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तेजस नेटवर्क्स

बीएसई: 540595  |  NSE: TEJASNET  |  ISIN: INE010J01012  |  Telecommunications - Equipment

खोजें तेजस नेटवर्क्स कनेक्शन Mar 17
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '19

Standalone Financial Statements

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone Ind AS Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Ind AS Financial Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Ind AS Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Ind AS Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Independent Auditor''s Report

To the Members of Tejas Networks Limited

Report on the Audit of the Standalone Indian Accounting Standards (Ind AS) Financial Statements

Opinion

1. We have audited the accompanying Standalone Ind AS Financial Statements of Tejas Networks Limited (the Company), which comprise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the Standalone Ind AS Financial Statements, including a summary of significant accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS Financial Statements give the information required by the Companies Act, 2013 (the Act) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2019, and its total comprehensive income (comprising of profit and other comprehensive income), changes in equity and its cash flows for the year then ended.

Description

Appropriateness of contingent liability disclosed in respect of certain Direct and Indirect tax matters (Refer note 30.1 to the Financial statements)

(a) Applicability of excise duty on software used for Multiplexer products

The Company has received an Order from the Customs Excise and Service Tax Appellate Tribunal (CESTAT) dated July 4, 2018 with respect to applicability of excise duty on the software used as part of the Multiplexer products during financial years from 2002-03 to 2009-10. The aforesaid Order (the ''Order'') has dealt with an earlier Order received during the year 2010-11 (Rs 11.87 crores) and various show cause notices on the similar matter received in different earlier financial years (aggregating Rs 24.88 crores). The earlier order was disclosed as a contingent liability and the aforesaid show cause notices were disclosed under the contingent liabilities note as additional information for the year ended March 31, 2018. The Order was a culmination of the various appeals filed by both the Company and the Department of Central Excise in respect of both the earlier order and the show cause notices mentioned above that were heard by the Commissioner of Central Excise and CESTAT.

According to the Order, the value of software is to be included for the purpose of arriving at the assessable value for calculating the excise duty liability on the product. Accordingly, CESTAT has remanded the matter back to the adjudicating authority for quantifying the differential duty liability, interest and penalties.

The Company has filed a Miscellaneous Application with CESTAT on August 19, 2018 challenging the aforementioned Order. In addition, Company has also filed a Civil Application on September 24, 2018 under section 35L of the Central Excise Act, 1944 along with a stay application with the Supreme Court against the CESTAT order. This matter has been disclosed as a contingent liability. Further, Company has received show cause notices from the Department of Central Excise in respect of financial years 2010-11 to 2013-14 on the similar matter amounting to Rs 3.01 crores which are not part of the Order disclosed above and hence not considered as contingent liabilities. However, this has been disclosed under the contingent liabilities as additional information during the current year.

(b) Allowability of weighted deduction for computing taxable income:

The Company in earlier years has received income tax demands aggregating to Rs 47.94 crores mainly in respect of weighted deduction for Expenditure on Scientific Research under Section 35(2AB) of the Income Tax Act, 1961. Based on a favourable ruling received from the High Court of Karnataka, expenditure approved by the The Department of Scientific and Industrial Research (DSIR) is allowed as a deduction under Section 35(2AB). However, since the Order giving effect is still pending from the income tax authorities, the company has disclosed the said exposure as contingent liability in the notes to the financial statements.

c) In July, 2017, the Income Tax Department initiated proceedings under Section 132 of the Income tax Act, 1961 (IT Act). During the year, the Company and certain officers of the Company have received Summons under various sections of the IT Act from the Special Court for Economic Offences, to which the Company has responded. As on date, there is no demand raised by the Income Tax Department in respect of any of the matters under the aforesaid proceedings or summons. The Company is of the view that the outcome of these proceedings/summons will not have any material impact on the Company''s financial statements.

In respect of above direct and indirect tax matters, significant Management judgement is required in assessing the appropriateness of the amount of contingent liabilities to be disclosed. This involves management''s judgement of the likelihood of ultimate outcome of the tax disputes supported by, in certain complex matters, opinion obtained from senior tax counsel, and are hence determined as key audit matters.

How our audit addressed the matter?

In respect of the direct and indirect tax matters, our audit procedures, which involved applying materiality and sampling techniques, included the following:

• Understanding, evaluating and testing the design and operating effectiveness of the controls in respect of identifying tax exposures, its accounting and disclosures thereof.

• Reading the correspondences from the concerned direct and indirect tax authorities and the status of direct tax cases, as provided by an external tax consultant.

• Discussing with management experts in respect of these matters.

