(Rs. in Million)
                                                  As at           As at
                                               March 31        March 31,
                                                   2011            2010
 
 1 Contingent liabilities not provided for :
 
       Nature          Description
 
 (a) Claims against    Notice for Interest 
 the Company not       claim by a broadcaster     34.40           34.40
 acknowledged as debts during 2000-2001 towards
                       delayed payment made by 
                       the company in earlier 
                       years. The interest 
                       claim by the
                       broadcaster is disputed 
                       by the Company.
 
 (b) Appeals filed     Income Tax appeal before   11.71           10.22
 in respect of         Commissioner/Deputy
 disputed income       Commissioner of Income
 tax demands           Tax for the Assessment 
                       Years 2000-01/ 2008-09/ 
                       2009-10/ 2010-11/ 2011-12
 
 (c) Bank guarantees/  Bank guarantee issued in3,809.84        2,856.98
 Corporate Guarantees/ favour of a broadcaster
 Outstanding Letter of for accreditation/Counter
 Credit for which the  Guarantees/Corporate Guarantee
 Company has given     issued in favour of subsidiaries/
 counter guarantees    associate companies.
 
 (d) Bank Guarantees   The Brihanmumbai       0.66       0.66
 issued favouring      Mahanagarpalika,
 various Government    Mumbai.
 Authorities 
                       Asst. Commissioner of  1.90 2.56  1.65      2.31
                       Customs.
 
 (e) Legal cases and   Pertains to litigation/
 claims filed against  disputes with              39.39           36.05
 the Company           parties. The Company has 
                       filed legal cases against 
                       the parties and no 
                       outflow is foreseen.
 
 (f) Value Added Tax   Pertains to Value Added 
 (VAT)                 Tax/Sales tax             175.43           89.14
                       levied on sale/lease of 
                       copyrights under 
                       Maharashtra VAT Act, 2002
                       w.e.f April 1, 2005. This 
                       is disputed by the whole 
                       film fraternity as there 
                       is no ground for levying 
                       VAT on film distribution 
                       activity.  The contingent 
                       liability is for the period 
                       April 1, 2005 to March 
                       31, 2011.
 
 (g) Sales tax         Exparte sales tax demand    5.27               -
                       raised on erstwhile United 
                       Entertainment Solutions 
                       Pvt. Ltd for the year 
                       2003-04 & 2004-05 by the 
                       department not admitted by us
 
 Note: Future cash outflow in respect of (b),(e), (f) & (g) above are
 determinable only on receipt of judgments/decisions pending at various
 forum/authorities.
 
 2 Share Capital :
 
 i) On November 30, 2010, Shareholders/Investors Grievance Committee
 allotted 2,500 equity shares of Rs.10/- each pursuant to the exercise
 of stock options at Rs. 311 per share.
 
 ii) Employee Stock Option Scheme - 2007 :
 
 Pursuant to the resolution passed by the Board of Directors on July 27,
 2007 and members of the Company at the Annual General Meeting held on
 September 25, 2007, the Company had introduced Employee Stock Option
 Scheme (“the scheme”) for permanent employees and directors of the
 Company & of its subsidiaries, as may be decided by the Compensation
 Committee/Board.
 
 The scheme provides that the total number of options granted there
 under will be 1,000,000. Each option, on exercise, is convertible into
 one equity share of the company having face value of Rs. 10. The
 options have been granted at an exercise price which is higher than the
 market price as on the date of the grant.  Accordingly, the Company has
 not recognised any expense on account of grant of stock options.
 
 iii) Employee Stock Option Scheme - 2009 :
 
 Pursuant to the resolution passed by the Board of Directors on July 10,
 2009 and members of the Company at the Annual General Meeting held on
 September 4, 2009, the Company had introduced Employee Stock Option
 Scheme 2009 (“the 2009 scheme”) for permanent employees and directors
 of the Company & of its subsidiaries, as may be decided by the
 Compensation Committee/Board.
 
