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Ansal Properties & Infrastructure Ltd.

BSE: 500013 | NSE: ANSALAPI |

Shares falling in the `Trade-to-Trade` or `T-segment` are traded in this series and no intraday is allowed. This means trades can only be settled by accepting or giving the delivery of shares.
Series: BE | ISIN: INE436A01026 | SECTOR: Construction & Contracting - Housing

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Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Director’s Report

Dear Members/ Shareholders,

The Directors are pleased to present the 51st (Fifty First) Annual Report along with the Audited Financial Statements of your Company for the Financial Year ended the 31st March, 2018.


Financial Highlights (Standalone) (Rs in Lakhs)


For the year ended 31.03.2018

For the year ended 31.03.2017

Sales & Other Income



Profit (Before Interest, Depreciation,



Exceptional Items and Taxes)

Less : Interest






Exceptional Items





Profit(Loss) before Tax



Less : Provision for taxation



Profit (Loss) after Tax carried to Balance Sheet



Other Comprehensive Income (Net of Tax)



Add : - Surplus Profit brought

forward from previous year


Disposable Profit



- Proposed Dividend including Dividend Tax



- Transfer to General Reserve



Debenture redemption Reserve


Surplus (Deficit) carried to Balance Sheet




Net Loss for the year 2017-18 stood at Rs. (3831.32) lakhs as against Profit of Rs. 929.38 lakhs in the year 2016-17. The total turnover including other income for the year 2017-18 stood at Rs. 56881.50 lakhs, as compared to Rs. 68208.72 lakhs for the year 2016-17.


During the Financial Year under review, no amount has been transferred to General Reserve.


During the Financial Year 2017-18, there has been no change in the capital structure of the Company.


The Board of Directors of your Company, keeping in view the loss in the Financial Year 2017-18 and uncertainties in the real estate sector and so also the imperative need to conserve resources, decided not to recommend any dividend for the said financial year.


Details of loans, guarantees and investments under the provisions of Section 186 of the Companies Act, 2013 (“the Act”) read with the Companies (Meetings of Board and its Powers) Rules, 2014, as amended from time to time as on 31st March, 2018, are set out in the Standalone Financial Statements forming part of this Annual report.


The Audited Consolidated Financial Statements of your Company for the Financial Year 2017-18 have been prepared in accordance with the applicable provisions of Companies Act, 2013, Rules made thereunder, Indian Accounting Standards (IND -AS) and the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 as amended (hereinafter referred to as the “Listing Regulations”), are forming part of this Annual Report.


As on the 31st March, 2018, fixed deposits stood at Rs.11033 Lakhs as against Rs. 13267 Lakhs in the previous year.

As already reported earlier, the Company could not to comply with the provisions of Section 73 and other applicable Sections of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 and therefore the Company had w.e.f. the 01st April 2014, stopped accepting/renewing fixed deposits.

Since the Company was unable to make payments to its fixed deposit holders as per schedule mentioned in its Fixed Deposit Schemes due to fund constraints arising out of downturn in the real estate market, a revised schedule of payment of fixed deposits was approved by the then Hon''ble Company Law Board, New Delhi Bench (CLB) vide its Order dated the 30th December, 2014.

Subsequently, fresh petition/s had been filed at Principal Bench of the National Company Law Tribunal (NCLT), New Delhi for seeking further extension of time for repayment of Fixed Deposits (FDs) payable as there was no improvement in the fund position and the real estate market had remained depressed.

In response thereto, NCLT passed Order/s for repayment of fixed deposits with certain conditions.

As per the Order of the Hon''ble NCLT dated the 31st May, 2018, the requirement to maintain the liquid assets {on or before the 30th April, 2018} as required under the Companies {Acceptance of Deposits} Rules, 2014 has been waived for the financial year 2017-18.

Thereafter, at the various hearings held before the NCLT and at the last hearing held on the 19th July, 2018 NCLT has reviewed the status of its Order Compliance and passed an Order extending the Scheme for further 02 months after which the performance of the Company shall be reviewed by it for considering further extension.

The Company has made payments to the fixed deposit holders in compliance with the fresh proposal approved by the NCLT till June, 2018. The next date of hearing will be on the 06th September, 2018.

The Company is complying with above NCLT Orders. Further, provisions of Sections 73 to 76 or any other relevant provisions of the Act, whichever is applicable are being complied by it.

Details relating to deposits covered under The Companies (Acceptance of Deposits) Rules, 2014 for the Financial Year 201718 are as follows:

- Deposit accepted during the year: Nil

- Deposit accepted before the 01st April 2014 is in compliance with the requirements of the Companies Act, 1956 and Rules there under.


No Material changes and commitments have occurred between the end of Financial Year 2017-18 and the date of this Report which could affect the financial position of the Company.


There has been no change in Nature of Business of the Company during the Financial Year 2017-18.

