Mar 31, 2014
1. The Company is following corporate accounting year to close the
accounts on 31st March every year.
2. Contingent Liability not provided for in respect of:
a. The Company initiated Arbitration proceedings against M/s. Shin
Satellite Public Co. Ltd, Thailand (hereby known as Thaicom Public
Company Limited) for various claims. However, the Arbitral Tribunal,
without Notice, in a meeting for directions, held contrary to the
express provisions of the Agreement between the parties, proceeded to
disregard/set-aside claim of the Company for not appearing before the
Tribunal in the said meeting and thereafter proceeded to pass ex-parte
award against the company for US$ 10,16,603.78 (Rs.6,10,97,684), along
with interest @18% p.a. from the date of award, merely considering the
counter-claim of the defendants without considering any
claims/submissions documents/evidence/Affidavits already filed by the
Company. The award too contains many in-consistencies and the company
has therefore filed appeal against the said order on various grounds
before the Hon''ble High Court of Delhi. The Learned Single Judge vide
his order dismissed the Petition filed by the Company on the ground
that Part 1 of the Arbitration and Conciliation Act, 1996 is excluded
by the parties under agreements. Being aggrieved by the said order, the
Company filed an appeal before the Division Bench of the High Court of
Delhi, who, vide their order upheld the order of the Learned Single
Judge on the ground that Part 1 of the Arbitration and Conciliation
Act, 1996 is excluded by the parties under agreements and thereby
Courts in India will have no jurisdiction, without considering the fact
that the issue as to the applicability of Part 1 of the Arbitration and
Conciliation Act, 1996 to the present arbitration stood already decided
by the designate of the Chief Justice of India while exercising His
jurisdiction under Section 11(6) of the Arbitration and Conciliation,
Act,1996 passed in Arbitration Petition. Being aggrieved, the Company
therefore filed a Special Leave Petition before the Hon''ble Supreme
Court of India, which was admitted. The said execution petition is
pending for adjudication and as per the Supreme Court Order the company
has given a bank Guarantee of Rs. 2,50,00,000/- (Rupees Two Crore
Fifty Lacs only). In the meanwhile, Thaicom Public Company Limited has
filed an Execution Petition before the Hon''ble High Court of Judicature
at Mumbai seeking execution of the Award. The said execution petition
is also pending for adjudication.
b. The Commissioner of Service Tax Department had passed Order
determining the Net service tax Liability of Rs. 51,26,745/- ( after
credit for payments ) for the period from 16th June 2001 to 31st March
2006, which has been duly accounted by the Company . The Learned
Commissioner had also passed Order for Recovery of Interest at the
appropriate rate on the service Tax amount as determined and also
imposed Penalty of Rs.1,02,55,493/-. As against this Order Management
has filed an appeal with CESTAT, and the matter came up for hearing
were in CESTAT has passed an order dt. 16th September 2013 asking
company to deposit an amount of Rs. 49,65,873/- towards Service Tax
Liability with in a period of 8 Weeks and the same was paid. As Regards
pre deposit of Interest & Penalty the same is waived and recovery of
the same is stayed for hearing of appeal.
c. Service Tax Department had issued Show cause cum Demand Notice for
Rs. 11,95,884/- towards Short Payment of service tax for the period
from 1st April 2007 to 31st March 2008. The demand was raised by the
department for erroneous computation of taxable revenue, the company
has submitted written explanation to that effect to the Department and
rectification from the department is awaited.
3. Estimated amounts of capital contracts remaining to be executed
(advance paid) Rs. Nil (Nil)
4. During the year or in previous year the company has not entered into
any transaction relating to foreign currency.
5. Amount Due to Small, Medium and Micro enterprises:
Company is in process of inviting information from its vendors for
their status under "The Small, Medium and Micro Enterprises
Development Act 2006", however in absence of any information, no
disclosures have been made in this regards.
6. Balances in Unsecured Loans and some of the Debtors, Creditors,
Loans & Advance are subject to confirmation and reconciliation, if any.
7. In the Opinion of the Board, the current assets, Loans & Advances
are approximately of the value stated, if realized in the ordinary
course of the business.
8. Previous Yeas Figure have been regrouped to conform to the current
year presentation.
