1.  The previous years figures have been reworked, regrouped,
 rearranged and reclassified wherever necessary.  Amounts and other
 disclosures for the preceeding year included as an integral part of the
 current year financial statements and are to be read in relation to the
 amounts and other disclosures relating to the current year.  Current
 year figures are not comparable with the previous year due to business
 restructuring.
 
 2.  Demerger of Business Undertaking of Home Solutions Retail (India)
 Limited into the Company (HSRIL Scheme)
 
 Pursuant to the Scheme of Arrangement approved by the Honble High
 Court of Judicature at Bombay on August 24, 2010, entire assets and
 liabilities pertaining to business undertaking except Collection i of
 Home Solutions Retail (India) Limited (HSRIL), a 66.86% subsidiary of
 the Company, were transferred and stand vested in the Company as a
 going concern, effective from April 1,2009 (Appointed Date).The
 Company has filed the certified copy of the court order approving the
 HSRIL Scheme with the Registrar of Companies (ROC), Mumbai on August
 27, 2010 as required under applicable provisions of the Companies Act,
 1956. Accordingly, the said scheme became effective from the Appointed
 Date on August 27, 2010 (Effective Date).
 
 Salient features of the Scheme are as under:
 
 (a) With effect from the 1st day of April, 2009 (Appointed Date), all
 the assets and liabilities of the demerged Business Undertaking of
 HSRIL shall be transferred and vested into the Company.
 
 (b) In consideration of the HSRIL Scheme, the Company will issue :
 
 i. 59,28,818 Equity shares of face value Rs. 21- each fully paid up
 aggregating to Rs. 1.19 Crores to the equity shareholders of HSRIL other
 than the Company; and
 
 ii.  63,47,635 0.01% Compulsorily Convertible Preference Shares of face
 value of Rs.100/- each fully paid up aggregating to Rs. 63.48 Crores to the
 equity shareholders of HSRIL other than the Company.
 
 Pending issue of these Equity Shares and, Compulsorily Convertible
 Preference Shares a sum of Rs. 64.66 Crores has been shown as Share
 Capital pending allotment.
 
 Accounting (As per the approved scheme)
 
 a.  The Company has recorded all the assets and liabilities, pertaining
 to the Business Undertaking of HSRIL, at the respective book values
 appearing in the books of HSRIL.
 
 b.  Loans and advances and other dues outstanding between the Company
 and the Business Undertaking of HSRIL are cancelled.
 
 c.  The difference of Rs. 64.06 Crores between shares to be issued by the
 Company pursuant to HSRIL Scheme and the net assets of the Business
 Undertaking acquired are adjusted in the Securities Premium Account of
 the Company.
 
 d.  Company has revalued its investment in HSRIL at its fair values,
 and adjusted the difference between the book value of the investments
 and the fair value of the investments against Securities Premium
 Account.
 
 e.  All costs, charges, taxes including duties, levies and all other
 expenses (including those of the HSRIL) arising out of, or incurred in
 carrying out and implementing HSRIL Scheme, aggregating to Rs. 2.00
 Crores are adjusted in the Securities Premium Account in the books.
 
 f.  The results of the operation of Business Undertaking of HSRIL for
 the period April 1, 2009 to June 30, 2009 has been reflected as
 exceptional item in the Profit and Loss Account.
 
 3.  Demerger from the Company (FMML Scheme)
 
 Pursuant to the Scheme of Arrangement approved by the Honble High
 Court of Judicature at Bombay on August 24, 2010, entire assets and
 liabilities of Mall Management Undertaking and Project Management
 Undertaking of the Company were transferred to Future Mall Management
 Limited (FMML), a wholly owned subsidiary (WOS) of the Company and
 Mall Asset Management Undertaking and Food Services Undertaking of the
 Company were transferred to Future Merchandising Limited (FML), a WOS
 of FMML, effective from April 1, 2010 (Appointed Date). The Company
 has filed the certified copy of the court order approving the FMML
 Scheme with the Registrar of Companies (ROC), Mumbai on August 28, 2010
 as required under applicable provisions of the Companies Act, 1956.
 Accordingly, the said scheme became effective from the Appointed Date
 on August 28, 2010 (Effective Date).
 
 Salient features of the Scheme are as under:
 
 (a) With effect from the 1st day of April, 2010 (Appointed Date),
 Mall Management Undertaking and Project Management Undertaking of the
 Company shall be transferred and vested into FMML and Mall Asset
 Management Undertaking and Food Services Undertaking of the Company
 shall be transferred and vested into FML.
 