Pursuant to its mission as well as in practice, your Company is constantly striving to create world class solutions in real estate and uplift the quality of life. Over the five decades it has been engaged in the business of real estate in various facets and in that process, it has been evolving as a professionally managed organization striving for excellence.

During the last 51 years, it had been and presently engaged in the field of housing and real estate business covering development of Hi- Tech and integrated townships and other large mixed-use and stand-alone developments in the residential, commercial, retail and hospitality segments, with a focus on large-scale mixed use developments, particularly in residential projects. The business is being carried on by the Company on its own as well as through various subsidiaries, associates, joint ventures and collaborations etc. As a well-known developer, your Company has several landmark buildings in Connaught Place (CBD of New Delhi) viz. Akash Deep, Surya Kiran, Vikas Minar, Amba Deep, Statesman House etc., and it has established its brand image over long five decades. The projects of your Company are located in the NCR, the States of Uttar Pradesh, Haryana, Rajasthan and Punjab.

Through Management''s Discussion and Analysis Report forming part of the Directors'' Report, your Board has tried to capture broader overview of the Global economic scenario and the Indian economy situation and more particularly the Real Estate Sector prevailing in the Country which have and shall have impact on the nature of Company''s business and generally in the class of business in which the Company has interest.

No significant and material order has been passed by the Regulators or Courts or Tribunal affecting the going concern status and company''s operations in future.


Real estate in India is being recognized to drive the economic growth engine of the Country. The Sector, if channelized properly, could catapult the growth of several other sectors in India through its backward and forward linkages.

The entry of major private players in the education sector has created vast opportunities for the real estate sector. Emergence of nuclear families and growing urbanization has given rise to several townships that are developed to take care of the elderly. Growth in the number of tourists has resulted in demand for service apartments. This demand is likely to be on the uptrend and presents opportunities for the unorganized sector.

The real estate sector including construction is a pivotal cog of economic growth for India, as it contributes the third highest share to the Indian economy and is also the third largest employer (after agriculture and manufacturing). With forward and backward linkages to over 250 sectors and ancillary industries, the real estate sector is the third-highest contributor to the economy. It employed over 52 million work-force till 2017, and as per projections is slated to employ over 67 million workforce by 2022.

The Indian real estate market is expected to touch US$ 180 billion by 2020. The housing sector alone contributes 5-6 per cent to the Country''s Gross Domestic Product (GDP). In the Financial years from 2008-2020, the market size of this Sector is expected to increase at a Compound Annual Growth Rate (CAGR) of 11.2 per cent. Retail, hospitality, and commercial real estate are also growing significantly, providing the much-needed infrastructure for India''s growing needs.

Your Company has at present projects under various stages of implementation across residential, commercial, retail and others. It focuses on mixed use development, particularly in residential projects, and, has a leading position in the housing segment, particularly in key cities in northern India. Within the residential asset class, the projects of the Company range from large-scale integrated townships to mixed use and stand-alone detached single and group housing, as well as serviced plots. Your Company continues to follow the strategy of developing integrated townships in key cities in North India.


The housing industry of India has been one of the fastest growing sectors. Over 51 years, your Company has developed and continues to develop world-class residential townships, complexes, giving facilities to its customers, stakeholders and investors while giving a new dimension to the India infrastructure development.

Townships have become the most sought after property destinations even though the properties located there-in cost higher than the standalone properties. Complexes built in large area of lands with all facilities including schools, hospitals, shopping malls, gymnasium, swimming pool, health spa provide an unique living experience that people demand these days. With these changes in consumer preferences it is but apparent that the townships are the next big thing in the Indian real estate development industry. As land prices show fluctuating movements with tendency of significant escalation in key cities and basic infrastructures lag to balance with increasing populace, real estate property developers are building cities away from the city to facilitate better quality lifestyles.

Details of major projects / townships of your Company are discussed in Management Discussion and Analysis Report which forms a part of this Annual Report.


Your Company has always been a committed organisation in working towards social causes and meeting the societal expectations and thus ushering in cooperative relationship. With this very notion in mind, the Company now seeks to extend its support towards community service with a public -spirited approach by enhancing the quality of life in the field of healthcare, learning and basic infrastructure facilities to the underprivileged. Through its CSR initiatives, your Company wishes to create a community of goodwill thus enabling itself to reinforce a positive and socially amicable corporate entity.

Your Company aims to actively contribute towards a healthy and harmonious environment in the society and communities around its areas of operation. This allows your Company to enhance corporation from the society it caters.