• Circularising, where applicable, legal letter to relevant external legal counsel of the Company for obtaining the status of the various litigations.

• Reading the opinion of a legal counsel provided by the management in respect of the applicability of excise duty on software used as part of the multiplexer products.

• Evaluating the objectivity, competence and capabilities of such external legal counsel/tax consultants.

• Involving auditor''s tax experts to assess management''s positions for significant tax exposures in light of the dynamic tax environment and existing jurisprudence, to assess the key judgements made by the Company.

• Validating the completeness and appropriateness of the disclosures relating to the aforesaid direct and indirect tax matters.

Based on the above procedures performed, we found that the judgments made by the Management in disclosing contingent liabilities in respect of the aforesaid tax matters, were reasonable.

Description

Carrying value of Intangible Assets under Development Refer to notes 4(b) and 30.8 in the financial statements.

The Company undertakes the development of various products, and capitalises expenditure that qualifies for recognition as intangible assets. Such expenditure predominantly represents internal manpower costs incurred on such projects. Upto the time the products are ready to be put to use, the company records the qualifying expenditure as intangible assets under development. Such expenditure amounts to Rs 41.38 crores as at March 31, 2019.

We considered this a key audit matter as:

• The amount of internal cost that qualifies for capitalisation is material and significant. Management judgement is involved in assessing whether the criteria set out in the relevant accounting standard for capitalization of such cost have been met such as:

— The technical and marketing feasibility of the project has been established;

— The likelihood of the project delivering sufficient future economic benefit; and

— The availability of adequate technical, financial and other resources and the intention to complete, use or sell the asset.

How our audit addressed the matter?

Our procedures included the following:

• Understanding, evaluating and testing the design and operating effectiveness of the controls in respect of the Company''s processes for evaluating and approving the internal costs qualifying for capitalization by performing walkthroughs and through inquiries with management.

• Testing the capital funding request forms and other documentation to ensure that the projects were appropriately approved by the Chief technical officer and Finance Controller as per the delegated authority matrix.

• Obtaining an understanding of the selected capitalized projects, testing time charged to such projects back to time sheet data, agreeing cost of external contractors to vendor invoices,

• Testing a sample of projects to ensure appropriate capitalisation of qualifying employee cost and cost of external contractors.

• Assessing whether initial assumptions applied in determining project feasibility continues to hold true and whether sufficient economic benefits are likely to flow from the projects to support the values capitalised.

Our testing as set out above did not identify any material costs that have been inappropriately capitalised.

Description

Matters relating to Deferred Tax Assets

(a) Assessment of recoverability of Deferred Tax Assets recognized on tax losses (Refer Note 2.14, 10 and 26 to the Financial Statements.)

The Company has recognised deferred tax assets of Rs 138 crores (and has not recognised Rs 34.34 crores) on unabsorbed depreciation and

unutilized expenditure on scientific research (together hereinafter referred to as tax losses) carried forward from the previous years.

The assets have been recognised on the basis of the Company''s assessment of availability of future taxable profit to offset such tax losses based

on business projections for the next two years. The recoverability of the deferred tax assets depends upon factors such as the projected taxable

profitability of business and the period considered for such projections, the rate at which those profits will be taxed and the period over which

tax losses will be available for recovery.

This was considered as a key audit matter as the amount is material to the financial statements and significant judgement in key assumptions

was required by the Company''s Management in the preparation of forecasts of future taxable profits based on the underlying business plans.

b) Non recognition of deferred tax asset in respect of Minimum Alternate Tax (MAT) (Refer Note 2.14 and 26 to the Financial Statements.)

The Company has not recognised deferred tax asset in respect of Minimum Alternate Tax (MAT) credits aggregating to Rs 51.93 crores in the absence of reasonable certainty that it will have sufficient taxable profits based on aforesaid business projections to recover such amounts. We considered this a key audit matter as significant judgement is required in determining the recognition and recoverability of deferred tax assets as the realization of tax benefits is dependent on future taxable profits.

How our audit addressed the matter?

Our procedures included the following:

Evaluation of the design and testing operating effectiveness of Company''s controls relating to taxation and the assessment of carrying amount of deferred tax assets relating to unabsorbed tax losses;

• Assessing the reasonableness of the period of projections used in the deferred tax asset recoverability assessment considering that the Company operates in a highly competitive industry which is subject to disruptions through changing technology.

• Comparing the Company''s performance for the year with the approved budget to assess the reasonableness of the assumptions.

• Comparing the Company''s projections of future taxable profit to the approved business plans.