 (b) In consideration of the demerger of the said undertakings to FMML
 and FML, FMML will issue shares to the shareholders of the Company in
 following ratio:
 
 (i) 1 fully paid Equity Share of Rs. 10/- each of FMML shall be issued
 and allotted for every 20 Equity Shares of Rs. 21- each held in the
 Company.
 
 (ii) 1 fully paid Equity Share ofRs. 10/- each of FMML shall be issued
 and allotted for every 20 Class B (Series 1) shares of X 21- each held
 in the Company.
 
 (iii) 1 fully paid up Equity Share of Rs. 10/- each of FMML shall be
 issued and allotted for every 20 compulsory convertible preference
 shares of Rs. 100/- each held in Company.
 
 Fractional shares entitlement would be consolidated in the hands of one
 person nominated by FMML Board and Equity shares will be issued and
 allotted to such person to be sold by him after listing.The sale
 proceeds of these shares will be proportionately distributed to
 shareholders who were entitled to such fractional shares.
 
 Accounting (As per the approved scheme)
 
 a. The book values of the assets and liabilities pertaining to the Mall
 Management Undertaking and Project Management Undertaking transferred
 by the Company to FMML and Mall Asset Management Undertaking and Food
 Services Undertaking transferred by the Company to FML are reduced from
 the book values of the assets and liabilities appearing in the books of
 the Company.
 
 b.  Investment of the Company in FMML has been cancelled.
 
 c.  The difference of the book value of assets transferred over the
 book value of liabilities transferred and cancellation of investments
 in FMML has been adjusted against the balance in the Securities Premium
 Account of the Company.
 
 4.  Estimated amount of contracts remaining to be executed on capital
 account and not provided for (net of advances) Rs. 29.68 Crores (2009:
 54.06 Crores).
 
 5.  Contingent Liabilities not provided for : (Rs. in Crores)
 
 Particulars                                     2009-10      2008-09
 
 A.  Claims against the Company not acknowledged as debts
 
 i) Value AddedTax Act                             0.29         0.41
 
 ii) Others                                        4.79         6.35
 
 B.  Corporate Guarantees given to banks 
     and Financial                              3519.47        79.12
 Institutions on behalf of Group Companies
 
 C. Total Guarantees by banks on behalf of 
    the company and                               22.60        25.62
    Group Companies
 
 6.  Secured Loans: Amount Outstanding          (Rs. in Crores)
 
 A.  Non Convertible Debenture
 
 Secured by pari passu first charge on fixed assets (excluding specific
 fixed assets charged in favour of exclusive charge lender) 500.00
 
 Debentures referred as above are redeemable at par, in one or more
 installments. The Debentures are redeemable as follows: ^ 375.00 Crores
 in financial year 2014-15, Rs. 125.00 Crores in 2015-16
 
 7.  Of the unsecured loans, amount repayable within one year is Rs. 99.61
 Crores (2009: 7NM) and of the Secured Loans amount repayable within one
 year is Rs. 130.97 Crores (2009: Rs. 286.47 Crores).
 
 8.  Future interest liabilities in respect of assets of the value of Rs.
 3.16 Crores (2009: Rs. 3.16 Crores) acquired on hire purchase basis is Rs.
 0.24 Crores (2009: Rs. 0.41 Crores).
 
 9.  Interest allocated against fixed assets amounts to Rs. 18.84 Crores
 (2009: Rs. 23.56 Crores).
 
 10.  The Company has entered into operating lease arrangements for
 fixed assets and premises.The future minimum lease rental obligation
 under non-cancellable operating leases in respect of these assets is Rs.
 1069.63 Crores (2009: 716.88 Crores). The Lease Rent payable not later
 than one year is Rs. 325.93 Crores (2009 : 293.16 Crore), payable later
 than one year but not later than five year is Rs. 634.29 Crores (2009 :
 348.96 Crores) and payable later than five years is K 109.41 Crores
 (2009 : 74.76 Crores)
 
 11.  a) During the year company has issued and allotted 15,822,200
 Equity shares of Rs. 21- each at a premium of Rs. 314/- by way of Qualified
 Institutional Placement.
 
 b) During the year company has issued 1,00,00,000 warrants on
 preferential allotment basis, which can be converted to same number of
 equity shares at the option of the holders within 18 months from the
 date of allotment of the warrants at a premium of Rs. 398/- per share.
 
 12. The Company has not received any intimation from suppliers
 regarding their status under the Micro, Small and Medium Enterprises
 Development Act, 2006 and hence disclosures, if any, relating to
 amounts unpaid as at the year end together with interest paid / payable
 as required under the said Act have not been given.
 
