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Notes to Accounts of DLF Ltd.

Mar 31, 2015

A) Rights/preferences/restrictions attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except interim dividend.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.

During the year ended March 31,2015, the amount of proposed final dividend recognised as distributions to equity shareholders is Rs. 2 per share (March 31,2014: Rs. 2 per share).

d) Aggregate number of shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the date March 31, 2015

i) Shares bought back during the financial year 2010-11 to 2014-15

Nil (during FY 2009-10 to 2013-14: 15,000) equity shares of Rs. 2 each bought back pursuant to Section 77A of the Companies Act, 1956.

ii) Shares issued under Employee Stock Option Plan (ESOP) during the financial year 2010-11 to 2014-15

The Company has issued total 3,518,060 equity shares of Rs. 2 each (during FY 2009-10 to 2013-14: 3,282,457 equity shares) during the period of five years immediately preceding March 31, 2015 on exercise of options granted under the Employee Stock Option Plan (ESOP).

b) Shares reserved for issue under options

For details of shares reserved for issue under the Employee Stock Option Plan (ESOP) of the Company, refer note 36.

2.1. Repayment terms and security disclosure for the outstanding long-term borrowings (excluding current maturities) as on March 31,2015:

Listed, Secured, Redeemable, Non-convertible Debentures of Rs. 50,000,000 each referred above to the extent of:

Rs. 56,250.00 lac are secured by way of pari passu charge on the immovable property situated at New Delhi, owned by the subsidiary company. Coupon rate of these debentures is 12.50% p.a. and repayment in 3 equal annual installments starting from April 30, 2016 and date of final redemption is April 30, 2018.

From banks:

Secured foreign currency borrowings:

(a) Facility of Rs. 175,119.75 lac, balance amount is repayable in 22 quarterly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at New Delhi, owned by the subsidiary company.

(ii) Pledge over the shareholding of subsidiary company owning the aforesaid immovable property.

(iii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable properties.

From banks:

Secured INR borrowings:

(a) Facility of Rs. 17,500.00 lac, balance amount is repayable in 12 quarterly installments starting from December, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable properties.

(b) Facility of Rs. 18,000.00 lac, balance amount is repayable in 6 half yearly installments starting from September, 2016. The loan is secured by way of:

Equitable mortgage of immovable properties situated at Kolkata, owned by the Company.

(c) Facility of Rs. 19,998.00 lac, balance amount is repayable in 16 quarterly installments starting from June, 2016. The loan is secured by way of:

Equitable mortgage of immovable properties situated at New Delhi, owned by the Company.

(d) Facility of Rs. 8,000.00 lac, balance amount is repayable in 6 equal quarterly installments starting from May, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable properties.

(e) Facility of Rs. 22,803.18 lac, balance amount is repayable in 72 equated monthly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at New Delhi, owned by the Company.

(ii) Charge on receivables pertaining to the aforesaid immovable property owned by the Company.

(iii) Exclusive charge on immovable property situated at Gurgaon, owned by the subsidiary company.

(iv) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable property.

(f) Facility of Rs. 4,329.20 lac, balance amount is repayable in 13 equal monthly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the Company/ subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the Company.

(iii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable property.

(g) Facility of Rs. 5,142.86 lac, balance amount is repayable in 60 equal monthly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the Company/ subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the Company.

(iii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable property.

(h) Facility of Rs. 9,722.22 lac, balance amount is repayable in 14 equal monthly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the subsidiary company.

(iii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable property.

(i) Facility of Rs. 1,250.00 lac, balance amount is repayable in 3 equal monthly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the subsidiary company.

(iii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable properties.

(j) Facility of Rs. 24,268.71 lac, balance amount is repayable in 12 monthly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable property owned by the subsidiary company.

(k) Facility of Rs. 27,650.80 lac, balance amount is repayable in 21 monthly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the subsidiary company.

(l) Facility of Rs. 45,468.15 lac, balance amount is repayable in 33 monthly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable property.

(m) Facility of Rs. 23,714.00 lac, balance amount is repayable in 102 monthly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the Company / subsidiary companies.

(ii) Negative lien on immovable property situated at Gurgaon, owned by the subsidiary company.

(iii) Charge on receivables pertaining to the aforesaid immovable properties owned by the Company/subsidiary companies.

(iv) Corporate guarantees provided by the subsidiary companies owning the aforesaid immovable properties.

(n) Facility of Rs. 30,923.75 lac, balance amount is repayable in 108 monthly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at New Delhi, owned by the Company.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the Company.

From others:

Secured INR borrowings:

(a) Facility of Rs. 5,000.00 lac, balance amount is repayable in 12 quarterly installments starting from December, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable properties.

(b) Facility of Rs. 15,000.00 lac, balance amount is repayable in 3 equal annual installments starting from August, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, Hyderabad and Chennai, owned by the Company/subsidiary companies.

(ii) Charge on receivables pertaining to the aforesaid immovable property situated at Gurgaon, owned by the Company.

(c) Facility of Rs. 4,500.00 lac, balance amount is repayable in 6 equal quarterly installments starting from May, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable properties.

(d) Facility of Rs. 25,000.00 lac, balance amount is repayable in 14 quarterly installments starting from May, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the subsidiary company.

(ii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable property.

(e) Facility of Rs. 16,036.00 lac, balance amount is repayable in 14 equal monthly installments starting from April, 2016. The loan is secured by way of:

Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(f) Facility of Rs. 30,347.89 lac, balance amount is repayable in 64 monthly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable property owned by the subsidiary company.

(g) Facility of Rs. 51,563.42 lac, balance amount is repayable in 21 monthly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the subsidiary company.

(h) Facility of Rs. 72,500.00 lac, balance amount is repayable in 29 monthly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, Hyderabad and Chennai, owned by the Company/subsidiary companies.

(ii) Charge on receivables pertaining to the aforesaid immovable property situated at Gurgaon, owned by the Company.

(i) Facility of Rs. 33,000.00 lac, balance amount is repayable in 33 monthly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, Hyderabad and Chennai, owned by the Company/subsidiary companies.

(ii) Charge on receivables pertaining to the aforesaid immovable property situated at Gurgaon, owned by the Company.

(j) Facility of Rs. 17,722.99 lac, balance amount is repayable in 85 monthly installments starting from April, 2016.

(k) Facility of Rs. 8,166.32 lac, balance amount is repayable in 96 monthly installments starting from April, 2016.

(l) Facility of Rs. 5,372.45 lac, balance amount is repayable in 92 monthly installments starting from April, 2016.

(m) Facility of Rs. 4,118.88 lac, balance amount is repayable in 92 monthly installments starting from April, 2016.

(n) Facility of Rs. 2,809.92 lac, balance amount is repayable in 96 monthly installments starting from April, 2016.

(o) Facility of Rs. 2,865.31 lac, balance amount is repayable in 92 monthly installments starting from April, 2016.

(p) Facility of Rs. 1,024.49 lac, balance amount is repayable in 92 monthly installments starting from April, 2016.

(q) Facility of T 6,258.92 lac, balance amount is repayable in 99 monthly installments starting from April, 2016.

The aforesaid term loans are secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the Company/ subsidiary companies.

(ii) Negative lien on rights under the concession agreements pertaining to certain immovable properties situated at New Delhi.