Mar 31, 2013
1. The Company was fbOowing corporate accounting year to close the
accounts on 31st March every year. During the currant year the Company
has prepared the accounts tor Twelve months ended 31st March, 2013
However previous year''s figures for the Period ended on 31st March
2012. are not directly comparable as the accounts are prepared for
Nine months, which have been regrouped and recasted wherever considered
necessary
2. Contingent UabiHty not provided for in respect oft
1. The Company initiated Arbitration proceedings against M/s. Shin
Satellite Public Co. Ltd, Thailand (hereby known as Thateom Public
Company limited) for various claims. However, the Arbitral Tribunal,
without Notice, in a meeting for directions, held contrary to the
express provisions of the Agreement between the parties, proceeded to
disregard/set-aside claim of the Company for not appearing before the
Tribunal in the said meeting and thereafter proceeded to pass ex-parte
award against the company for US$ 10,16,603.78 (Rs.5,52,92,368), along
with interest @18% p.a. from the date of award, merely considering the
counter-claim of the defendants without considering any
claims/submissions documents/evidence/Affidavits already filed by the
Company. The award too contains many in- consistencies and the company
has therefore filed appeal against the said order on various grounds
before the Horfble High Court of Delhi. The Learned Single Judge vide
his order dtomissed the Petition filed by the Company on the ground
that Part 1 ofthe Arbitration and Conciliation Act, 1996 is excluded by
the parties under agreements. Being aggrieved by the said order, the
Company filed an appeal before the Division Bench of the High Court of
Delhi, who, vide their order upheld the order of the Learned Single
Judge on the ground that Part 1 of the Arbitration and Conciliation
Act, 1996 is excluded by the parties under agreements and thereby
Courts in India will have no jurisdiction, without considering the fact
that the issue as to the applicability of Part 1 of the Arbitration and
Conciliation Act. 1996 to the present arbitration stood already
decided by the designate of the Chief Justice of India while exercising
His jurisdiction under Section 11(6) of the Arbitration and
Conciliation, AcL1996 passed in Arbitration Petition. Being aggrieved,
the Company therefore filed a Special Leave Petition before the Horfble
Supreme Court of India, which was admitted. The said execution petition
is pending for adjudication and as per the Supreme Court Order the
company has given a bank Guarantee of Rs. 2,50,00,000/- (Rupees Two
Crore Fifty Lacs only). In the meanwhile, Thateom Public Company
Limited has filed an Execution Petition before the Horfble High Court
of Judicature at Mumbai seeking execution of the Award. The said
execution petition is also pending for adjudication.
2. 1 .The Commissioner of Service Tax Department had passed Order
determining the Net service tax UabiBty of Rs. 51,26,745/- (after
credit for payments) for the period from 16th June 2001 to 31st March
2006, which has been duly accounted by the Company. The Learned
Commissioner had also passed Order for Recovery of Interest at the
appropriate rate on the service Tax amount as determined and also
imposed Penalty of Rs. 1,02,55,493/-. As against this Order Management
has decided to file an appeal with CESAT.
3. Service Tax Department had issued Show cause cum Demand Notice for
Rs. 11,95,8847- towards Short Payment of service tax for the period
from 1st April 2007 to 31st March 2008. The demand was raised by the
department for erroneous computation of taxable revenue, the company
has submitted written explanation to that effect to the Department and
rectification from the department is awaited.
4. Estimated amounts of capital contracts remaining to be executed
(advance paid) Rs. Nil (Nil)
5. During the year or in previous year the company has not entered
into any transaction relating to foreign currency. ''
6. In the Opinion of the Board, the current assets, Loans & Advances
are approximately of the value stated, if realized in the ordinary
course of the business.
7. Amount Due to Small, Medium and Micro enterprises:
Company is in process of inviting information from its vendors for
their status under The Small, Medium and Micro Enterprises Development
Act 2006", however in absence of any information, no disclosures have
been made in this regards.
8. Balances in Unsecured Loans and some of the Debtors, Creditors,
Loans & Advance are subject to confirmation and reconciliation, if any.
Mar 31, 2012
1. The Company was following corporate accounting year to close the
accounts on 31s1 March each year. During the current year the Company
has prepared the accounts for 9 months period ended 31a March, 2012 .
Accordingly previous year's figures, which have been regrouped and
recasted wherever considered necessary, are not directly comparable
with the last year accounts prepared for Fifteen months.
2. Contingent Liability not provided for in respect of:
1. The Company initiated Arbitration proceedings against M/s.
Shin-Satellite Public Co. Ltd, Thailand (hereby known as Thaicom Public
Company Limited) for various claims. However, the Arbitral Tribunal,
without Notice, in a meeting for directions, held contrary to the
express provisions of the Agreement between the parties, proceeded to
disregard/set-aside claim of the Company for not appearing before the
Tribunal in the said meeting and thereafter proceeded to pass ex-parte
award against the company for US$ 10,16,603.78 (Rs.5,17,18,294), along
with interest @18% p.a. from the date of award, merely considering the
counter-claim of the defendants without considering any
claims/submissions documents/evidence/Affidavits already filed by the
Company. The award too contains many in- consistencies and the company
has therefore filed appeal against the said order on various grounds
before the Hon'ble High Court of Delhi. The Learned Single Judge vide
his order dismissed the Petition filed by the Company on the ground
that Part 1 of the Arbitration and Conciliation Act, 1996 is excluded
by the parties under agreements. Being aggrieved by the said order, the
Company filed an appeal before the Division Bench of the High Court of
Delhi, who, vide their order upheld the order of the Learned Single
Judge on the ground that Part 1 of the Arbitration and Conciliation
Act, 1996 is excluded by the parties under agreements and thereby
Courts in India will have no jurisdiction, without considering the fact
that the issue as to the applicability of Part 1 of the Arbitration and
Conciliation Act, 1996 to the present arbitration stood already decided
by the designate of the Chief Justice of India while exercising His
jurisdiction under Section 11(6) of the Arbitration and Conciliation,
Act, 1996 passed in Arbitration Petition. Being aggrieved, the Company
therefore filed a Special Leave Petition before the Hon'ble Supreme
Court of India, which is pending adjudication. In the meanwhile,
Thaicom Public Company Limited has filed an Execution Petition before
the Hon'ble High Court of Judicature at Mumbai seeking execution of the
Award. The said execution petition is also pending adjudication
3. Estimated amounts of capital contracts remaining to be executed
(advance paid) Rs. Nil (Nil)
4. Additional information pursuant to provisions of Part IV of
Schedule VI to the Companies Act, 1956 is annexed hereto and forming
part of the Balance Sheet.