 13.  Related Party Disclosure
 
 Disclosure as required by the accounting Standard 18 Related Party
 Disclosure are given below: a) List of Related Parties Subsidiaries
 
 1.  Ambit Investment Advisory Company Limited
 
 2.  Axon Development Solutions Limited
 
 3.  CIG Infrastructure Private Limited
 
 4.  FLSL Distribution Services Limited
 
 5.  Future Agrovet Limited
 
 6.  Future Brands Limited (Subsidiary till 22.05.2010)
 
 7.  Future Capital Financial Services Limited
 
 8.  Future Capital Holdings Limited
 
 9.  Future Consumer Enterprises Limited (Subsidiary till 31.05.2010)
 
 10.  Future Consumer Products Limited (Subsidiary till 29.06.2010)
 
 11.  Future E-Commerce Infrastructure Limited
 
 12.  Future Finance Limited
 
 13.  Future Hospitality Management Limited
 
 14.  Future Knowledge Services Limited
 
 15.  Future Learning and Development Limited
 
 16.  Future Mall Management Limited (Subsidiary till 31.03.2010)
 
 17.  Future Media (India) Limited
 
 18.  Future Merchandising Limited (Subsidiary till 31.03.2010)
 
 19.  Future Mobiles and Accessories Limited
 
 20.  Future Supply Chain Solutions Limited (Formerly known as Future
 Logistic Solutions Limited)
 
 21.  Future Value Retail Limited (Formerly known as Pantaloon Future
 Ventures Limited)
 
 22.  Futurebazaar India Limited
 
 23.  Home Solutions Retail (India) Limited
 
 24.  Indivision Investment Advisors Limited
 
 25.  Kshitij Investment Advisory Company Limited
 
 26.  Kshitij Property Solutions Private Limited
 
 27.  Myra Mall Management Company Limited
 
 28.  Pairs Retail India Limited (Formerly known as Home Lighting India
 Limited (Subsidiary till 03.01.2010)
 
 29.  Winner Sports Limited (Formerly known as Winner Sports Private
 Limited)
 
 Associate Companies/Firms
 
 1.  Bansi Mall Management Company Private Limited
 
 2.  Aashirwad Malls Private Limited
 
 3.  Shreya Mall Management Private Limited
 
 4.  Future Ventures India Limited
 
 5.  KB Mall Management Company Limited
 
 6.  Nishta Mall Management Company Private Limited
 
 7.  Iskrupa Mall Management Company Private Limited
 
 8.  Manz Retail Private Limited
 
 9.  Unique Malls Private Limited
 
 10.  Acute Realty Private Limited
 
 11.  Niyaman Mall Management Company Private Limited
 
 12.  Future Corporate Resources Limited (Formerly known as PFH
 Entertainment Limited)
 
 13.  Idiom Design & Consulting Limited
 
 14.  Future Ideas Company Limited
 
 15.  Pantaloon Industries Limited
 
 16.  Galaxy Entertainment Corporation Limited
 
 Key Management Personnel
 
 1.  Mr. Kishore Biyani - Managing Director
 
 2.  Mr. Gopikishan Biyani -Whole time Director (till 31.03.2010)
 
 3.  Mr. Rakesh Biyani -Whole time Director
 
 4.  Mr. Vijay Biyani -Whole time Director (W.e.f. 26.09.2009)
 
 5.  Mr. Kailash Bhatia-Whole time Director (W.e.f. 01.04.2010)
 
 Relatives of Key Management Personnel
 
 1.  Mr. Anil Biyani
 
 2.  Mrs. Godavari Devi Biyani
 
 3.  Mrs. Sangita Biyani
 
 4.  Mrs. Sampat Biyani
 
 5.  Mrs. Santosh Biyani
 
 c) Disclosure in respect of material Related Party Transactions during
 the year :
 
 (i) Sales and Operating Income includes Future Learning and Development
 Limited Rs.14.19 Crores (2009: Rs. 0.23 Crores),Talwalkars Pantaloon
 Fitness Private Limited Rs. 2.02 Crores (2009: Rs. 2.45 Crores), Staple
 Future Office Products Private Limited Rs. 2.02 Crores (2009:Rs. 0.24
 Crores), Future Value Retail Limited Rs.  271.84 Crores(2009: Nil),
 Future Knowledge Services Limited Rs. 21.79 Crores (2009: 0.06 Crores),
 Pantaloon Industries Limited Rs. 80.26 Crores (2009 : NIL)
 