(iii) Charge on receivables pertaining to the aforesaid immovable properties owned by the Company/subsidiary companies.

(iv) Corporate guarantees provided by the subsidiary companies owning the aforesaid immovable properties.

(r) Facility of Rs. 12,986.10 lac, balance amount is repayable in 17 monthly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the Company.

(ii) Charge on receivables and other current assets of the aforesaid immovable property owned by the Company.

(s) Facility of T 5,221.40 lac, balance amount is repayable in 12 monthly installments starting from April, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable property owned by the subsidiary company.

2.2. Repayment terms and security disclosure for the outstanding long-term borrowings (excluding current maturities) as on March 31,2014:

Listed, Secured, Redeemable, Non-convertible Debentures of Rs. 50,000,000 each referred above to the extent of:

(i) Rs. 75,000.00 lac are secured by way of pari passu charge on the immovable property situated at New Delhi, owned by the subsidiary company. Coupon rate of these debentures is 12.50% and repayment in 4 equal annual installments starting from April 30, 2015 and date of final redemption is April 30, 2018.

From banks:

Secured INR borrowings:

(a) Facility of Rs. 20,833.33 lac, balance amount is repayable in 10 equal quarterly installments starting from May, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable properties.

(b) Facility of Rs. 25,246.62 lac, balance amount is repayable in 84 equated monthly installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at New Delhi, owned by the Company.

(ii) Charge on receivables pertaining to the aforesaid immovable property owned by the Company.

(iii) Exclusive charge on immovable property situated at Gurgaon, owned by the subsidiary company.

(iv) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable property.

(c) Facility of Rs. 8,330.00 lac, balance amount is repayable in 25 equal monthly installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the Company/ subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable property owned by the Company.

(iii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable property.

(d) Facility of Rs. 6,171.43 lac, balance amount is repayable in 72 equal monthly installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the Company/ subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable property owned by the Company.

(iii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable property.

(e) Facility of Rs. 18,055.56 lac, balance amount is repayable in 26 equal monthly installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable property owned by the subsidiary company.

(iii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable property.

(f) Facility of Rs. 6,250.00 lac, balance amount is repayable in 15 equal monthly installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable property owned by the subsidiary company.

(iii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable property.

(g) Facility of Rs. 81,998.11 lac, balance amount is repayable in 72 monthly installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon and New Delhi, owned by the subsidiary companies.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the subsidiary companies.

(iii) Corporate guarantees provided by the subsidiary companies owning the aforesaid immovable properties.

(h) Facility of Rs. 27,542.50 lac, balance amount is repayable in 24 monthly installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable property owned by the subsidiary company.

(i) Facility of Rs. 4,000.00 lac, balance amount is repayable in October, 2015.

(j) Facility of Rs. 2,999.99 lac, balance amount is repayable in October, 2015.

The aforesaid term loans are secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Negative lien over immovable properties and assignment of lease rentals in respect of certain immovable properties situated at New Delhi and Gurgaon, owned by the Company.

(iii) Corporate guarantees provided by the subsidiary company owning the aforesaid immovable properties.

(k) Facility of Rs. 900.00 lac, balance amount is repayable in October, 2015.

(l) Facility of Rs. 1,100.00 lac, balance amount is repayable in December, 2015.

The aforesaid term loans are secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Negative lien over immovable properties and assignment of lease rentals in respect of certain immovable properties situated at New Delhi and Gurgaon, owned by the Company.

(m) Facility of Rs. 748.57 lac, balance amount is repayable in 2 equal quarterly installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at New Delhi, owned by the subsidiary company.

(ii) Corporate guarantees provided by the subsidiary company owning the aforesaid immovable property.

(n) Facility of Rs. 29,743.65 lac, balance amount is repayable in 33 monthly installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the subsidiary company.

(o) Facility of Rs. 27,624.37 lac, balance amount is repayable in 36 monthly installments starting from January, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the subsidiary company.

(ii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable property.

From others:

Secured INR borrowings:

(a) Facility of Rs. 15,000.00 lac, balance amount is repayable in 3 equal annual installments starting from August, 2016. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, Hyderabad and Chennai, owned by the Company/subsidiary companies.

(ii) Charge on receivables pertaining to the aforesaid immovable property situated at Gurgaon, owned by the Company.

(b) Facility of Rs. 29,000.00 lac, balance amount is repayable in 18 quarterly installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable properties.

(c) Facility of Rs. 4,375.00 lac, balance amount is repayable in 7 equal monthly installments starting from April, 2015. The loan is secured by way of:

Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(d) Facility of Rs. 29,788.00 lac, balance amount is repayable in 26 equal monthly installments starting from April, 2015. The loan is secured by way of:

Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(e) Facility of Rs. 34,441.75 lac, balance amount is repayable in 76 monthly installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable property owned by the subsidiary company.

(f) Facility of Rs. 55,466.18 lac, balance amount is repayable in 33 monthly installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the subsidiary company.

(g) Facility of Rs. 88,000.00 lac, balance amount is repayable in 41 installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, Hyderabad and Chennai, owned by the Company/subsidiary companies.

(ii) Charge on receivables pertaining to the aforesaid immovable property situated at Gurgaon, owned by the Company.

(h) Facility of Rs. 42,300.00 lac, balance amount is repayable in 45 installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, Hyderabad and Chennai, owned by the Company/subsidiary companies.

(ii) Charge on receivables pertaining to the aforesaid immovable property situated at Gurgaon, owned by the Company.

(i) Facility of Rs. 3,000.00 lac, balance amount is repayable in October, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Negative lien over immovable properties and assignment of lease rentals in respect of certain immovable properties situated at New Delhi and Gurgaon, owned by the Company.

(j) Facility of Rs. 428.57 lac, balance amount is repayable in 3 equal monthly installments starting from April, 2015. The loan is secured by way of:

First and exclusive charge by way of hypothecation on assets viz. Helicopter and Aircraft owned by the Company.

(k) Facility of Rs. 142.73 lac, balance amount is repayable in 2 equal monthly installments starting from April, 2015. The loan is secured by way of:

First and exclusive charge by way of hypothecation on assets viz. Helicopter owned by the Company.

(l) Facility of Rs. 18,707.55 lac, balance amount is repayable in 97 monthly installments starting from April, 2015.

(m) Facility of Rs. 8,764.72 lac, balance amount is repayable in 108 monthly installments starting from April, 2015.

(n) Facility of Rs. 5,608.97 lac, balance amount is repayable in 104 monthly installments starting from April, 2015.

(o) Facility of Rs. 4,300.21 lac, balance amount is repayable in 104 monthly installments starting from April, 2015.

(p) Facility of Rs. 3,015.82 lac, balance amount is repayable in 108 monthly installments starting from April, 2015.

(q) Facility of Rs. 2,991.45 lac, balance amount is repayable in 104 monthly installments starting from April, 2015.

(r) Facility of Rs. 1,071.79 lac, balance amount is repayable in 104 monthly installments starting from April, 2015.

The aforesaid term loans are secured by way of:

(i) Equitable mortgage of immovable properties situated at New Delhi and Gurgaon, owned by the subsidiary/group companies.

