Notes to Accounts of Amalgamated Electricity Company Ltd.

Mar 31, 2024

x Provisions, Contingent Liabilities and Contingent Assets

Provisions and Contingent Liability: The Company recognises a provision when there is a present
obligation as a result of a past event that probably requires an outflow of resources and a reliable
estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made
when there is a possible obligation or a present obligation that may, but probably will not, require outflow
of resources. Where there is a possible obligation or a present obligation and the likelihood of outflow of
resources is remote, no provision or disclosure is made. Continegent Assets are neither recognized nor
disclosed in the financial statements.

xi Though the Net Worth of the company is negative, it has prepared the Financial Statements on Going
Concern basis as the Management is of the view that the company will be able to recover the dues from
most of the borrowers/debtors and monitor affectively the deficit in future operations.

16 Income tax department have raised E. 3,80,360/- for AY 2001-02 and E. 4,12,659/- for AY 2002-03 which are
not disputed by the company. Against these the department, the matter has remained unresolved.liabilities
the payment of tax and refund of Income Tax aggregating to E 9,22,934/- has remained unadjusted despite
consistant efforts with the department.

17 At the time of proceedings( Dena Bank Case) before Hon''ble High Court at Mumbai the Company was required
to deposit a sum of E.10.00 lacs to the Hon''ble High Court as per their order which was made. The High court
has placed this amount as Fixed Deposit with Bank of Baroda. The company has recognised the Income on
same in the accounts.

18 Segmental Reporting

Considering the activity of the company during year and with the objective of the Accounting Standards 108,
the company is having only consultancy services therefore there is no other reportable primary business
segment information.

19 Related party disclosures

The particulars of related parties, as certified by the management, together with the transactions during the
year and related balances as on 31st March, 2022 are as under:

1 List of related parties :

b) Other related parties where controls/ Significant influence exists :
Name of the Related Party
Amalgamated Business Solutions Limited
Pursarth Trading Company Private Limited
M/s. S Ramdas

23 Figures of the previous year are re-grouped / re-arranged to make them comparable with the figures of the
the year under review

As per our report attached of even date For and on behalf of the board

FOR H G SARVAIYA & CO
Chartered Accountants
Firm Reg No. 115705W

HASMUKHBHAI G SARVAIYA Milan Dalal Nitin Velhal

Proprietor Director Whole Time Director

Mem No.045038 DIN:00062453 DIN:00820859

Place : Mumbai Shreekant Kudtarkar Mangesh Shirodkar

Dated : May 27, 2024 Compant Secretary Chief Financial Officer

Dated : May 27, 2024
Place: Mumbai

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Mar 31, 2014

Company Overview

1 Corporate Information

The Amalgamated Electricity Company Limited (referred to as "the Company") provides a wide range of consultancy and management services.

2. Deferred tax

The break up of net deferred tax asset as on 31st March, 2014 is Rs. 172,039/- mainly representing Unabsorbed Business Loss & Depreciation. Due to uncertainty of future profits in terms of Accounting Standard 22, the company has not recognised additional deferred assets during the year. The balance brought forward Rs. 8,975/- has been carried over. Difference between WDV as per books and Income tax

ii Related party disclosures The particulars of related parties, as certified by the management, together with the transactions during the year and related balances as on 31st March, 2014 are as under:

i) List of related parties : a) Holding Company : None b) Subsidiary Company: None

c) Associate Companies :

Cifco Limited Tropical Securities and Invesments Pvt Ltd Western Press Pvt Ltd Cifco Properties Pvt Ltd Cifco Travels Pvt Ltd Bombay Swadeshi Stores Ltd Gateway International Pvt Ltd Grishma Constructions and Trading Pvt Ltd Sam Leaseco Ltd. Arcadia Invesments Co. Ltd Apurva Investments Co. Ltd Chasam Investment and leasing Pvt Ltd Milan Investments Ltd Harbinger Trading Co. Pvt Ltd

d) Key Management Personnel : Mr. Milan B Dalal Mr. Satyen B Dalal Mr. Deepak Sheth

iii Income tax department have raised ` 380,360/- for AY 2001-02 and ` 412,659/- for AY 2002-03 which are not disputed by the Company. Against these liabilities the payment of tax and refund of Income Tax aggregating to Rs. 7,16,342/- has remained unadjusted. Despite consistent efforts with the department, the matter has remained unresolved.

iv C ontingent Liabilities and Commitments With regard to the claim of Rs. 78,600/- by a consumer of erstwhile Ajmer undertaking, the Company does not expect any liability and if any arises, same is unascertainable.

v During the year under review the Company filed a Special Leave Petition before the Hon''ble Supreme Court in April, 2013 which has been disposed off on 10th May, 2013 and dismissed by the Hon''ble Supreme Court. As a consequence the Company handed over the peaceful possession of its premises to Dena Bank on 9th November, 2013.