The Corporate Social Responsibility {CSR} Committee constituted by the Board of Directors {Board} on the 07th February, 2014, is in consonance with the requirements of the Section 135 of the Companies Act, 2013 and its Rules. The said CSR Committee has been entrusted with the responsibility of formulating and recommending to the Board, a Corporate Social Responsibility Policy (CSR Policy) indicating the activities to be undertaken by the Company, monitoring the implementation of the framework of the CSR Policy and the amount to be spent on CSR activities. In this regard following the recommendation of the said Committee, the Board has approved the cSr policy, on the 16th May, 2015 {duly amended}, which is also available on the website of the Company i.e.

The Composition of the said Committee and other particulars are mentioned in the Corporate Governance Report which forms part of this Annual Report.

As part of its existing Corporate Social Responsibility (CSR) your Company has since long supported the under-privileged and socially and economically backward sections of the society. This can be seen from many of its social projects in terms of setting up of schools, health care facilities, old age care homes and affordable homes for weaker sections. Your Company collaborates with social, charitable and NGOs which are similarly engaged in pursuit of upliftment of under-privileged sections of the society.

Annual Report on the Corporate Social Responsibility Activities for the Financial Year ended on the 31st March, 2018.

The CSR report for the financial year ended 31st March, 2018, is attached as Annexure - A to the Boards'' Report.


Education imparts not just knowledge but nurtures an individual''s evolution for the future. The key factor of knowledge is at core of all development efforts in advancing economic and social well being in an emerging nation like India. Your Company, through its associates/ Trust, has ushered in the field of education and has built eminent institutes like:

- Ansal University

Chiranjiv Charitable Trust (CCT) has setup a University called “Ansal University” under the Haryana Private Universities Act, 2006. Ansal University is dedicated to its mission to nurture scholars who will contribute to society by advancing knowledge and imparting it to new generations of students.

The University has established various schools with a focus on Architecture, Design, Engineering & Management supported by Applied Sciences, Computer Applications, Humanities, and Languages & International Studies. A few unique features of the University are - contemporary curriculum, relevant pedagogy, emphasis on soft skills & trans-disciplinary learning (TDL) by all students across various disciplines.

The students having gone through the transcendental education model have come to the international benchmarks of quality education and are evolving into all-rounded professionals for holistic perspective towards industry and academics.

Brief for various disciplines being taught at University are:

Sushant School of Art & Architecture (SSAA):- Conceived with the objective of combining traditional Indian aesthetics and mode of urban planning with the needs of a modern city space; SSAA not only fulfils this objective but also goes beyond and set its own paradigm. SSAA has completed 27 years of its existence and it has been recognised as one of the top three schools of architecture in the Country.

SSAA has associations with many international universities and institutions such as Massachusetts Institute of Technology, AA School London, University of Bath, Deakin University, Illinios Institute of Technology, Chicago, Lawrence Technology University, Aristotle University, University of British Columbia, University of Melbourne. These international relationships ensure that SSAA is always in dialogue with world community.

Sushant School of Design''s:- Its curriculum is planned and progressed keeping in mind the individual''s potential and abilities for pursuing the courses of interior designing , fashion and textiles designing, product designing, and visual communication.

School of Engineering and Technology:- It is focussing on renewal energies, design and development of sustainable products and processes to enhance manufacturing and its productivity, affordable health care systems and services, future cities and new materials in bio medicine and cooling. It offers courses on computer science engineering, electronics, electrical and communication engineering, mechanical and civil engineering.

School of Management Studies:- It offers management education with futuristic outlook. Courses include on real estate management, health care management, international business, specialisation in retail, insurance, tourism, marketing, finance, hotel management and catering technology.

School of Tourism and Hotel Management:- It has been setup in partnership with World''s No. 1 Hospitality School VATEL from France. The school is offering courses in Hotel Management and Catering Technology.

School of Skill and Entrepreneurial Development (SSED):- It has been set-up with the objective to up-grade skills of unemployed youth to facilitate the supply of skilled manpower, ready to work in Industry. Imparting skills under partnership with NSDC will help the unemployed, particularly the dropout youths in getting job - employment or self employment. SSED organizes on the job training through placement at the Companies under the National Employment Enhancement Mission (NEEM) of AICTE to enhance the employability of the students.


Your Company recognizes the relationship of business sustainability with resources management and is committed to supervise and conserve the amount of water and electricity used across its project sites at the time of construction. It has installed Solar Power Plants at some of its location with view of generating clean energy for internal consumptions.

Scientific Research Program - In this era of technological advancement throughout the World, there is need for development of new technologies. Therefore, your Company has undertaken a scientific research program to bring out innovations in the field of Solar Energy Projects.

In India there is a wide gap between the demand for electricity and its availability leading to load shedding in many areas particularly in rural areas. To plug the gaps small auxiliary power plants are being set up by the governments which are based on gas and oil and make them cost inefficient. The solar thermal systems can provide very efficient and cost- effective alternative for power demands. The project of your Company is expected to yield benefits for the entire Society clubbed with availability of sustainable and clean energy with reasonable costs.

