs. 15,541 million) are
 disputed by the Company and contested before various Appellate
 Authorities. In such cases, the company estimated possible
 reimbursement of Rs.8 million (previous year Rs.10,063 million).
 
 3.  Others
 
 Unexpired Letters of credit other than for capital expenditure amount
 to Rs. 1,200 million (previous year Rs.2,159 million) and other
 contingent liabilities amount to Rs.1,698 million (previous year Rs.169
 million). In such cases, the company estimated possible reimbursement
 of Rs. Nil (previous year Rs.17 million).
 
 Some of the beneficiaries have filed appeals against the tariff orders
 of the CERC. The amount of contingent liability in this regard is not
 ascertainable.
Source : Religare Technova

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