Since then Dena Bank has not filed any application in any higher court or lower court with regard to any damages/ mesne profits. The Company has obtained legal opinion that there will be no liability arising in future. At the time of proceedings before Hon''ble High Court at Mumbai the Company was required to deposit a sum of Rs. 10 lacs to the Hon''ble High Court as per their order. The Company is pursuing the matter with the court for refund of this amount of Rs. 10 lacs, pending the refund , the amount has been reflected under the head Long Term Loans and Advances in the Balance sheet

vi Figures of the previous year are re-grouped/re-arranged to make them comparable with the figures of the year under review.

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Mar 31, 2013

1 Corporate Information

The Amalgamated Electricity Company Limited (referred to as ''the company'') and its subsidiary provide a wide range of consultancy and management services. As of 31st March, 2013, the Company has 1 subsidiary wherein it controls 50.38% shares.

ii Related party disclosures

The particulars of related parties, as certified by the management, together with the transactions during the year and related balances as on 31st March, 2013 are as under:

i) List of related parties :

a) Holding company : None

b) Subsidiary company: Amalgamated Business Solutions Ltd

c) Associate companies : Cifco Limited

Tropical Securities and Invesments Pvt Ltd

Western Press Pvt Ltd

Cifco Properties Pvt Ltd

Cifco Travels Pvt Ltd

Bombay Swadeshi Stores Ltd

Gateway International Pvt Ltd

Grishma Construction and Trading Pvt Ltd

Sam Leasco Ltd.

Arcadia Invesments Co. Ltd -

Apurva Investments Co. Ltd Chasam Investment and leasing Pvt Ltd Milan Investments Pvt Ltd Harbinger Trading Co. Pvt Ltd

d) Key management personnel : Mr. Milan B Dalai

Mr. Satyen B Dalai Mr. Deepak Sheth Mr. Nitin E. Velhal

iii) Income tax department have raised Rs. 3,80,360/- for AY 2001-02 and Rs. 4,12,659/-for AY 2002-03 which are not disputed by the Company. Against these liabilities the payment of tax and refund of Income Tax aggregating to Rs. 7,16,342/- has remained unadjusted. Despite consistent efforts with the department, the matter has remained unresolved, ii) Other Current Liabilities includes (i) unpaid listing fees of Rs. 33,889/- (ii) Profession tax of Rs. 5,000/- for FY 2011-12 and 2012-13.

iv Contingent Liabilities and Commitments

i) With regard to the claim of Rs. 78,600/- by a consumer of erstwhile Ajmer undertaking, the Company does not expect any liability and if any arises, same is unascertainable.

ii) The Company is occupying the premises at the first floor, presently known as Dena Bank Building, Horniman Circle, Mumbai, as a tenant since its inception in 1936. Dena Bank has served notices for Termination of Tenancy and for eviction of Unauthorised Occupancy.

The Company''s Writ Petition filed in the Hon''ble High Court at Mumbai challenging the judgement dated 24th September, 2011 of the Estate Officer as well as the order dated 2nd April passed by the City Civil Court, both pertaining to vacating of the premises situating the Registered Office, has been disposed off and the Company has already deposited a sum of Rs.10/- lacs to the Hon''ble High Court as per the order. Further, the LPA filed by the Company was also dismissed by the High Court on 13th March, 2013. The Hon''ble High Court has ruled that the Company is liable to pay rent / compensation @ Rs. 125/- per sq.ft. and interest @ 9% for the area occupied by the company from 1st September, 2007. Consequently, the Company is liable to pay rent/compensation of Rs. 3,52,16,875/- from 1st September, 2007 to 31st March, 2013 together with interest of Rs. 87,19,514/-. No provisions made in the books of account as the Company has filed a Special Leave Petition before the Hon''ble Supreme Court in April, 2013 for which the admission hearing is yet to come up before the Court.

In the event of the Hon''ble Supreme Court not considering the SLP, the Company will be required to pay outstanding rents together with interest in the manner determined by the Hon''ble Supreme Court/High Court as the case may be.

v Preferential Convertible Warrant Issue *

In terms of the shareholders'' approval obtained at the 77th AGM on 13th August, 2012 the Company was to make an issue of 2,05,000 warrants convertible into equity, on a preferential basis. However, as the application for in-principle approval was not made to BSE within the specified time in conformity with the SEBI Guidelines, the issue became time-barred. As and when there is a fresh proposal for such an issue that may be considered by the Company, the approvals of the Board of Directors, the shareholders and other authorities will be obtained all over again.

vi Figures of the previous year are re-grouped/re-arranged to make them comparable with the figures of the year under review.