In order to create awareness amongst employees towards environment and resources conservation, your Company organises various camps and has been anchoring green initiatives on a regular basis. The projects of your Company have integrated environment protection, up gradation, conservation, water harvesting, etc. and plantation of trees etc. as a part of the sustainable development.


Your Company, through an NGO- ''Mobile Creches'', strives to ensure a healthy and secure childhood for children through quality day care programs aimed at holistic development. This further creates favorable conditions for Women to work at the Company''s project sites by providing them the necessary day care support for their children and providing opportunities for basic schooling skills. Day care programs run for eight hours, six days a week for children as young as newborns to 12 year old, with trained, experienced and caring staff.


Your Company strongly believes in contributing to and investing in communities in and around its project sites. Under this endeavour, several initiatives have made a lasting impact on the economic, environmental and social conditions of local people. Some such initiatives are:

- Tree plantations

- Adoption of villages connected to project sites of the Company

- Construction of roads, sanitation facilities and temples

- Provision of electricity

- Provision of employment

- Sponsorship of Vocational Training Programmes

- Blood Donation Camps

- Provision of health facilities to poor people


- Diya India Foundation:- This NGO is engaged for betterment of weaker sections of society. Your Company, through this trust, has been supporting primary school education to the underprivileged children from the slum clusters. Today the foundation has two school buildings - Chetan Vidya Mandir and Chetan Playway School. It is also being planned to conduct regular basic healthcare facilities with assistance in medicines to those in need in villages that have no access to the hospital facility.

- Village Kahma in Punjab:- The welfare and social upliftment of this village and the surrounding areas has been undertaken through Kahma Welfare Committee, a non- profitable organization set up for this purpose. This initiative has been in progress for decades. A hospital in Kahma-Hansraj Government Hospital - in the name of Late Sh. Hans Raj - grandfather of Shri Sushil Ansal, has been set up. The Welfare Committee has been working well in providing medical support to the villagers of Kahma in Punjab and adjoining villages with the support from your Company. Specialized eye camps are organized every year and many are getting benefitted through camp facility.


More than three thousand plots for Economically Weaker Sections of the society, in townships of the Company, are in the process of development. The plots were allotted through open public lottery system at highly subsidised rates with easy interest free instalments. The affordable homes are being developed in the projects in Uttar Pradesh and Rajasthan and it is also proposed to further add to above tally of dwelling units in the affordable housing category in the next few years.


A plot of 1000 sq. m. has long since been donated to establish a Senior Citizen''s Home in Palam Vihar, Gurgaon. Free technical and engineering support was provided to build this home called Chiranjiv Karam Bhoomi. Several senior citizens are staying in this home which is being run by Divya Chaya Trust comprising Smt. Kusum Ansal and other members of the Trust.


Kusumanjali Foundation, another social and literary initiative of your Company, a non-profit making company is promoting literary works of budding writes in Hindi and other regional languages. Kusumanjali Foundation has been established by Dr. (Mrs.) Kusum Ansal, the well-known writer and supported by your Company.

A literary charitable organisation known as SAMVAD has been launched. It provides an opportunity for creative writers where their literary works are discussed and analysed. Your Company''s social and charitable initiatives have been giving support for more than twenty years. A collection of the selected works of the members of the Samvad has been compiled into a book for dissemination to public and creative fraternity.


Ethics and principles, which are deep rooted in the Indian philosophy of spiritualism and religious inclinations, are immensely valued. Contributions have been made to religious and spiritual activities from time to time. An extended portion of Chhattarpur Temple in Delhi has been built. Earlier, a donation of five acres of land has been made to ISKCON, where a spiritual learning centre and the construction of temple are already in progress.


The composition of the Audit committee is covered under the Corporate Governance Report which forms the part of this Annual Report. All the recommendations made by the Audit Committee were accepted by the Board.


The Company has in place adequate internal financial control with reference to financial statements. In this regard, the Board of Directors at their meeting held on the 11th February, 2015 have noted/approved the policies and procedures adopted by the Company for ensuring an orderly and efficient conduct of its business, including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information.


During the Financial Year 2017-18, no company has become or ceased to be a Subsidiary, Associate or Joint Venture of the Company.

During the Financial Year 2017-18, your Company have 84 (Eighty Four) Subsidiary companies and 02 (two) Joint Venture companies.

Pursuant to the provisions of Section 129(3) of the Companies Act, 2013, a statement containing salient features of financial statements of subsidiary and joint venture Companies in Form AOC-1 is provided at the end of the Consolidated Financial Statement and hence not repeated in this Report.