(ii) Negative lien on rights under the concession agreements pertaining to certain immovable properties situated at New Delhi.

(iii) Charge on receivables pertaining to the aforesaid immovable properties owned by the Company/ subsidiary companies/ group companies.

(iv) Corporate guarantees provided by the subsidiary/ group companies owning the aforesaid immovable properties.

(s) Facility of Rs. 22,152.78 lac, balance amount is repayable in 29 monthly installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the Company.

(ii) Charge on receivables and other current assets of the aforesaid immovable property owned by the Company.

(t) Facility of Rs. 5,925.76 lac, balance amount is repayable in 24 monthly installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable property owned by the subsidiary company.

(u) Facility of Rs. 2,821.43 lac, balance amount is repayable in 2 equal quarterly installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at New Delhi, owned by the subsidiary company.

(ii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable property.

(v) Facility of Rs. 1,430.00 lac, balance amount is repayable in 2 quarterly installments starting from April, 2015. The loan is secured by way of:

(i) Equitable mortgage of immovable property situated at New Delhi, owned by the subsidiary company.

(ii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable property.

4.3. Rate of interest:

The Company's total borrowings from banks and others have an effective weighted average rate of 11.48% p.a. (previous year 12.08% p.a.) calculated using the interest rates effective as on March 31, 2015 for the respective borrowings.

8.1. Security disclosure for the outstanding short-term borrowings as on March 31,2015:

Overdraft facility from Banks:

(a) Facility of Rs. 29,079.33 lac.

The aforesaid overdraft facilities are secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable properties.

(b) Facility of Rs. 1.82 lac.

The aforesaid overdraft facility is secured by way of:

(i) Equitable mortgage of properties situated at Goa and Gurgaon, owned by the subsidiary companies.

(ii) Corporate guarantees provided by the subsidiary companies owning the aforesaid immovable properties.

(c) Facility of Rs. 4,998.01 lac.

The aforesaid overdraft facility is secured by way of:

Equitable mortgage of property situated at New Delhi, owned by the Company.

Short-term loans from Banks:

(a) Facility of Rs. 67,800.00 lac.

The aforesaid short-term loans are secured by way of:

(i) Equitable mortgage of properties situated at Gurgaon, owned by the subsidiary company.

(ii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable properties.

(b) Facility of Rs. 28,107.94 lac.

The aforesaid short-term loans are secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the Company/ subsidiary companies.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the Company/subsidiary companies.

(iii) Corporate guarantee provided by the subsidiary companies owning the aforesaid immovable properties.

(c) Facility of Rs. 35,000.00 lac.

The aforesaid short-term loans are secured by way of:

(i) Equitable mortgage of properties situated at Gurgaon, owned by the Company and subsidiary companies.

(ii) Corporate guarantee provided by the subsidiary companies owning the aforesaid immovable properties.

(d) Facility of Rs. 7,500.00 lac.

The aforesaid short-term loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the Company.

(ii) Charge on receivables and other current assets of the aforesaid immovable property owned by the Company.

(e) Facility of Rs. 19,700.00 lac.

The aforesaid short-term loan is secured by way of:

(i) Equitable mortgage of immovable property situated at New Delhi, owned by the Company/ subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable property owned by the subsidiary company.

(iii) Corporate guarantee provided by the Company/subsidiary company owning the aforesaid immovable property.

(f) Facility of Rs. 40,000.00 lac.

The aforesaid short-term loans are secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the subsidiary company.

(g) Facility of Rs. 14,777.56 lac.

The aforesaid short-term loan is secured by way of:

Equitable mortgage of immovable property situated at New Delhi, owned by the subsidiary company.

8.2. Security disclosure for the outstanding short-term borrowings as on March 31, 2014:

Overdraft facility from Banks:

(a) Facility of Rs. 22,064.33 lac.

The aforesaid overdraft facilities are secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable properties.

(b) Facility of Rs. 3,686.90 lac.

The aforesaid overdraft facility is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the Company/ subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the Company/subsidiary company.

(iii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable properties.

(c) Facility of Rs. 3,341.84 lac.

The aforesaid overdraft facility is secured by way of:

(i) Equitable mortgage of properties situated at Gurgaon, owned by the Company and subsidiary companies.

(ii) Corporate guarantee provided by the subsidiary companies owning the aforesaid immovable properties.

(d) Facility of Rs. 4,821.57 lac.

The aforesaid overdraft facility is secured by way of:

(i) Equitable mortgage of properties situated at Goa and Gurgaon, owned by the subsidiary companies.

(ii) Corporate guarantees provided by the subsidiary companies owning the aforesaid immovable properties.

Short-term loans from Banks:

(a) Facility of Rs. 70,100.00 lac.

The aforesaid short-term loans are secured by way of:

(i) Equitable mortgage of properties situated at Gurgaon, owned by subsidiary company.

(ii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable properties.

(b) Facility of Rs. 31,710.45 lac.

The aforesaid short-term loans are secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the Company/ subsidiary companies.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the Company/subsidiary companies.

(iii) Corporate guarantee provided by the subsidiary companies owning the aforesaid immovable properties.

(c) Facility of Rs. 35,000.00 lac.

The aforesaid short-term loan is secured by way of:

(i) Equitable mortgage of properties situated at Gurgaon, owned by the Company and subsidiary companies.

(ii) Corporate guarantee provided by the subsidiary companies owning the aforesaid immovable properties.

(d) Facility of Rs. 7,500.00 lac.

The aforesaid short-term loan is secured by way of:

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the Company.

(ii) Charge on receivables and other current assets of the aforesaid immovable property owned by the Company.

(e) Facility of Rs. 19,700.00 lac.

The aforesaid short-term loan is secured by way of:

(i) Equitable mortgage of immovable property situated at New Delhi, owned by the Company/ subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable property owned by the subsidiary company.

(iii) Corporate guarantee provided by the Company/subsidiary company owning the aforesaid immovable property.

(f) Facility of Rs. 40,000.00 lac.

The aforesaid short-term loans are secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the subsidiary company.

(g) Facility of Rs. 9,048.66 lac.

The aforesaid short-term loan is secured by way of:

Equitable mortgage of immovable property situated at New Delhi, owned by the subsidiary company.

3. a) The profit/loss from sale of land/developed plots/constructed properties in DLF City, Gurgaon (Complex) is accounted as per revenue recognition policy stated in Note 1(g) - "Significant Accounting Policies". The Complex comprise of land owned by the Company as also those under agreements to purchase entered into with subsidiary/land owning companies. In terms of such agreements, the Company purchases plotted area from the land owning companies at the average cost of land to the Company and/or the land owning companies. The average estimated internal development costs and external development charges, in respect of the plots sold have been written off in terms of Accounting Policy stated in Note 1 (i) - "Significant Accounting Policies". Final adjustment, if any, is made on completion of the applicable scheme/ project.

b) The Company on November 3, 2006 has entered into an agreement to sell in terms of the resolution passed by the Board of Directors in their meeting held on March 28, 2006, with one of its wholly-owned subsidiary company namely, DLF Home Developers Limited ("DHDL") to sell a parcel of land of saleable area consisting 30 million sq. ft. built-up area under construction/to be constructed. Further, DHDL will complete all the finishing work before selling the same to its customers. In terms of the accounting policy stated in Note 1 (g)(i) on revenue recognition, revenue in respect of projects under implementation under these agreements to sell is being recognised based on "percentage of completion" method.