 The 2009 scheme provides that the total number of options granted there
 under will be 1,000,000. Each option, on exercise, is convertible into
 one equity share of the company having face value of Rs. 10. The
 options have been granted at an exercise price which is higher than the
 market price as on the date of the grant. Accordingly, the Company has
 not recognised any expense on account of grant of stock options.
 
 iv) Employee Stock Option Scheme - 2010 :
 
 Pursuant to the Postal Ballot resolution passed by the Board of
 Directors on October 14, 2010 and by members on November 30, 2010, the
 Company had introduced Employee Stock Option Scheme 2010 (“the 2010
 scheme”) for permanent employees and directors of the Company & of its
 subsidiaries, as may be decided by the Compensation Committee/Board.
 
 The 2010 scheme provides that the total number of options granted there
 under will be 1,000,000. Each option, on exercise, is convertible into
 one equity share of the company having face value of Rs. 10. The
 options have been granted at an exercise price which is higher than the
 market price as on the date of the grant. Accordingly, the Company has
 not recognised any expense on account of grant of stock options.
 
 The scheme provides that the total number of options granted there
 under will be 1,000,000. Each option, on exercise, is convertible into
 one equity share of the company having face value of Rs. 10. The
 options have been granted at an exercise price which is higher than the
 market price as on the date of the grant.  Accordingly, the Company has
 not recognised any expense on account of grant of stock options.
 
 iii) Employee Stock Option Scheme - 2009 :
 
 Pursuant to the resolution passed by the Board of Directors on July 10,
 2009 and members of the Company at the Annual General Meeting held on
 September 4, 2009, the Company had introduced Employee Stock Option
 Scheme 2009 (“the 2009 scheme”) for permanent employees and directors
 of the Company & of its subsidiaries, as may be decided by the
 Compensation Committee/Board.
 
 The 2009 scheme provides that the total number of options granted there
 under will be 1,000,000. Each option, on exercise, is convertible into
 one equity share of the company having face value of Rs. 10. The
 options have been granted at an exercise price which is higher than the
 market price as on the date of the grant. Accordingly, the Company has
 not recognised any expense on account of grant of stock options.
 
 iv) Employee Stock Option Scheme - 2010 :
 
 Pursuant to the Postal Ballot resolution passed by the Board of
 Directors on October 14, 2010 and by members on November 30, 2010, the
 Company had introduced Employee Stock Option Scheme 2010 (“the 2010
 scheme”) for permanent employees and directors of the Company & of its
 subsidiaries, as may be decided by the Compensation Committee/Board.
 
 The 2010 scheme provides that the total number of options granted there
 under will be 1,000,000. Each option, on exercise, is convertible into
 one equity share of the company having face value of Rs. 10. The
 options have been granted at an exercise price which is higher than the
 market price as on the date of the grant. Accordingly, the Company has
 not recognised any expense on account of grant of stock options.
 
 3 Investments :
 
 i) During the year, the Company has transferred 19,429 equity shares
 i.e. 1.78% shares which were hold for the benefit of the management
 shareholders. Accordingly, the Company holds 58.62% equity capital in
 Indiagames Limited.
 
 ii) During the year, the Company has subscribed to 16,000,000
 additional equity shares of Rs 10 each in its wholly owned subsidiary
 First Future Agri & Developers Limited.
 
 iii) During the year, IG Interactive Entertainment Limited issued
 11,579,705 preference shares of GBP 1 each to the Company against the
 share application money given.
 
 * The amounts advanced to the subsidiaries are repayable on demand
 along and along with interest.
 
 # Repayable on demand
 
 The above parties are also companies in respect of which information is
 required to be disclosed under the listing agreements with Stock
 Exchanges.
 
 4 (b) Provision for Current Tax of Rs. 267.97 mio (Previous Year - Rs.
 61.52 mio) represents tax computed according to the minimum alternate
 tax provisions (u/s 115JB) of The Income Tax Act, 196 11 21.
 