Pursuant to the provisions of Section 136 of the Companies Act, 2013, separate audited financial statement {Standalone and consolidated, wherever applicable} in respect of each of the subsidiaries and joint venture companies shall be kept open for inspection at the Registered Office of your Company during working hours (09.00 A.M to 5.45 P.M.) for a period of 21 days before the date of the Annual General Meeting of the Company. It shall also make available these documents upon request by any member of the Company. The separate audited financial statement in respect of each of the subsidiaries and joint venture companies, is available on the website of your Company at (

A Policy on Material Subsidiary Companies has been formulated, {duly amended}, and the same is available on the website of the Company i.e.


During the Financial Year under review, 4 (four) meetings of the Board of Directors were held on 29th May, 2017, 12th August, 2017, 14th November, 2017, and 12th February, 2018.


Change in Directorship

During the Financial Year under review, Shri Prem Singh Rana, an Independent Director had resigned from the Directorship of the Company w.e.f. the 08th November, 2017. The Board of Directors had placed on record its appreciation for the valuable services rendered by Shri Prem Singh Rana during his tenure on the Board of the Company.

Change in Company Secretary and Compliance Officer

Shri. Deepak Jain has been appointed as Vice President (Secretarial) & Compliance Officer w.e.f. the 14th August, 2018 and as Company Secretary w.e.f. the 25th September, 2018, in place of Shri. Abdul Sami who has left the services of the company from the closure of working hours on the 13th August, 2018.

Continuation of the directorship of Independent Directors

The Board of Directors at their meeting held on the 13th August, 2018 has approved the continuation of the directorship of Shri Dharmendar Nath Davar, Shri Prithvi Raj Khanna, Dr. Ramesh Chandra Vaish and Dr. Lalit Bhasin as Non-Executive Independent directors of the Company, who have attained the age of seventy five years (not liable to retire by rotation) for remaining part of their first term {.i.e. till the 28th September, 2019}, in compliance with the requirements of Sections 149, 150, 152 and other applicable provisions, if any, of the Companies Act, 2013 and the Companies (Appointment and Qualification of Directors) Rules, 2014 and the Listing Regulations as amended, on the recommendation of the Nomination and Remuneration Committee at their meeting held on the said date. The matter/s of continuation of their directorship as Non- Executive Independent directors, is/are included in the notice of this 51st Annual General Meeting.

The Company has received the declarations from the said Independent Directors under Section 149(7) of the Companies Act, 2013 that they meet the criteria of independence laid down under Section 149(6) of the Companies Act, 2013 and the Listing Regulations and are not debarred from continuing their directorships pursuant to any SEBI''s Order.

Re-appointment of Shri Pranav Ansal as Vice Chairman and Whole Time Director

Shri Pranav Ansal {DIN: 00017804} was re-appointed as Vice Chairman & Managing Director of the Company for a period of 05 years w.e.f. the 01st November, 2012 to 31st October, 2017 by the Board of Directors at their meeting held on the 10th November, 2012. Shri Pranav Ansal was later re-designated as Vice Chairman & Whole Time Director of the Company w.e.f the 09th August, 2013. The said re-appointment and re-designation was approved by the shareholders on the 27th September, 2013, and accordingly the tenure of his appointment has expired on the 31st October, 2017. In view of this the Board of Directors at their meeting held on the 14th November, 2017 have approved the reappointment and remuneration of Shri Pranav Ansal as Vice Chairman and Whole Time Director (subject to the approval of the shareholders by way of passing an Ordinary Resolution), the period of whose office shall be liable to determination by retirement by rotation, for a period of five years w.e.f the 01st November, 2017 to the 31st October, 2022 in terms of the provisions of the Companies Act, 2013, Rules framed thereunder and the Listing Regulations, on the basis of recommendation of its Nomination and Remuneration Committee at the meeting held on the same date. The matter of granting approval to his reappointment as Vice Chairman and Whole Time Director, is included in the Notice of this 51st Annual General Meeting.

Retiring by Rotation and Re-appointment of Director

In terms of Section 152 of Companies Act, 2013 (“Act”) not less than 2/3rd of the total number of Directors of a public Company shall be persons whose period of office as Directors is liable to determination by retirement by rotation and out of such number of directors, 1/3rd nos. of directors shall retire from office at every Annual General Meeting. The Independent Directors are to be excluded from the calculations of rotational and non- rotational directors.

In view of the provisions of the Articles and Association of the Company, Companies Act, 2013 and Rules framed thereunder and in compliance thereto, out of total 8 (Eight) Directors of the Company, 3 (three) Executive Directors shall be the persons whose period of office is liable to determination by retirement of rotation and the balance 5 (five) directors are independent directors who are non- rotational.

In terms of the said provisions of the Companies Act, 2013 and its Rules and the Articles of Association of the Company, Shri Sushil Ansal, Chairman and Whole Time Director, Shri Pranav Ansal, Vice Chairman and Whole Time Director and Shri Anil Kumar, Joint Managing Director and CEO of the Company are due to retire by rotation at the ensuing AGM. Being eligible for re-appointment and they offer themselves for re-appointment. The matters of re-appointing them are included in the Notice of this 51st Annual General Meeting.

