GESCO Corporation Limited (the Company) was incorporated as a Private
 Limited Company on March 16, 1999 and converted to a Public Limited
 Company on August 18, 1999.
 
 Pursuant to the Scheme of Arrangement between the Company, The Great
 Eastern Shipping Co. Ltd., (the Demerged Company) and their
 respective
 shareholders, as approved by the Hon'ble High Court at Bombay on
 August
 26, 1999, the assets and liabilities pertaining to the business
 activity of managing, developing and operating of commercial
 properties
 of the property development division of The Great Eastern Shipping
 Co.
 Ltd. (the demerged undertaking), were transferred to and vested on
 demerger in the Company with retrospective effect from April 1,
 1999.
 During the transition period from the Appointed date to the
 Effective
 date i.e. April 1, 1999 to February 9, 2000, The Great Eastern
 Shipping
 Co. Ltd. carried on the aforesaid business activities of managing,
 developing and operating commercial properties in trust': on behalf
 of
 the Company.  The Scheme has, accordingly, been given effect to in
 these accounts.
 
 Pursuant to the Scheme of Arrangement, 2,88,10,317 equity shares of
 Rs.
 10/- each have been issued to the shareholders of The Great Eastern
 Shipping Co. Ltd. in the ratio of one share of the Company for every
 ten shares in the demerged Company and the assets, liabilities, and
 reserves of the demerged undertaking as at April 1, 1999 have been
 taken over at their book values.
 
 Accordingly, Share Premium of Rs. 46,53,36,123 and General Reserve
 of
 Rs. 75,83,93,057 representing the excess of the net book value of
 assets of the demerged undertaking over the aggregate face value of
 the
 share capital issued to the members of the Demerged Company have
 been
 credited as reserves taken over.
 
 In terms of the Scheme of Arrangement, the Company has taken over
 the
 employees of the Demerged Company relatable to the business activity
 taken over on the same terms and conditions on which they were
 engaged
 in The Great Eastern Shipping Co. Ltd. The accumulated funds in
 respect
 of Provident Fund, Gratuity, Pension and / or Superannuation
 pertaining
 to the transferred employees will be transferred to the Company's
 Funds
 on completion of the legal formalities for creation of such Funds.
 
 The Company is in the process of transferring the documents,
 agreements, title deeds for the properties etc. in the name of the
 Company.
 
 The Board of Gesco Corporation is meeting to consider a scheme of
 amalgamation
 with Mahindra Realty & Infrastructure Developers.
 
 2001- The company has informed that, Eastern Resin & Allied Products
 Ltd. (Sikkim) has acquired 17,75,185             (6.17%) shares of
 the company.
 
 2001-  The Sikkim-based Eastern Resin & Allied Products Ltd on Friday
 acquired 17,75,185 shares of GESCO Corporation Ltd.
 
 2003
 
 -Mr Suvir Ahuja, Managing Director of the Mahindra Gesco Developers
 Ltd has expressed his desire to resign from the services of the
 Company with effect from August 27, 2003 and has tendered the
 required notice. The matter will be formally placed before the Board
 at its next proposed meeting to be held in the last week of July
 2003.
 
 -i) Mr. Sudhir Mulji, Non-Executive Chairman of the Company resigned
 as a Director with effect from October 17, 2003; ii) Mr. Sanjiv
 Kapoor has been appointed as an Additional Director at the Board
 Meeting held on October 31, 2003.
 
 2007
 
 - Company name has been changed from Mahindra Gesco Developers
 Limited to Mahindra Lifespace Developers Ltd.