 (c) Considering long term corporate strategies, future profitability
 and virtual certainty, Deferred tax asset (net) of Rs 250 mio has been
 recognised as on the Balance Sheet date and the management is of the
 opinion that in the long run, the carry forward loss would be fully
 realised.
 
 5 (a) Related Party Disclosures as required by Accounting Standard -
 18  Related Parties Disclosures issued by the Institute of Chartered
 Accountants of India are given below :
 
 (i) Shareholders in the Company :
 
 Unilazer Exports & Management Consultants Limited
 
 Unilazer (Hong Kong) Limited
 
 The Walt Disney Company (Southeast Asia) Pte Limited (TWDC) *
 
 * Pursuant to Shareholders agreement between TWDC and the founder
 promoter group, TWDC does not have control as defined by AS-18 over
 the Company.
 
 (ii) Subsidiaries of the Company :
 
 UTV Communications (USA) LLC
 
 IG Interactive Entertainment Limited
 
 Indiagames Limited
 
 Ignition Entertainment Limited, UK
 
 Ignition London Limited
 
 Ignition Entertainment Limited, USA
 
 UTV Games Limited
 
 True Games Interactive, Inc
 
 UTV Global Broadcasting Limited
 
 Genx Entertainment Limited
 
 UTV Entertainment Television Limited
 
 UTV New Media Limited
 
 UTV TV Content Limited
 
 RB Entertainment Limited
 
 First Future Agri & Developers Limited
 
 UTV Teletalkies Limited
 
 Vikatan UTV Content Limited (Subsidiary of UTV TV Content Limited
 w.e.f. May 12, 2010)
 
 (iii) Joint Ventures of the Company:
 
 Screen Shot Television Limited (Formerly known as Smriti Irani
 Television Limited)
 
 (iv) Other Related Parties where common control exists:
 
 UTV News Limited*
 
 United Tele-Shopping & Marketing Company Limited#
 
 Unilazer Holdings Limited*#
 
 Television News and Entertainment (I) Limited#
 
 Vijay Broadcasting Private Limited#
 
 Unilazer Media Limited*#
 
 Unilazer Broadcasting Limited*# (Now Unilazer Television Limited w.e.f.
 May 23, 2011)
 
 * by virtue of directorship
 
 # by virtue of Shareholding
 
 (v) Key Management Personnel : Executive Directors
 
 Rohinton Screwvala 
 
 Deven Khote
 
 6 The company is engaged in the production/making of media software,
 which requires various types, qualities and quantities of raw materials
 and inputs in different denominations. Due to the multiplicity and
 complexity of items, it is not practicable to maintain the quantitative
 record/continuous stock register, as the process of making program
 software is not amenable to it. Hence quantitative details are not
 maintained by the company as is the practice generally followed by
 companies in the Industry. Physical stock is taken at the end of the
 year.
 
 7 The Company has not received any information from the suppliers
 regarding their status under the Micro Small and Medium Enterprises
 Development Act, 2006 & hence disclosures, if any, relating to the
 amounts as at year end together with interest paid / payable as
 required under the said Act have not been given.
 
 8 Leases:
 
 a) There are no finance leases outstanding as on the Balance Sheet
 date.
 
 b) Operating Lease:
 
 The Companys significant leasing arrangements are mainly in respect of
 office premises. The aggregate lease rentals payable on these leasing
 arrangements are charged as rent under “Other Expenses” in Schedule 19.
 
 9 Segment Reporting - Segment Identification, Reportable Segments and
 definition of each reportable segment:
 
 (i) Primary/Secondary Segment Reporting Format :
 
 (a) The risk/return profile of the Companys business is determined
 predominantly by the nature of its products and services. Accordingly,
 the business segments constitute the primary segments for disclosure of
 segmentinformation.
 
 (b) In respect of secondary segment information, the Company has
 identified its geographical segments as (i) domestic and (ii) overseas.
 The secondary segment information has been disclosed accordingly.
 