4. The Company has entered into business development agreements with DLF Commercial Projects Corporation and Rational Builders and Developers (partnership firms). As per these agreements, the Company has acquired sole irrevocable development rights in identified land which are acquired/or in the fi nal stages of being acquired by these partnership firms.

In terms of accounting policy stated in Note 1(f)(iv) the amount paid to these partnership fi rms pursuant to the above agreements for acquiring development rights, are classified under inventory as development rights.

5. Disclosure in respect of projects which is covered under the Revised Guidance Note issued by the Institute of Chartered Accountants of India on "Accounting for Real Estate Transactions (Revised 2012)" and where revenue recognition has been stated as per accounting policy 1(g)(i).

C. Provident fund

Contribution made by the Company to the provident fund trust set-up by the Company during the year is Rs. 264.94 lac (previous year Rs. 244.23 lac).

In terms of the guidance on implementing the revised AS-15 'Employee Benefits' as specified under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended), the provident fund set-up by the

Company is treated as a defined benefit plan since the Company has to meet the interest shortfalls, if any. The actuary has provided a valuation for provident fund liabilities as per AS-15 'Employee Benefits' and based on the assumptions provided below. There is no shortfall as on March 31, 2015 as per the valuation provided.

6. Related party disclosures

Disclosures in respect of Accounting Standard (AS) - 18 'Related Party Disclosures', as specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended):

a) Relationship:

(i) Subsidiary companies at any time during the year

1_) Aadarshini Real Estate Developers Private Limited

2) Abhigyan Builders & Developers Private Limited

3) Abhiraj Real Estate Private Limited

4) Adeline Builders & Developers Private Limited

5) Americus Real Estate Private Limited

6) Amishi Builders & Developers Private Limited

7) Angelina Real Estates Private Limited

8) Annabel Builders & Developers Private Limited

9) Aqua Space Developers Private Limited [till July 31,2014] #

10) Ariadne Builders & Developers Private Limited

11) Armand Builders & Constructions Private Limited

12) Balaji Highways Holding Private Limited

13) Benedict Estates Developers Private Limited

14) Berenice Real Estate Private Limited

15) Beyla Builders & Developers Private Limited

16) Bhamini Real Estate Developers Private Limited

17) Breeze Constructions Private Limited

18) Cachet Real Estates Private Limited [till February 11,2015] ###

19) Calvine Builders & Constructions Private Limited [till February 11,2015] ###

20) Caraf Builders & Constructions Private Limited

21) Chakradharee Estates Developers Private Limited

22) Chandrajyoti Estate Developers Private Limited

23) Dae Real Estates Private Limited

24) Dalmia Promoters & Developers Private Limited

25) Delanco Home and Resorts Private Limited

26) Delanco Realtors Private Limited

27) Deltaland Buildcon Private Limited

28) Deltaland Real Estate Private Limited

[till February 11, 2015] ###

29) Diwakar Estates Limited [till February 11,2015] ###

30) DLF Aspinwal Hotels Private Limited

31) DLF Assets Private Limited_

32) DLF Buildcon Private Limited

[formerly DLF Limitless Developers Private Limited]_

33) DLF City Centre Limited

34) DLF City Developers Private Limited

35) DLF Cochin Hotels Private Limited

36) DLF Commercial Developers Limited

37) DLF Cyber City Developers Limited

38) DLF Emporio Limited

39) DLF Emporio Restaurants Limited

40) DLF Energy Private Limited_

41) DLF Estate Developers Limited

42) DLF Finvest Limited

43) DLF Garden City Indore Private Limited_

44) DLF GK Residency Limited_

45) DLF Global Hospitality Limited_

46) DLF Golf Resorts Limited_

47) DLF Home Developers Limited

48) DLF Homes Services Private Limited_

49) DLF Homes Goa Private Limited

50) DLF Homes Kokapet Private Limited

51) DLF Homes Panchkula Private Limited [till August 25, 2014] ##_

52) DLF Homes Rajapura Private Limited_

53) DLF Hospitality & Recreational Limited_

54) DLF Hotel Holdings Limited_

55) DLF Info City Developers (Chandigarh) Limited

56) DLF Info City Developers (Chennai) Limited_

57) DLF Info City Developers (Kolkata) Limited_

58) DLF Info Park Developers (Chennai) Limited_

59) DLF Info Park (Pune) Limited_

60) DLF Inns Limited_

61) DLF International Holdings Pte. Limited

62) DLF International Hospitality Corp.

63) DLF Luxury Hotels Limited

64) DLF New Gurgaon Retail Developers Private Limited

65) DLF Phase IV Commercial Developers Limited_

66) DLF Projects Limited_

67) DLF Promenade Limited

68) DLF Property Developers Limited

69) DLF Real Estate Builders Limited_

70) DLF Realtors Private Limited_

71) DLF Recreational Foundation Limited

72) DLF Residential Builders Limited_

73) DLF Residential Developers Limited_

74) DLF Residential Partners Limited_

75) DLF Service Apartments Limited_

76) DLF South Point Limited

77) DLF Southern Homes Private Limited_

78) DLF Southern Towns Private Limited_

79) DLF Telecom Limited

80) DLF Trust Management Pte Limited_

81) DLF Universal Limited

82) DLF Utilities Limited

83) Domus Real Estates Private Limited

84) Domus Realtors Private Limited [till February 11,2015] ###

85) DT Real Estate Developers Private Limited_

86) Eastern India Powertech Limited_

87) Edward Keventer (Successors) Private Limited

88) Elvira Builders & Constructions Private Limited_

89) Faye Builders & Constructions Private Limited_

90) First City Real Estate Private Limited

[till February 11,2015] ###

91) Flora Real Estate Private Limited [till February 11,2015] ###

92) Galleria Property Management Services Private Limited

93) Ghaliya Builders & Developers Private Limited_

94) Gyan Real Estate Developers Private Limited

[till February 11,2015] ###

95) Hansel Builders & Developers Private Limited

96) Hyacintia Real Estate Developers Private Limited

97) Irving Builders & Developers Private Limited

[till February 11,2015] ###

98) Isabel Builders & Developers Private Limited

99) Kavicon Partners Limited

100) Lada Estates Private Limited_

101) Laman Real Estate Private Limited

102) Latona Builders & Constructions Private Limited

103) Lear Builders & Developers Private Limited_

104) Lempo Buildwell Private Limited

105) Liber Buildwell Private Limited

106) Livana Builders & Developers Private Limited_

107) Lizebeth Builders & Developers Private Limited_

108) Lodhi Property Company Limited_

109) Macaria Builders & Developers Private Limited

[w.e.f. April 23, 2014]

110) Mariabella Builders & Developers Private Limited_

111) Mariposa Builders & Developers Private Limited

[till February 11,2015] ###

112) Melanctha Builders & Developers Private Limited

113) Melosa Builders & Developers Private Limited_

114) Mens Buildcon Private Limited

115) Mhaya Buildcon Private Limited_

116) Nambi Buildwell Private Limited

117) Narooma Builders & Developers Private Limited

[w.e.f. March 27, 2015]