Brief profile of the directors proposed to be appointed/re-appointed is annexed to the Notice convening Annual General Meeting forming part of this Annual Report.


In compliance with the provisions of the Companies Act, 2013, Rules made there under and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (Listing Regulations), Nomination and Remuneration Committee at their meeting held on 12th August, 2014 had laid down the criteria for performance evaluation of the Board, its Committees and Directors which was also approved by the Board of Directors.The said criteria has been amended and approved by the Board of Directors at their meeting held on 12th August, 2017.

Accordingly, the Annual Performance Evaluation of the Board, its Committees and each Director was carried for the Financial Year 2017-18.

Structured questionnaires were prepared, covering various aspects of the functioning of the Board, its Committees and Individual Directors, which, inter alia, included, diversity of experience, appropriate composition, monitoring of compliances with respect to laws & regulations, demonstration of worthiness, proactiveness in addressing issues, consideration of Internal Audit Report, Management Responses, attendance at the meetings etc.

The members of Board have carried out the evaluation of the Board as a whole, its Committees and of their peer Board members.

The Independent Directors without the presence of Executive Directors (i.e. Non-Independent Directors) and any member of Company management, at their meeting held on the 12th February, 2018 had reviewed/assessed/ discussed, inter-alia, (1) the performance of Non- Independent Directors (Executive Directors viz. Chairman, Vice Chairman and Joint Managing Director and CEO) and the Board as a whole (2) the performance of the Chairman after taking into consideration the views of Executive and Non-Executive Directors and (3) the quality, quantity and timeliness of flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

The Nomination and Remuneration Committee at its meeting held on the 12th February, 2018 has carried out evaluation of every Director''s performance and Board as a whole.

The criteria for Performance Evaluation of Board & Independent Directors (duly reviewed), is also available on the website of the Company i.e.


The policy of the Company on Directors'' appointment and remuneration including criteria for determining qualification, positive attributes, independence of Directors and other matters provided under sub section (3) of Section 178 of the Companies Act, 2013, (duly reviewed), is also available on the website of the Company i.e. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES

All contracts / arrangements / transactions entered by the Company during the financial year 2017-18 with related parties were in the ordinary course of business and on an arm''s length basis. During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the Policy of the Company on materiality of Related Party Transactions. The transactions with Related Parties as per requirement of Indian Accounting Standard -24 are disclosed in Note No. 60(b) of Balance Sheet forming part of the Annual Report. The details of the Related Party transactions and information are placed before the Audit Committee and the Board of Directors, from time to time, in compliance with the Listing Regulations and Sections 177 and 188 of the Companies Act, 2013 and its Rules.

A Policy on Related Party Transactions, {as amended}, specifying the manner and criteria of entering into said transactions has been formulated and the same is available on the website of the Company i.e.


The Board has approved the Enterprise Risk Management Policy for Risk Assessment and its Minimization on the 16th May, 2015 which has been amended, and the same is available on the Company''s website i.e.

Audit Committee/ Board of Directors review the efficacy of the Enterprise Risk Management process, the key risks associated with the business of your Company and the measures in place to mitigate the same. No risk has been identified in the Company which may threaten its existence.

Vigil Mechanism/ Whistle Blower Policy

In compliance with the provisions of the Section 177 of the Companies Act, 2013 and Regulation 22 of Listing Regulations, the Board of Directors have approved the Vigil Mechanism/ Whistle Blower Policy at their meeting held on the 12th August, 2014. The said policy has been amended and approved by the Board of Directors at their meeting held on the 12th August, 2017.

In exceptional cases, where the Whistle Blower, due to the gravity and seriousness of the concern or grievance or due to his/ her being not satisfied with the outcome of the investigation and the decision, he/she can have personal and direct access to the Chairperson of the Audit Committee.

The status of the complaints under the Vigil Mechanism is placed before the Audit Committee on a quarterly basis. During the year under review, no complaint was received by the Company under Vigil Mechanism/ Whistle Blower Policy.

The Policy on Vigil mechanism/ Whistle blower, (duly reviewed), is available on the Company''s website i.e http://www.


Statutory Auditors

In terms of the provisions of Section 139 of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014, M/s S. S. Kothari Mehta & Company, Chartered Accountants, Firm Registration No. 000756N, having their office at 146149 Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi-110065, were appointed as the Statutory Auditors of the Company by the members/shareholders at the Forty Eighth (48th) Annual General Meeting of the Company held on 30th September, 2015 for a period of five years i.e. up to Fifty Third (53rd) Annual General Meeting of the Company to be held in the year 2020. The said appointment is subject to ratification by the members/shareholders at every Annual General Meeting. However, in terms of the Companies (Amendment Act), 2017 w.e.f the 07th May, 2018, the said ratification is now not required

No fraud has been reported by the Statutory Auditor of the Company in the course of the performance of his duties as Auditor in terms of the provisions of Section 143(12) of the Companies Act, 2013 and it Rules.