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Mar 31, 2012

1 Corporate Information

The Amalgamated Electricity Company Limited (referred to as 'the company') and its subsidiaries provide a wide range of consultancy and management services. As of 31st March, 2012, the Company has 1 subsidiary wherein it controls 50.38% shares.

2.1 The Company has two classes of Shares referred to as equity shares having a par value of Rs. 10/-and preference shares having par value of Rs.100/-. Each holder of equity shares is entitled to one vote per share,

3 Related party disclosures

The particulars of related parties, as certified by the management together with the transactions during the year and related balances as on 31st March, 2012 are as under:

4 Income tax department have raised Rs. 3,80,360/- for AY 2001-02 and Rs. 4,12,659/- for AY 2002-03 which are not disputed by the company. Against these liabilities the payment of tax and refund of Income Tax aggregating to Rs. 7,16,342/- has remained unadjusted.

5 Contingent Liabilities and Commitments

i) With regard to the claim of Rs. 78,600/- by a consumer of erstwhile Ajmer undertaking, the company does not expect any liability and if any arises, same is unascertainable.

ii) The cdmpany is occupying the premises at the first floor, presently known as Dena Bank Building, Horniman Circle, Mumbai, as a tenant since its inception in 1936. Dena Bank has served notices for Termination of Tenancy and for eviction of Un-authorised Occupants. Further, the bank has claimed damages Rs. 12,61,500/- p.m. with interest @ 12% p.a. till such realization. The company has challenged the claim of the bank on the ground that the company was in possession of the property before it was sold to the Government. The company has filed an affidavit with Estate Office of Dena Bank, and hearing of the matter is under process. No outcome has come so far. The company has therefore not provided for any babilities in view of the uncertainty of the matter. The liability will be provided in the year it is legally crystallized and finalisation is achieved in the matter.

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Mar 31, 2010

1 Contingent Liability:

i) With regard to the claim of Rs. 78,600/- by a consumer of erstwhile Ajmer undertaking, the company does not expect any liability and if any arises, same is unascertainable.

ii) The company is occupying the premises at the first floor, presently known as Dena Bank Building, Horniman Circle, Mumbai, as the tenant since its inception in 1936. Dena Bank has served notices for Termination of Tenancy and for eviction of Un-authorised Occupants. Further, the bank has claimed damages Rs. 12,61,500/- p.m. with interest @ 12% p.a. till such realization. The company has challenged the claim of the bank on the ground that the company was in possession of the property before it was sold to the Government. The company has filed affidavit with Estate Office at Dena Bank and hearing of the matter is under process. No outcome has come so far. The company has therefore not provided for any contingent liabilities in view of uncertainty of the matter. The liability will be provided in the year it is legally crystallized and finalisation has achieved in the matter.

2 The Company has not received any intimation from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence the disclosures relating to amount unpaid as at end of the year together with interest payable as required under the said act has not been furnished and provision for interest, if any, on delayed payment is not ascertainable at this stage. No interest payment is made during the year.

3 Income tax department have raised Rs. 3,80,360/- for AY 2001 - 02 and Rs. 4,12,659/- for AY 2002-03 which are not disputed by the company. Against these liabilities the company has made a claim for interest on delayed income tax refund to the extent of Rs. 3,32,000/-. Also the company has further paid Rs. 4,50,000/- which has still remained unadjuted.

4 Certain Debit and Credit balances have remained unconfirmed.

5 RELATED PARTY DISCLOSURES :

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below.

I) List of Related Parties :

a) Holding company None

b) Subsidiary company Amalgamated Investments Ltd.

c) Associate concerns

1 Cifco Limited

2 Tropical Securities & Investments P. Ltd.

3 Western Press Pvt. Ltd.

4 Cifco Properties Pvt. Ltd.

5 Cifco Travels Pvt. Ltd.

6 Bombay Swadeshi Store Ltd.

7 Gateway International Pvt. Ltd.

8 Grishma Construction & Trading Pvt. Ltd.

9 Sam Leasco Ltd.

10 Arcadia Investments Co. Ltd.

11 Apurva Investments Co. Ltd.

12 Chasam Investment & Leasing Pvt. Ltd.

13 Milan Investments Pvt. Ltd.

14 Harbinger Trading Co. Pvt. Ltd.

d) Key management personnel and relatives Shri Milan B. Dalai

Key management personnel Shri Satyen B.Dalai

6 Figures of the previous year are re-grouped / re-arranged to make them comparable with the figures of the year under review.