118) Nellis Builders & Developers Private Limited_

119) NewGen MedWorld Hospitals Limited

120) Niobe Builders & Developers Private Limited

121) Nudhar Builders & Developers Private Limited

[w.e.f. March 27, 2015]

122) Paliwal Developers Limited_

123) Paliwal Real Estate Limited

124) Philana Builders & Developers Private Limited

125) Phoena Builders & Developers Private Limited_

126) Pyrite Builders & Constructions Private Limited

127) Qabil Builders & Constructions Private Limited_

128) Rachelle Builders & Constructions Private Limited

129) Richmond Park Property Management Services Limited

130) Riveria Commercial Developers Limited

131) Rochelle Builders & Constructions Private Limited

132) Royalton Builders & Developers Private Limited_

133) Saguna Builders & Developers Private Limited [till February 11,2015] ###

134) Sahastrajit Builders & Developers Private Limited

135) Saket Holiday Resorts Private Limited

136) Seaberi Builders & Developers Private Limited

137) Silverlink (Mauritius) Limited

138) Triumph Electronics Private Limited

139) Urvasi Infratech Private Limited

140) Vibodh Developers Private Limited

141) Vilina Estate Developers Private Limited [till February 11,2015] ###

142) Vinanti Builders & Developers Private Limited [till February 11,2015] ###

143) Vkarma Capital Investment Management Company Private Limited

144) Vkarma Capital Trustee Company Private Limited

145) Webcity Builders & Developers Private Limited

146) Zola Real Estate Private Limited [till July 31,2014] #

(ii) Partnership firms

1) DLF Commercial Projects Corporation_

2) DLF Gayatri Developers

3) DLF Green Valley

4) DLF Office Developers

5) Rational Builders and Developers

(iii) Joint Ventures

1) Banjara Hills Hyderabad Complex

2) DLF Gayatri Home Developers Private Limited

3) DLF Green Valley

4) DLF Gayatri Developers

5) DLF SBPL Developers Private Limited_

6) GSG DRDL Consortium

7) Saket Courtyard Hospitalty Private Limited

8) YG Realty Private Limited

(iv) Associates

1) Designplus Associates Services Private Limited [formerly Designplus Architechture Privated Limited]

2) DLF Homes Panchkula Private Limited [w.e.f. August 26, 2014] ##

3) Joyous Housing Limited [formerly Joyous Housing Private Limited]

# During the year, Zola Real Estate Private Limited has issued fresh equity to My Home Constructions Private Limited. Pursuant to issue of fresh equity, Zola Real Estate Private Limited has ceased to be a subsidiary w.e.f. August 1,2014.

## During the year, DLF Homes Panchkula Private Limited in which one of the wholly-owned subsidiary, DLF Home Developers Limited was holding 51% equity shares, issued further equity shares on conversion of Compulsorily Convertible Debentures (CCDs). Consequent to this, Company's equity holding in Panchkula reduced to 39% from 51% and the Company became an associate company from subsidiary, w.e.f. August 26, 2014.

### Pursuant to the Order of the Hon'ble High Court of Delhi and the Hon'ble High Court of Punjab & Haryana at Chandigarh, by virtue of Scheme of arrangement, the said entities have been merged with DLF Universal Limited w.e.f. February 12, 2015. Accordingly, the transactions with the said entities during the year ended March 31, 2015 and balance outstanding thereto on that date have been disclosed as transactions with and balances outstanding to as the case may be, DLF Universal Limited during the year ended as of March 31,2015.

(vi) Other enterprises under the control of the key management personnel and their relatives

1) A.S.G. Realcon Private Limited

2) A4e India Private Limited

3) Adampur Agricultural Farm

4) Adept Real Estate Developers Private Limited

5) AGS Buildtech Private Limited

6) Alfa Investments Global Limited

7) Angus Builders & Developers Private Limited

8) Antriksh Properties Private Limited

9) Anubhav Apartments Private Limited

10) Arihant Housing Company*

11) Atria Partners

12) Beckon Investments Group Limited

13) Belicia Builders & Developers Private Limited

14) Beverly Builders LLP [formerly Beverly Park Operation and Maintenance Services LLP ]

15) Buland Consultants & Investments Private Limited

16) Carreen Builders & Developers Private Limited

17) Centre Point Property Management Services LLP

18) CGS Charitable Trust

19) Ch. Lal Chand Memorial Charitable Trust

20) Cian Retail Private Limited

21) Das Retail Private Limited [till March 16, 2015]

22) DBL Cosmetics Private Limited [w.e.f. February 19, 2015]

23) DBL Kidskart Online Private Limited [w.e.f. December 9, 2014]

24) Delanco Buildcon Private Limited

25) Desent Promoters & Developers Private Limited

26) Diana Retail Private Limited

27) DLF Brands Limited

28) DLF Building & Services Private Limited

29) DLF Commercial Enterprises

30) DLF Employees Welfare Trust

31) DLF Foundation

32) DLF Investments Private Limited

33) DLF M.T.FBD Medical and Community Facilities Charitable Trust

34) DLF Q.E.C. Educational Charitable Trust

35) DLF Q.E.C. Medical Charitable Trust

36) DLF Raghvendra Temple Trust

37) Elephanta Estates Private Limited

38) Enki Retail Solutions Private Limited [till February 27, 2015]

39) Eros Retail Private Limited

40) Excel Housing Construction LLP

41) Exe. of The Estate of Lt. Ch. Raghvendra Singh

42) Exe. of The Estate of Lt. Smt. Prem Mohini

43) Exotic R - Online Fashion Private Limited [w.e.f. April 4, 2014]

44) Family Idol Shri Radha Krishan Ji [till February 13, 2015]

45) Family Idol Shri Shiv Ji [till February 13, 2015]

46) Ferragamo Retail India Private Limited

47) First City Management Company Private Limited

48) Gangrol Agricultural Farm & Orchard

49) General Marketing Corporation

50) Giorgio Armani India Private Limited

51) Glensdale Enterprise Development Private Limited

52) Good Luck Trust

53) Gujral Design Plus Overseas Private Limited

54) Haryana Electrical Udyog Private Limited

55) Herminda Builders & Developers Private Limited

56) Hitech Property Developers Private Limited

57) Indira Trust

58) Ishtar Retail Private Limited

59) Jhandewalan Ancillaries LLP

60) Juno Retail Private Limited

61) K. P. Singh HUF

62) Kapo Retail Private Limited [till March 30, 2015]

63) Kohinoor Real Estates Company *

64) Krishna Public Charitable Trust

65) Lal Chand Public Charitable Trust

66) Lion Brand Poultries

67) Madhukar Housing and Development Company *

68) Madhur Housing and Development Company *

69) Mallika Housing Company LLP

70) Megha Estates Private Limited

71) Mohit Design Management Private Limited

72) Nachiketa Family Trust

73) Northern India Theatres Private Limited

74) P & S Exports Corporation [till August 11,2014]

75) Panchsheel Investment Company *

76) Parvati Estates LLP

77) Pia Pariwar Trust

78) Plaza Partners

79) Power Housing and Developers Private Limited [formerly Power Overseas Private Limited]