The Notes to Accounts, forming part of Balance Sheet as at the 31st March, 2018 and Profit & Loss Account for the year ended on that date, referred to in the Auditors'' Report, are self explanatory. However, certain observations/ qualifications appearing in the Auditors Report on Accounts for the Financial year ended on the 31st March, 2018 are as under:

(1) During the year the Company has not claimed any exemption under section 80IA of the Income Tax Act 1961. Exemption amounting to Rs 3,448 Lakhs has been claimed up to the year ended March 31,2011, continuing up to the end of current period, under section 80IA of the income Tax Act, 1961 (“the Act”) being tax profit arising out of sale of Industrial park units, pending the notification of the same by Central Board of Direct Tax ( Competent Authority). The Competent Authority has not passed notification under section 80IA (4) (iii) of the Act and hence, rejected the application as filed by the company, against which Review petition has been filed by the company before the Competent Authority. The company has taken the opinion that the Review petition as filed satisfies all the condition specified under Industrial Park scheme,2008 being replaced under Industrial Park (Amendment) scheme, 2010, hence, eligible for notification under section 80IA (4)(iii) of the Act.

(2) The Company is carrying project work in progress of Rs. 11043 lakhs (March 31, 2017: Rs. 11455 lakhs) for Group Housing Project in Greater Noida. The Greater Noida Industrial Development Authority (GNIDA), keeping in view the market conditions, announced a Scheme whereby the developers have an option to accept project on a smaller piece of land equivalent to the amount paid and surrender balance project land subject to certain conditions. Pursuant to this Scheme, a Surrender Deed for the balance project land has been executed with GNIDA. The management is of the view that there is no impairment in the value of land/ project.

(3) The matter regarding repayment of Public Deposits & Interest thereon is under consideration before the Hon''ble National Company Law Tribunal, North Delhi Bench on an application filed by the Company for appropriate extension or relief in the scheme of repayment already sanctioned by Hon''ble Company Law Board and to submit request for waiver of maintenance of requisite liquid assets required in terms of section 73 (2) of the Companies Act 2013 and Deposit Rules and CLB order, which is fixed for hearing on 31th May 2018.

(4) The Company Prescribed Norms issued by Reserve Bank of India (RBI) and exercise of powers conferred on the Bank under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SREAFAESI), two lender banks of the Company have classified the bank accounts of the Company as Non - Performing Assets (NPA) and have demanded the entire amount of Rs. 19,246 lakhs due towards the banks outstanding excluding interest and penal charges. The Management is of the view that Company is not in agreement with the contention of the lender banks and is in discussions with the lender banks to resolve this matter.


In terms of the provisions of Section 148 and all other applicable provisions of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014, the Board of the Directors of your Company at its meeting held on 12th August, 2017 had appointed M/s J.D & Associates, Cost Accountants, Firm Registration No. 101443, as the Cost Auditor of the Company for a term of 1(One) year, to conduct the audit of Cost records of the Company for the Financial Year 2017-2018. The Cost Audit Report does not contain any qualification, reservation or adverse remarks or disclaimer


In terms of the provisions of Section 204 and all other applicable provisions of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of the Directors of your Company at its meeting held on 12th August, 2017 had appointed M/s. APAC and Associates, Company Secretaries in Practice, CP No. 7077, for a term of 1(One) year to conduct the audit of Secretarial and related records of the Company for the Financial Year 2017-2018.

The Secretarial Audit Report for the financial year ended March 31, 2018 is annexed herewith marked as Annexure - B to this Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remarks or disclaimer.


Equity shares of your Company are listed on the National Stock Exchange of India Ltd. (NSE) and BSE Ltd. (BSE).

Listing fee has been duly paid to NSE and BSE for the Financial Year 2018-19.


- Conservation of energy and technology absorption

The information relating to Conservation of Energy and Technology Absorption as required to be disclosed under Clause (m) of sub-section (3) of the Section 134 of the Companies Act, 2013, read with Rule 8 of the Companies ( Accounts ) Rules, 2014, is not applicable to your Company.

- Foreign Exchange Earnings and outgo

Information about the foreign exchange earnings and outgo, as required to be given under Clause (m) of sub-section (3) of the Section 134 of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts ) Rules, 2014, is given as follows:

(Rs in Lakhs)




For the Financial Year ended on 31.03.2018

For the Financial Year ended on 31.03.2017


Expenditure in Foreign Currency Travelling expenses



Imported Materials



Purchase of Material







Earnings in Foreign Currency Sale of Flats/Plots/Farms etc.




In terms of the provision of Section 197(12) of the Companies Act, 2013 (the “Act'') read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, disclosures pertaining to remuneration and other details as required are provided in Annexure - C to Director''s Report.