• Testing, whether projections prepared were consistent with our understanding and knowledge of current business and the general economic environment in which the Company operates and whether the tax losses can be utilized within the forecast recoupment period.

• Testing the assumptions used by analyzing the impact on taxable profit using different growth rates and profit margins.

• Reviewing the adequacy of disclosures made in the financial statements with regard to deferred taxes.

Based on the above procedures performed, our testing did not identify any material exceptions with respect to the reasonability of the assumptions and estimates used by the management in assessing the recoverability of Deferred Tax Asset recognised in respect of tax losses and non-recognition of deferred tax asset in respect of MAT.

Other Information

5. The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report, Corporate Governance Report and Shareholder information, but does not include the Standalone Ind AS Financial Statements and our auditor''s report thereon.

6. Our opinion on the Standalone Ind AS Financial Statements does not cover the other information and we will not express any form of assurance conclusion thereon.

7. In connection with our audit of the Standalone Ind AS Financial Statements, our responsibility is to read the other information and in doing so, consider whether the other information is materially inconsistent with the Standalone Ind AS Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Ind AS Financial Statements

8. The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone Ind AS Financial Statements to give a true and fair view of the financial position, financial performance (including other comprehensive income), changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified in the Companies (Indian Accounting Standards) Rules, 2015 (as amended) under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy

Tejas Networks Annual Report 2018-19

and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

9. In preparing the Standalone Ind AS Financial Statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors are also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Standalone Ind AS Financial Statements

10. Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Ind AS Financial Statements.

11. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone Ind AS Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than from one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, conclude whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone Ind AS financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Standalone Ind AS Financial Statements, including the disclosures, and whether the Standalone Ind AS Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

12. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

13. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

14. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Ind AS Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

15. As required by the Companies (Auditor''s Report) Order, 2016 (the Order), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

16. As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March 31, 2019 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2019 from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure A, g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies

(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigations as at March 31, 2019 on its financial position in its Standalone Ind AS Financial Statements - Refer Note 30.1 to the Standalone Ind AS Financial Statements:

ii) The Company has long-term contracts as at March 31, 2019 for which there were no material foreseeable losses.

The Company does not have derivative contracts as at March 31, 2019.

iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31, 2019.

iv) The reporting on disclosures relating to Specified Bank

Notes is not applicable to the Company for the year ended March 31, 2019.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Chartered Accountants

Pradip Kanakia

Place: Bengaluru

Partner

Date: April 22, 2019

Membership Number: 039985

Annexure A to Independent Auditor''s Report

Referred to in paragraph 16 (0 of the Independent Auditor''s Report of even date to the members of Tejas Networks Limited on the Standalone Ind AS Financial Statements for the year ended March 31, 2019

Report on the Internal Financial Controls with reference to financial statements under Clause (i) of Sub-section 3 of Section 143 of the Act

1. We have audited the internal financial controls with reference to financial statements of Tejas Networks Limited (the Company) as of March 31, 2019 in conjunction with our audit of the Standalone Ind AS Financial Statements of the Company for the year ended on that date.

Management''s Responsibility for Internal Financial Controls

2. The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) issued by the ICAI. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the 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, as required under the Act.

Auditors'' Responsibility

3. Our responsibility is to express an opinion on the Company''s internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note issued by the ICAI and the Standards on Auditing deemed to be prescribed under section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system with reference to financial statements.

Meaning of Internal Financial Controls with reference to financial statements

6. A company''s internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial controls with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to financial statements

Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

7. In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at March 31, 2019, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Chartered Accountants

Pradip Kanakia

Partner

Membership Number: 039985

Place: Bengaluru

Date: April 22, 2019

Annexure B to Independent Auditor''s Report

Referred to in paragraph [15] of the Independent Auditors'' Report of even date to the members of Tejas Networks Limited on the Standalone Ind AS Financial Statements as of and for the year ended March 31, 2019.

i. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all the items over a period of 3 years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the Management during the year and no material discrepancies have been noticed on such verification.

(c) The Company does not own any immovable properties as disclosed in Note 4 on Property, Plant and Equipment to the Standalone Ind AS Financial Statements. Therefore, the provisions of Clause 3(i)(c) of the Order are not applicable to the Company

ii. The physical verification of inventory excluding stocks with third parties have been conducted at reasonable intervals by the Management during the year. In respect of inventory lying with third parties, these have substantially been confirmed by them.

iii. The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Act.