80) Prem Traders LLP

81) Prem's Will Trust

82) Prima Associates Private Limited

83) Pushpak Builders and Developers Private Limited

84) Qantis Investment & Services Limited [till December 6,2014]

85) R.R Family Trust

86) Raghvendra Public Charitable Trust

87) Raisina Agencies LLP

88) Rajdhani Investments & Agencies Private Limited

89) Realest Builders and Services Private Limited

90) Renkon Overseas Development Limited

91) Renkon Partners

92) Renuka Pariwar Trust

93) Rhea Retail Private Limited

94) River Heights Structurals Private Limited

95) Rod Retail Private Limited

96) Sabre Investment Advisor India Private Limited

97) Sabre Investment Consultants LLP

98) Sambhav Housing and Development Company *

99) Sarna Export International

100) Sarna Exports Limited

101) Satish Gujral

102) Sidhant Housing and Development Company*

103) Singh Family Trust

104) Sketch Promoters and Developers Private Limited [formerly Sketch Investment Private Limited]

105) Skills Academy Private Limited

106) Skills for India

107) Smt. Savitri Devi Memorial Charitable Trust

108) Solace Housing and Construction Private Limited

109) Solange Retail Private Limited

110) Span Fashions Limited

111) Spherical Developers Private Limited

112) Sudarshan Estates LLP [formerly Sudarshan Estates Private Limited] #

113) Sukh Sansar Housing Private Limited

114) Super Mart Two Property Management Services LLP

115) Trinity Housing and Construction Company *

116) Udyan Housing and Development Company *

117) Universal Management and Sales LLP

118) Urva Real Estate Developers Private Limited

119) Uttam Builders and Developers Private Limited

120) Uttam Real Estates Company *

121) Vishal Foods and Investments Private Limited

122) Wagishwari Estates Private Limited

123) Willder Limited

124) Yashika Properties and Development Company *

125) Yogananda Films Private Limited

126) Zigma Processing and Manufacturing Private Limited

* A private company with unlimited liability.

# During the year converted into LLP from a limited liability company.

34. Operating leases

a) Assets given on lease *

b) The Company has leased facilities under non- cancellable operating leases. The future minimum lease payment in respect of these leases as at March 31, 2015 are:

7. a) The Company uses forward contracts and swaps to hedge its risks associated with fluctuations in foreign currency and interest rates. The use of forward contracts and swaps is covered by Company's overall strategy. The Company does not use forward contracts and swaps for speculative purposes.

As per the strategy of the Company, foreign currency loans are covered by hedge, considering the risks associated with the hedging of such loans, which effectively fixes the principal liability of such loans.

8. Contingent liabilities and commitments:

(I) Contingent liabilities

(Rs. in lac)

2015 2014

a) Guarantees issued by the Company on behalf of:

Subsidiary companies 898,735.00 737,965.00

Others 92,211.00 76,547.00

b) Claims against the Company (including unasserted claims) not acknowledged as debts* 95,208.41 83,719.52

c) Income tax demand in excess of provisions (pending in appeals) 245,486.57 223,108.43

d) Compensation for delayed possession 0.27 10.22

* Interest and claims by customers/suppliers may be payable as and when the outcome of the related matters are fi nally determined and hence not been included above. Management based on legal advice and historical trends, believes that no material liability will devolve on the Company in respect of these matters.

9. The Company is primarily engaged in the business of colonization and real estate development, which as per Accounting Standard - 17 on "Segment Reporting" as specifi ed under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended) is considered to be the only reportable business segment. DLF Group is primarily operating in India which is considered as a single geographical segment.

10. In accordance with the requirements of Schedule II to the Companies Act, 2013, the Company has re-assessed the useful lives of the depreciable assets. The depreciation for the year ended March 31, 2015 is higher by Rs. 958.50 lac due to change in useful lives. Further an amount of Rs. 536.59 lac (net of deferred tax impact of Rs. 135.69 lac) has been adjusted to the opening balance of the statement of profit and loss whose remaining useful life is nil as at April 1,2014.

11. Certain matters pending in litigation with Courts/Appellate Authorities:

(a) The Competition Commission of India (CCI) on a complaint filed by the Belaire/Park Place owners Association had passed orders dated August 12, 2011 and August 29, 2011 wherein the CCI had imposed a penalty of Rs. 63,000 lac on DLF, restraining DLF from formulating and imposing allegedly unfair conditions with buyers in Gurgaon and further ordered to suitably modify the alleged unfair conditions on its buyers.

The said orders of CCI were challenged by DLF on several grounds by filing appeals before the Competition Appellate Tribunal (COMPAT). The COMPAT pending hearing and till final orders had granted stay on demand of penalty of Rs. 63,000 lac imposed by CCI.

COMPAT vide its order dated May 19, 2014 accepted the arguments of DLF that since the agreements were entered into prior to coming into force Section 4 of the Act, the clauses of the agreements entered in 2006-07 could not be looked into for establishing contravention of Section 4 of the Act, however COMPAT held that the Company is a dominant player in Gurgaon being the relevant market and has abused its dominant position in relation to certain actions which is violative of Section 4 of the Act and has accordingly upheld the penalty imposed by CCI.

COMPAT further held that CCI could not have directed modifi cations of the Agreement as the power to modify the agreement under Section 27 is only in relation to Section 3 and cannot be applied for any action in contravention of Section 4 of the Act.

The Company has fi led an Appeal in the Hon'ble Supreme Court against the order dated May 19, 2014 passed by the COMPAT. The Hon'ble Supreme Court of India vide order dated August 27, 2014 admitted the Appeal and directed the Company to deposit penalty o^ 63,000 lac in the Court within 3 months out of which Rs. 5,000 lac was directed to be deposited within 3 weeks.

The Company fi l ed an application seeking directions to waive the obligations to deposit the remaining sum of Rs. 58,000 lac.

On hearing the application the directions were given by the Hon'ble Supreme Court of India, that Company files an undertaking to deposit the remaining amount of Rs. 58,000 lac in installments, i.e. to deposit Rs. 7,500 lac every month starting from January 7, 2015 till June 15, 2015 and the last installment of Rs. 3,000 lac on July 15, 2015. In compliance of the undertaking, the Company has been depositing Rs. 7,500 lac every month and till date has deposited Rs. 52,500 lac with the Hon'ble Supreme Court of India.

The matter was last listed on March 17, 2015 before the Bench when it was directed by the Hon'ble Supreme Court of India. The matter to be listed at its course.

(b) During the year ended March 31, 2011, the Company received judgment from the Hon'ble High Court of Punjab and Haryana cancelling the lease/sale deed of land relating to IT SEZ Project in Gurgaon. The Company filed Special Leave Petitions (SLP) challenging the orders in the Hon'ble Supreme Court of India.

The Hon'ble Supreme Court of India has admitted the matter and stayed the operation of the impugned judgments till further orders.

Based on the advice of the independent legal counsels, the management believes that there is a reasonably strong likelihood of succeeding before the Hon'ble Supreme Court of India. Pending the fi nal decisions on the above matter, no adjustment has been done in these standalone financial statements.

