1(a) Secured Loans:
The settlement due to EXIM Bank (CP No. 243 of 2008), Dhanalakshmi Bank
assigned to Pridhvi Assets Reconstruction vide O.A No. 95 of 2003 and
AXIS Bank assigned to Phoenix Assets Recovery Construction vide OA Nos.
7 of 2004 & 76 of 2005 which is pending before the Debt Recovery
Tribunal (DRT) have been settled by using the proceeds from the
dis-investment of Mayajaal Entertainment Ltd equity shares as per the
order of Company Law Board, Chennai, dated 01.03.2011 and said shares
have been extinguished vide corporate action taken by the company
through NSDL on 21.04.2011.
1(b) Claim against the company not acknowledged as Liability:
Dallah Albaraka, Ireland
Dallah Albaraka, Ireland (DAL) obtained an exparte decree before the
High Court of Justice Queen''s Bench Division London against M/s.
Pentasoft Technologies Limited for the corporate guarantee issued by
them. Company Petition seeking an order of winding up (No.134 of 2008)
filed by DAL was dismissed by a single judge in the High Court of
Madras vide order dated 16.12.2008 for want of merits. DAL appealed
against the single judge order (OSA Bo. 27 of 2009& M.P. No. 1 of 2010
Pentamedia Graphics Ltd was made respondent as Pentasoft Technologies
Limited merged with Pentamedia Graphics Limited during October 2008)
and the same was also dismissed by the bench of the High Court of
Madras vide their order dated 07.07.2010 on same lines of the single
judge order. DAL also filed an unnumbered petition under Regulation 44
of Company Law Board Regulation seeking to set aside order pertaining
to the buyback of Mayajaal Entertainment Ltd shares. This petition too
was rejected by the Company Law Board vide their order dated 11.01.2012
stating that there is no merit in the DAL''s application, also due to
the fact that the applicant is yet to establish its status as creditor
of Pentamedia Graphics Ltd and cannot be held with certainty that it
will be entitled to any reliefs even if the company petition is
dismissed. After DAL moved Execution Petitions (No. 299 & 300 0f 2011)
seeking attachment and sale of moveable and immovable property of
Pentamedia Grapics Ltd. However both the Execution Petitions were
dismissed by the Master Court of Chennai, vide their order dated
20.01.2012 stating that both of them are not maintainable and not
executable with the decree obtained by them which is not on merits and
without the prior permission from Reserve Bank of India or Central
Government of India. DAL filed a review petition and got the case heard
once again and also got the order that Executive Petitions are
maintainable against the assets of Pentamedia Graphics Ltd. Now
Pentamedia Graphics Ltd has appealed (Appeal No. 2801 of 2012) against
this order and DAL has sought time for reply.
According to the information and explanation given to us there are no
dues of income tax, wealth tax, sales tax, custom duty, excise duty and
cess which have not been deposited on account of any dispute except in
the following cases.
The Company has obtained stay orders against Income Tax demands and
have been in touch with the Income Tax Department to settle the issues
regarding demands and refunds. The volume of claims/refunds cannot be
2. Confirmation of balances/Reconciliation is pending in respect of
certain Banks/Loans and Advances/Sundry Debtors/ Sundry creditors''
unclaimed dividend and other liabilities. Adjustments if any which may
arise upon completion of confirmation/reconciliation will be dealt with
upon confirmation/completion of reconciliation.
3. The Company has recognized deferred tax liability (Net) Rs. 1.97
cores as per the requirements of Accounting Standard 22.
4. DUES TO SMALL SCALE INDUSTRIAL UNDERTAKINGS
As of 31st March 2012 the Company has no outstanding exceeding Rs.100
thousands to Small Scale Industrial Undertakings as defined under the
Industrial Development Regulation Act, 1951.
5. PREVIOUS YEAR COMPARATIVES
Schedule VI to the Companies Act, 1956 is revised effective from 1
April 2011 and has significantly impacted the disclosures and
presentation made in the financial statements. Previous year''s
figures have been regrouped / reclassified wherever necessary to
correspond with the current year''s classifications / disclosures.
6. All figures are rounded off to nearest in thousands.