Therefore, the provisions of Clause 3(iii), (iii)(a), (iii)(b) and (iii) (c) of the Order are not applicable to the Company

iv. In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Companies Act, 2013 in respect of the loans and investments made, and guarantees and security provided by it.

v. The Company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed there under to the extent notified.

vi. The Central Government of India has not specified the maintenance of cost records under sub-section (1) of Section 148 of the Act for any of the products of the Company.

vii. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues, including provident fund, employees'' state insurance, income tax, duty of customs, cess, goods and service tax and other material statutory dues, as applicable, with the appropriate authorities.

(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of duty of customs and goods and service tax, which have not been deposited on account of any dispute. The particulars of dues of income tax, sales tax, duty of excise, and value added tax, as at March 31, 2019 which have not been deposited on account of a dispute, are as follows:

Central Excise Act, 1944

Central Excise duty, Interest and Penalty

11.87

2002-2006

CESTAT, Chennai

-

Central Excise Act, 1944

Central Excise duty

24.87

2007-2010

CESTAT, Chennai

-

Central Sales Tax Act, 1956

Central Sales Tax, Interest and Penalty

1.39

2011-12

DCCT (Audit), Bengaluru

-

Central Sales Tax Act, 1956

Central Sales Tax and Interest

0.65

2010-11

DCCT (Audit), Bengaluru

-

Central Excise Act, 1944

Central Excise duty and Interest

0.71

2012-13

CESTAT, Chennai

0.20

Central Sales Tax Act, 1956

Central Sales Tax

0.69

2013-14

DCCT (Audit), Bengaluru

0.59

Central Sales Tax Act, 1956

Central Sales Tax and Interest

2.24

2011-12

DCCT (Audit), Bengaluru

0.71

Karnataka Value Added Tax Act, 2003

Penalty and Interest

0.07

2014-15

DCCT (Audit), Bengaluru

-

Income Tax Act, 1961- TDS Case

Income Tax- TDS

0.09

2000-01

Supreme Court

I

0.09

Income Tax Act, 1961- TDS Case

Income Tax- TDS

0.16

2001-02

Supreme Court

0.16

Income Tax Act, 1961- TDS Case

Income Tax- TDS

0.02

2002-03

Supreme Court

0.02

Income Tax Act, 1961

Income Tax and Interest

0.12

2003-04

High Court

-

Income Tax Act, 1961

Income Tax and Interest

0.13

2006-07

Income Tax Appellate Tribunal

-

Income Tax Act, 1961

Income Tax and Interest

8.14

2007-08

Income Tax Appellate Tribunal

-

1. Name of the Statue

Nature of Dues

Amount Gross

Period to which the amount relates

Forum where the dispute is pending

Amount paid under protest

in Rs crore

Name of the Statue

Nature of Dues

Amount Gross

Period to which the amount relates

Forum where the dispute is pending

Amount paid under protest

Income Tax Act, 1961

Income Tax and Interest

18.04

2008-09

Income Tax Appellate Tribunal

-

Income Tax Act, 1961

Income Tax and Interest

6.59

2009-10

Income Tax Appellate Tribunal

0.17

Income Tax Act, 1961

Income Tax and Interest

1.14

2010-11

Income Tax Appellate Tribunal

-

Income Tax Act, 1961

Income Tax

0.04

2012-13

Income Tax Appellate Tribunal

0.04

Income Tax Act, 1961

Income Tax and Interest

13.67

2013-14

Income Tax Appellate Tribunal

-

viii. According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to any financial institution or bank or Government or dues to debenture holders as at the balance sheet date.

ix. In our opinion, and according to the information and explanations given to us, the moneys raised by way of initial public offer have been applied for the purposes for which they were obtained (Refer Note 36 to the Standalone Ind AS Financial Statements).

x. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company by its officers or employees, noticed or reported during the year, nor have we been informed of any such case by the Management.

xi. The Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.

xii. As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the provisions of Clause 3(xii) of the Order are not applicable to the Company.

xiii. The Company has entered into transactions with related parties in compliance with the provisions of Sections 177 and 188 of the Act. The details of such related party transactions have been disclosed in the Standalone Ind AS Financial Statements as required under Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified under Section 133 of the Act.

xiv. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of Clause 3(xiv) of the Order are not applicable to the Company

xv. The Company has not entered into any non cash transactions with its directors or persons connected with them. Accordingly, the provisions of Clause 3(xv) of the Order are not applicable to the Company

xvi. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the provisions of Clause 3(xvi) of the Order are not applicable to the Company.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Chartered Accountants

Pradip Kanakia

Place: Bengaluru

Partner

Date: April 22, 2019

Membership Number: 039985

स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

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