(c) i) Securities and Exchange Board of India (SEBI) had issued a Show Cause Notice (SCN) dated

June 25, 2013 under Sections 11(1), 11(4), 11A and 11B of the SEBI Act, 1992 ("the Act") read with clause 17.1 of the SEBI (Disclosure & Investor Protection) Guidelines, 2000 ("DIP Guidelines") and Regulation 111 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 ("ICDR Regulations") and levelled certain allegations in the same.

The Company fi led its reply with SEBI, placed written submissions and participated in the hearings conducted by the Hon'ble Whole Time Member, in which it replied to each allegation levelled in the said Show Cause Notice (SCN).

The Hon'ble Whole Time Member however rejected the reply filed by the Company and vide its order dated October 10, 2014 has restrained the Company and six others from accessing the securities market and prohibiting them from buying, selling or otherwise dealing in securities, directly or indirectly, in any manner, whatsoever, for a period of three years.

The Company has filed an appeal against the said order before Securities Appellate Tribunal (SAT) vide majority order dated March 13, 2015 allowed all the appeals and the impugned order passed by SEBI has been quashed and set aside.

SEBI has fi led a statutory appeal under Section 15Z of SEBI Act before Hon'ble Supreme Court of India.

On April 24, 2015, the Hon'ble Supreme Court of India admitted the appeal filed by SEBI and issued notice on interim application. No stay has been granted by the Hon'ble Supreme Court of India in favour of SEBI.

ii) SEBI also issued a SCN dated August 28, 2013 under Sections 15HA and 15HB of the SEBI Act, 1992 and under Rule 4 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Offi cer) Rules,1995 ("Adjudication Rules"), hearing on which has been completed and the Company has filed its written synopsis/submissions.

By way of order dated February 26, 2015, the Adjudicating Officer of SEBI imposed penalties upon the Company, some of its Directors and officers under Section 15HA and under Section 15HB of the SEBI Act, 1992.

The Company, its Directors and officers have fi led appeal before SAT impugning the order dated February 26, 2015 passed by an Adjudicating Offi cer of SEBI. The Appeal is listed before SAT and in the order dated April 15, 2015, SEBI has undertaken not to enforce the order dated February 26, 2015 during pendency of the appeal.

The Company and its legal advisors believe that it has not acted in contravention of law either during its initial public offer or otherwise. The Company has full faith in the judicial process and is confident of vindication of its stand in the near future.

12. As already reported, in the earlier period(s), disallowance of SEZ profits u/s 80IAB of the Income-tax Act, 1961 were made by the Income Tax Authorities in the assessment of the Company raising demands amounting to Rs. 7,308.99 lac for the assessment year 2011-12; Rs. 7,284.99 lac for the assessment year 2010-11; Rs. 35,523.71 lac for the assessment year 2009-10 and Rs. 48,723 lac for assessment year 2008-09 respectively.

The Company had filed appeals before the Appropriate Appellate Authorities against these demands for the said assessment years. In certain cases partial/full relief has been granted by the Appellate Authorities (CIT Appeal & Income Tax Appellate Tribunal). The Company and Income Tax Department have further preferred appeals before the higher authorities in those cases.

Based on the advice from independent tax experts and the development on the appeals, the management is confi dent that additional tax so demanded will not be sustained on completion of the appellate proceedings and accordingly, pending the decision by the appellate authorities, no provision has been made in these standalone financial statements.

13. A petition was fi led as a Public Interest Litigation (PIL) before the Hon'ble Punjab & Haryana High Court stating that the petitioner therein was a resident of Village Wazirabad, Gurgaon. The petitioner challenged the action of the Government to acquire the land belonging to Gram Panchayat of village Wazirabad, District Gurgaon for public purpose and thereafter selling the same to DLF whereby directions were sought from the court for quashing of the acquisition proceedings under Sections 4 & 6 dated August 8, 2003 and January 20, 2004.

The Petitioner therein also sought quashing of the award dated January 19, 2006 and the Regular Letter of Allotment (RLA) dated February 9, 2010 issued in favour of the Company for 350.715 acres of land.

The High Court, vide its final order dated September 3, 2014, while upholding the acquisition of land has however disapproved the allotment in favour of the Company. The High Court passed an order to keep the RLA dated February 9, 2010 issued in favour of the Company in abeyance and further directed the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) to initiate fresh allotment process for higher returns in respect of the land in question with an option to State to revive the RLA in case no better bid is quoted by the public at large.

The Company has filed a Special Leave Petition before the Hon'ble Supreme Court of India challenging the judgment dated September 3, 2014 passed by Punjab & Haryana High Court. Hon'ble Supreme Court of India issued notice and directed status quo shall be maintained by the Parties. HSIIDC has filed counter affidavit and matter is listed on August 21, 2015 before Registrar for completion of pleadings and service.

14. Hon'ble Supreme Court in the case of L&T on September 26, 2013, has upheld the decision given in case of M/s K Raheja in 2005 that any agreement with prospective buyers prior to completion of construction will be treated as a Works Contract. Karnataka & Maharashtra States had amended their respective VAT Acts after the decision of K Raheja's case in 2005 and Delhi has amended the VAT Act vide notification issued on September 20, 2013 and Haryana has also amended the VAT Act vide notification issued on August 12, 2014 & amnesty enabling provision has been notified on November 5, 2014 for the period prior to March 31, 2014. Except from the State of Kerala, Haryana and Punjab, DLF Group has not received any show cause/assessment notice from any of the States where the projects are located with respect to additional VAT liability in this regard. Further the Company's plea for impleadment with L&T case in the Hon'ble Supreme Court of India has been allowed, which will come up for hearing before regular bench for final order in due course of time.

Moreover based on the terms of the agreement with the buyers, management is of the opinion that in case the tax would be imposed by VAT authorities or already been imposed, as the case may be, the same is recoverable from the respective buyers and where ultimate collection from customers is doubtful, as an abundant caution, adequate provision for the same has been made in these standalone financial statements.

15. Corporate Social Responsibility expenses

(a) Gross amount required to be spent by the Company during the year is Rs. 1,282.05 lac.

(b) Amount spent during the year on:

16. U


Mar 31, 2014

1 a) The profit/loss from sale of land/ developed plots/constructed properties in DLF City, Gurgaon (Complex) is accounted as per revenue recognition policy stated in Note 1(g)- "Significant Accounting Policies". The Complex comprises land owned by the Company as also those under agreements to purchase entered into with subsidiary/co-ordinating companies. In terms of such agreements, the Company purchases plotted area from the land owning companies at the average cost of land to the Company and/or the land owning companies. The average estimated internal development costs and external development charges, in respect of the plots sold have been written off in terms of accounting policy stated in Note 1(i) - "Significant Accounting Policies". Final adjustment, if any, is made on completion of the applicable scheme/project.

b) The Company on November 3, 2006 has entered into an agreement to sell in terms of the resolution passed by the Board of Directors in its meeting held on March 28, 2006, with one of its wholly-owned subsidiary company namely, DLF Home Developers Limited ("DHDL") to sell a parcel of land of saleable area consisting 30 million sq. ft. built-up area under construction/to be constructed. Further, DHDL will complete all the finishing work before selling the same to its customers. In terms of the accounting policy stated in Note 1(g)(i) on revenue recognition, revenue in respect of projects under implementation under these agreements to sell is being recognised based on "percentage of completion" method.