In accordance with the provisions of Section 197(12) of the Act read with Rules 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the names of the top ten employees in terms of remuneration drawn and the name employees/ directors who were in receipt of remuneration of Rs. 1.02 Crores or more per annum, if employed for whole of the year or, Rs. 8.5 lakhs or more per month if employed for a part of the year are provided in the Annexure -D to Director''s Report.


Your Company believes that Corporate Governance is a system of rules, guidelines, practices and processes which not only enables it to operate in a manner that meets the ethical legal and business expectations, but also helps it to maximise stakeholders'' value on a sustainable basis

A report on Corporate Governance together with a certificate received from Shri Vivek Arora (CP No. 8255), Company Secretary in Practice confirming the compliance with the provisions of Corporate Governance as stipulated in Listing Regulations as amended forms the part of this Annual Report.


Management''s Discussion and Analysis Report is given separately and forms the part of this Annual Report.


The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at the Work place (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees of the Company (permanent, contractual, temporary and trainees) are covered in this Policy.

Following is the summary of sexual harassment complaints received and disposed off during the calendar year:-

No. of complaints received : Nil

No. of complaints disposed off : N.A.


Extract of Annual Report of the Company are provided in the Annexure -E to Directors'' Report.


In compliance with Companies Act, 2013 and Rules made there under, Listing Regulations and other applicable laws, the Board of Directors of your Company and its Committee/s have duly reviewed and amended the following Policies/ Criteria/ Programs at their meeting held on 12th August, 2017, and, the same are available on the website of the Company i.e. www.

1. Policy for Determination of Materiality of Events/Information

2. Policy on Preservation of Documents

3. Corporate Social Responsibility Policy

4. Board diversity Policy

5. Policy on Related Party Transactions

6. Policy on Remuneration of Directors, Key Managerial Personnel & Other Employees.

7. Criteria of making payment to Non Executive Directors of the Company.

8. Policy for Material Subsidiary Companies.

9. Criteria for Performance Evaluation of Board & Independent Directors.

10. Code of Conduct for Directors (Including Independent Directors) and Senior Management.

11. Vigil Mechanism/ Whistle Blower Policy.

12. Familiarization Program for Independent Directors.

13. Code of fair Disclosure and Conduct of Ansal Properties & Infrastructure Ltd in terms of SEBI (Prohibition of Insider Trading) Regulations 2015

14. Enterprise Risk Management.

15. Policy on Archival of events and information


“THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016” (the “Act” of “RERA”) has come into force w.e.f 01st May, 2017, among others, for the regulation and promotion of the Real Estate Sector and to protect the interest of consumers in that sector. Your Company has applied for registration in respect of all ongoing Projects in the States of Punjab, Haryana, Uttar Pradesh and Rajasthan (where projects of the companies are located) either which have not received completion certificate or which are not exempted for registration under the Rules notified by the Real Estate Regulatory Authorities (RERA) for the said states before the 31st July, 2017. Majority of the projects of the Company are already registered.


This is not applicable on the Company.


In accordance with the provisions of sub- section 3(c) Section 134 of the Companies Act, 2013 (''the Act'') and based on the information provided by the Management, Directors hereby state that:

i) in the preparation of the Annual Accounts for the financial year ended 31st March, 2018, the applicable Indian Accounting Standards have been followed and no material departures have been made from the same;

ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on the 31st March, 2018 and of the loss incurred by the Company for the year ended on that date;

iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) the Directors have prepared the annual accounts on a ''going concern'' basis;

v) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

vi) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws including Secretarial Standards and that such systems are adequate and operating effectively.


Your Directors would like to express their sense of gratitude to-

- all the regulatory authorities including SEBI, Stock Exchanges, Ministry of Corporate Affairs, Registrar of Companies and the Depositories.

- all the Bankers and Financial Institutions, the Central and State Governments as well as their respective Departments and Development Authorities in India and abroad connected with the business of the Company for their co-operation and continued support.

- the shareholders, depositors, suppliers, contractors and customers for the trust and confidence reposed by them in the Company.

Your Directors also appreciate the devoted teamwork and professionalism of the employees of the Company and its subsidiaries and the Group, at all levels. The employees continue to remain the Company''s most valuable resources and their sustained hard work has enabled your Company to successfully meet the challenges during the year under review and that lie ahead.

For and on behalf of the Board

Regd. Office:

115, Ansal Bhawan

16, Kasturba Gandhi Marg,

New Delhi-110001

CIN L45101DL1967PLC004759 Sd/-

(Sushil Ansal)

Chairman & Whole Time Director

DIN: 00002007

Vishranti 26, Feroz Shah Road,

New Delhi - 110 001

Date: 13th August, 2018

Place : New Delhi

Director’s Report