5. Amount Due to Small, Medium and Micro enterprises:
Company is in process of inviting information from its vendors for
their status under "The Small, Medium and Micro Enterprises Development
Act 2006", however in absence of any information, no disclosures have
been made in this regards.
6. Balances in Unsecured Loans and some of the Debtors, Creditors,
Loans & Advance are subject to confirmation and reconciliation, if any.
7. In the Opinion of the Board, the current assets, Loans & Advances
are approximately of the value stated, if realized in the ordinary
course of the business.
I. Registration Details
Registration No. L67I20MH1981PLC025111
Balance Sheet Date 31st March 2012
Jun 30, 2011
1 The Company was following corporate accounting year to close the
accounts on 31st March each year During the current year the Company
has prepared the accounts for 15 months period ended 30th June, 2011
Accordingly previous year's figures, which have been regrouped and
recasted wherever considered necessary, are not directly comparable
2. Contingent Liability not provided for in respect of:
1. The company Initiated Arbitration proceedings against M/s. Shin
Satellite Public Co Ltd' Thailand for various claims. However, the
Arbitral Tribunal, without Notice, in a meeting for directions, held
contrary to the express provisions of the Agreement between the
parties, proceeded to disregard / set-aside claim of the Company for
not appearing before the Tribunal in the said meeting and thereafter,
proceeded to pass ex-parte order against the company for US $ 10.16,603
78 [ Rs 4.54,62,531) , along with interest @ 18% p.a. from the date of
award, merely considering the counter-claim of the defendants without
considering any claims / submissions documents I evidence / Affidavits
already filed by the Company The award too contains many
tn-consistencies and the company has therefore filed appeal against the
said order on various grounds which has been admitted by the Delhi High
Court and the matter is therefore sub-judiee
3. Particulars 30.6.2011 31.3.2010
1 Service Tax Department has
Issued Show Cause Notice to the 43,00,740 43,00,740
company for total dues of
Rs 1,15,94,714 towards service tax up to
31st August 2004. As against which
company has paid without
prejudice/under protest Rs 72,93,974/-
Management has contested
for balance demand of Rs. 43,00.740/-
and is confident of getting
favourable decision in ihe matter
2 Company has not charged and not
provided for service tax for 1,75,43,596 92.37,353
the period from September 2004 to 31st
March 2006 on the Social
and Religious programmes telecast
on the channel and it has made
representation to the Ministry
of Finance and CBEC for relief from
service tax on such programme on the
ground that exemptions are
applicable to other services provided
to Spiritual/Religious
organisations The Service tax
department has issued show cause
notice to the company for Total Dues
of Rs. 1.75,43,596/- on the
basis of balance - sheet. However the
Management has contested
the demand
3, Estimated amounts of capital contracts remaining Id be executed
(advance paid) Rs. Nil (Nil)
4. Additional information pursuant to provisions of Pari IV of
Schedule VI to the Companies Act, 1956 is annexed hereto and forming
part of Ihe Balance Sheet,
5. Amount Due to Small, Medium and Micro enterprises:
Company is in process of inviting information from its vendors for
their status under "The Small, Medium and Micro Enterprises Development
Act 2006", however in absence of any information, no disclosures have
been made in this regards.
6. Balances in Unsecured Loans and some of the Debtors. Creditors,
Loans & Advance are subject to confirmation and reconciliation, if any
7. In the Opinion of the Board, the current assets, Loans & Advances
are approximately of the value stated, if realized in the ordinary
course of the business
Mar 31, 2010
1. The Arbitration initiated by the company against M/s. Shin
Satellite Public Co. Ltd. is ongoing.
2. During the year :the company has sold international business of
Aastha Television Channel for Rs. 2,50,00,000 and-a sum of Rs.
1,64,44,003/- treated as deferred expenses in earlier years related to
international distribution amounting has been written off during the
current year.
3. During the year the Company has written off following amounts:
a. Sundry Debtors - Rs.52,32,813/-
b. Advance - 5,54,200/-
4. Additional information pursuant to provisions of Part IV of
Schedule VI to the Companies Act, 1956 is annexed hereto and forming
part of the Balance Sheet.
5. Previous year's figures have been regrouped / rearranged wherever
considered necessary.
6. Figures in brackets indicate previous year figures.
7. Some of the Debit & Credit balances are subject to confirmation
and subsequent reconciliation thereof.
8. In the Opinion of the Board, the current assets, Loans & Advances
are approximately of the value stated, if realized in the ordinary
course of the business.