 (ii) Segment Identification :
 
 Business segments have been identified on the basis of the nature of
 the products/services, the risk/return profile of individual
 businesses, the organisational structure and the internal reporting
 system of the Company.
 
 (iii) Reportable Segments : Reportable segments have been identified as
 per the criteria prescribed in Accounting Standard 17 - Segment
 Reporting as specified in the Companies (Accounting Standards) Rules,
 2006.
 
 (iv) Segment Composition :
 
 (a) Television Segment comprises television content, airtime sales and
 dubbing services;
 
 (b) Movies segment comprises the film production, distribution and
 syndication business;
 
 (c) Games and Interactive segment comprises web & mobile business.
 
 (v) Revenue and expenses have been accounted on the basis of their
 relationship to the operating activities of the segment. Incomes and
 expenditures which are related to the Company as a whole and are not
 allocable to segments on a reasonable basis have been allocated under
 Unallocable Income and Expenditure. Assets and Liabilities, which
 relate to the Company as a whole, and are not allocable to segments on
 a reasonable basis, have been included under Unallocable Assets and
 Liabilities.
 
 (vi) Inter-segment Transfers - The Company accounts for intersegment
 sales and transfers at cost.
 
 10 In accordance with the Companys accounting policy, Rs. 347.21 mio
 [Previous Year Rs. 317.29 mio] is interest inventorised on movie
 projects during the year.
 
 11 Employee Benefits
 
 The disclosures as required as per the revised AS 15 are as under:
 
 1 Brief description of the Plans
 
 The Company provides long-term benefits in the nature of Provident fund
 & Gratuity to its employees. In case of funded schemes, the funds are
 recognised by the Income tax authorities and administered through
 appropriate authorities/insurers. The Companys defined contribution
 plans are provident fund, employee state insurance and employees
 pension scheme (under the provisions of the Employees Provident Funds
 and Miscellaneous Provisions Act, 1952) since the Company has no
 further obligation beyond making the contributions. The Companys
 defined benefit plans include gratuity benefit to its employees which
 is funded through Life Insurance Corporation of India.
 
 4 During the current year the Company has discontinued providing Leave
 Encashment to its employees.  Pursuant to the same the amount of Rs.
 15.16 mio has been written back.
 
 Subsequent to the Balance Sheet date, as on May 10, 2011, The Company
 has aquired remaining 50% stake in its joint venture Screen Shot
 Television Limited (Formerly Known as Smriti Irani Television Limited),
 thereby making it as its 100% subsidiary.
 
 12 The Board of Directors in their meeting dated May 02, 2011 approved
 the plan to take over the Celebrity & Video Business of the UTV New
 Media Limited. Accordingly the company had aquired the Celebrity &
 Video Business of UTV New Media Limited for Consideration of Rs.12.84
 mio and the business has been taken over with effect from January 01,
 2011.
 
 13 The Finance Act 2010 has levied service tax on transferring
 temporarily or permitting use or enjoyment of movies copyrights with
 effect from 1st July, 2010. Company has filed the Writ Petition in
 Mumbai High Court challenging the constitutionality and the legality of
 this entry since it already a taxing entry with State Governments as
 sales by way of transfer of the right to use and is already subjected
 to Sales Tax / Value Added Tax. Pending outcome of the Writ, during the
 year, Company has neither collected nor deposited any service tax on
 this account.
 
 14 The Company has undertaken necessary steps to comply with the
 Transfer Pricing regulations. The Management is of the opinion that the
 international transactions are at arms length and at present does not
 envisage any further tax liability. For the year ended March 31, 2011 ,
 the Company will carry out a transfer pricing study to comply with the
 said regulations.
 
 15 As required by Companies Act, 1956 and Listing Agreement for
 Debentures, a transfer of Rs 200 mio (P.Y. Rs 200 mio) has been made to
 Debenture Redemption Reserve from the profits earned during the year.
 
 16 The previous years figures have been regrouped, wherever considered
 necessary.
 
 Signatures to Schedules 1 to 21 which form an integral part of the
 Financial Statements.