 (ii) Purchases includes Future Mobile and Accessories Limited Rs. 87.32
 Crores (2009: Rs. Nil), Future Agrovet Limited Rs. 276.96 Crores (2009: Rs.
 268.91 Crores), Winner Sports Limited Rs. 56.51 Crores (2009:Rs. 6.87
 Crores), Pantaloon Industries Limited Rs. 31.85 Crores (2009 : 42.38
 Crores)
 
 (iii) Sale of Fixed Assets includes Future Value Retail Limited Rs. 0.59
 Crores (2009: Rs. Nil), Future Knowledge Services Limited Rs. 0.43 Crores
 (2009: Rs. 2.22 Crores), Pantaloon Industries Limited Rs. 1.66 Crores (2009
 : NIL)
 
 (iv) Expenditure on services and others includes Future Media (India)
 Limited Rs.6.30 Crores (2009: Rs. 3.29 Crores), Future Mobiles and
 Accessories Limited Rs. 2.39 Crores (2009: Rs. Nil) and Future Learning and
 Development Limited Rs. 6.44 Crores (2009: Rs. 4.83 Crores), Future Capital
 Holdings Limited t 7.09 Crores (2009: 0.08 Crores), Bansi Mall
 Management Company Private Limited Rs. 18.32 Crores (2009 : 0.80 Crores),
 Future Corporate Resources Limited Rs. 48.16 Crores (2009 : 65.84
 Crores),
 
 Mr. Anil Biyani 7 0.04 Crores (2009:0.003 Crores), Mrs. Godavari Devi
 Biyani 7 0.06 Crores (2009: Nil), Mrs. Sampat Biyani Rs. 0.01
 Crores(2009:0.006 Crores), Mrs. Sangeeta Biyani 7 0.06 Crores
 (2009:0.06 Crores), Mrs. Santosh Biyani 7 0.06 Crores (2009 : Nil)
 
 (v) Purchase of Fixed Assets including CWIP includes Future Knowledge
 Services Limited Rs. 34.91 Crores (2009: Rs. 12.86 Crores), Idiom design
 and consulting limited 7 1.90 Crores (2009 : Nil)
 
 (vi) Deposit given includes Pantaloon Industries Limited Rs. 3.00 Crores
 (2009 : Nil)
 
 (vii) Advance given includes Future Idea Company Limited Rs. 0.30 Crores
 (2009 : Nil)
 
 14.  Sundry Debtors
 
 Sundry Debtors includes amount due from the following companies under
 the same management
 
 Future Media (India) Limited X 10.95 Crores (2009: 20.55 Crores),
 Future Mobiles & Accessories Limited Rs. 1.55 Crores (2009: 10.81
 Crores), Future Mall Management Limited Rs.0.05 Crores (2009:Nil),
 Indivision Investment Advisors Limited Rs. 0.48 Crores (2009: Nil),
 Future Value Retail Limited X 38.20 Crores (2009: Nil), Future
 E-Commerce Infrastructure Limited Rs. Nil (2009 :1.17 Crores), Future
 Supply Chain Solutions Limited Rs. Nil (2009:5.24 Crores).
 
 15.  Additional information in pursuance of the provisions of the
 paragraph 3, 4C, 4D, Part II of Schedule VI of the Companies Act, 1956,
 are as certified by the Management of the Company.
 
 16.  As approved by the shareholders, the company had transferred its
 Value Retail business, as a going concern, to its 100% subsidiary
 Future Value Retail Limited, with effect from 1st January 2010.
 
 17.  The Board of Directors, subject to approval of members, have
 recommended a dividend of 7 0.80 (40%) per ordinary equity share and 7
 0.90 (45%) per class B share (Series 1)&0.01%on compulsory convertible
 preference share.
 
 18.  The Company continues to retain 11,400 shares of rights issue
 under abeyance.
 
 19.  The Company regards the business retail as a single reportable
 segment. Accordingly, Segment information is not being disclosed
 pursuant to the provision of Accounting Standard 17 on Segment
 Reporting issued by the Institute of Chartered Accountants of India.
 
 20.  The Book value of certain unquoted long term investments is lower
 than cost, considering the strategic and long term nature of the
 investments, in the opinion of the management such decline is temporary
 in nature and accordingly no provision is necessary for the same.
 
 21.  The High Courts of various states have granted an interim stay
 against recovery of service tax on renting of immovable property
 arising out of amendment to section 65(105)(zzzz) retrospectively from
 01.06.2007 introduced by Finance Act 2010.Accordingly no provision has
 been made for 7 29.07 Crores towards service tax liability.The amount
 involved in the year ended June 30, 2009 was 715.65 Crores.