2 The Company has entered into business development agreements with DLF Commercial Projects Corporation and Rational Builders and

Developers (partnership firms). As per these agreements, the Company has acquired sole irrevocable development rights in identified land which are acquired/or in the process of acquisition by these partnership firms.

In terms of the accounting policy stated in Note 1(f) the amount paid to these partnership firms pursuant to the above agreements, are classified under inventory as development rights.

3. Disclosure in respect of project which falls under the Revised Guidance Note issued by Institute of Chartered Accountants of India on "Accounting for Real Estate transactions (Revised 2012)"

4. Related party disclosures

a) Relationship

(i) Subsidiary companies at any time during the year

1 Aadarshini Real Estate Developers Private Limited

2 Abhigyan Builders & Developers Private Limited

3 Abhiraj Real Estate Private Limited

4 Adeline Builders & Developers Private Limited

Aman Gocek Insat Taahhut Turizm Sanayi Ve Ticaret AS [till 5 February 6, 2014]###

6 Amancruises (2006) Company Limited [till February 6, 2014]###

7 Amancruises Company Limited [till February 6, 2014]###

8 Amankila Resorts Limited [till February 6, 2014]###

9 Amanproducts Limited [till February 6, 2014]###

10 Amanresorts B.V. [till February 6, 2014]###

11 Amanresorts International Pte Limited [till February 6, 2014]###

12 Amanresorts IPR B.V. [till February 6, 2014]###

13 Amanresorts Limited [till February 6, 2014]###

14 Amanresorts Limited [till February 6, 2014]###

15 Amanresorts Mangement B.V. [till February 6, 2014]###

16 Amanresorts Services Limited [till February 6, 2014]###

17 Amanresorts Technical Services B.V. [till February 6, 2014]###

18 Americus Real Estate Private Limited

19 Amishi Builders & Developers Private Limited

20 Anbest Holdings Limited [till February 6, 2014]###

21 Andaman Development Company Limited [till February 6, 2014]###

22 Andaman Holdings Limited [till February 6, 2014]###

23 Andaman Resorts Co. Limited [till February 6, 2014]###

24 Andaman Thai Holding Co. Limited [till February 6, 2014]###

25 Andes Resort Limited SAC [till February 6, 2014]###

26 Angelina Real Estates Private Limited [w.e.f. September 5, 2013]

27 Annabel Builders & Developers Private Limited

Aqua Space Developers Private Limited [formerly DLF Raidurg

28 Developers Private Limited]

29 Aradal Company N.V. [till February 6, 2014]###

30 Ariadne Builders & Developers Private Limited

31 ARL Marketing Inc. [till February 6, 2014]###

32 ARL Marketing Limited [till February 6, 2014]###

33 Armand Builders & Constructions Private Limited

34 ASL Management (Palau) Limited [till February 6, 2014]###

35 Balaji Highways Holding Private Limited

36 Balina Pansea Company Limited [till February 6, 2014]###

37 Barbados Holdings Limited [till February 6, 2014]###

38 Benedict Estates Developers Private Limited

39 Berenice Real Estate Private Limited

Beyla Builders & Developers Private Limited [w.e.f. September 5,

40 2013]

41 Bhamini Real Estate Developers Private Limited

42 Bhosphorous Investments Limited [till February 6, 2014]###

43 Bhutan Hotels Limited [till February 6, 2014]###

44 Bhutan Resorts Private Limited [till February 6, 2014]###

45 Bodrum Development Limited [till February 6, 2014]###

46 Breeze Constructions Private Limited

47 Cachet Real Estates Private Limited

48 Calvine Builders & Constructions Private Limited

49 Caraf Builders & Constructions Private Limited

50 Cee Pee Maintenance Services Limited [till June 13, 2013]*

51 Ceylon Holdings B.V. [till February 6, 2014]###

52 Chakradharee Estates Developers Private Limited

53 Chandrajyoti Estate Developers Private Limited

54 Columbo Resort Holdings N.V [till February 6, 2014]###

55 Comfort Buildcon Limited [till June 13, 2013]*

56 Current Finance Limited [till February 6, 2014]###

57 Cyrilla Builders & Constructions Limited [till September 30, 2013]***

58 Dae Real Estates Private Limited

59 Dalmia Promoters & Developers Private Limited

60 Delanco Home and Resorts Private Limited

61 Delanco Realtors Private Limited

62 Deltaland Buildcon Private Limited

63 Deltaland Real Estate Private Limited

64 Diwakar Estates Limited

65 DLF Aspinwal Hotels Private Limited

66 DLF Assets Private Limited

67 DLF City Centre Limited

68 DLF City Developers Private Limited

69 DLF Cochin Hotels Private Limited

70 DLF Commercial Developers Limited

71 DLF Construction Limited [till August 28, 2013]**

72 DLF Cyber City Developers Limited

73 DLF Emporio Limited

74 DLF Emporio Restaurants Limited

75 DLF Energy Private Limited

76 DLF Estate Developers Limited

77 DLF Finvest Limited

78 DLF Garden City Indore Private Limited

79 DLF GK Residency Limited [w.e.f. October 8, 2013]****

80 DLF Global Hospitality Limited

81 DLF Golf Resorts Limited

82 DLF Home Developers Limited

83 DLF Homes Services Private Limited

84 DLF Homes Goa Private Limited

85 DLF Homes Kokapet Private Limited

86 DLF Homes Panchkula Private Limited

87 DLF Homes Rajapura Private Limited

88 DLF Hospitality & Recreational Limited

89 DLF Hotel Holdings Limited

90 DLF Hotels & Apartments Private Limited [till August 28, 2013]**

91 DLF Info City Developers (Chandigarh) Limited

92 DLF Info City Developers (Chennai) Limited

93 DLF Info City Developers (Kolkata) Limited

94 DLF Info Park Developers (Chennai) Limited

95 DLF Info Park (Pune) Limited

96 DLF Inns Limited

97 DLF International Holdings Pte. Limited

98 DLF International Hospitality Corp.

99 DLF Limitless Developers Private Limited [w.e.f. March 28, 2014]@ 100 DLF Luxury Hotels Limited

DLF New Gurgaon Homes Developers Private Limited [till

101

September 30, 2013]***_

DLF New Gurgaon Offices Developers Private Limited [till 102 September 30, 2013]***_

103 DLF New Gurgaon Retail Developers Private Limited

104 DLF Phase IV Commercial Developers Limited

DLF Pramerica Life Insurance Company Limited [till December

105 18, 2013]##

106 DLF Projects Limited

107 DLF Promenade Limited

108 DLF Property Developers Limited

109 DLF Real Estate Builders Limited

110 DLF Realtors Private Limited [formerly Monroe Builders &

Developers Private Limited]

111 DLF Recreational Foundation Limited

112 DLF Residential Builders Limited

113 DLF Residential Developers Limited

114 DLF Residential Partners Limited

115 DLF Service Apartments Limited

116 DLF South Point Limited [w.e.f. October 17, 2013]****

117 DLF Southern Homes Private Limited

118 DLF Southern Towns Private Limited

119 DLF Telecom Limited

120 DLF Trust Management Pte Limited

121 DLF Universal Limited

122 DLF Utilities Limited

123 Domus Real Estates Private Limited

124 Domus Realtors Private Limited

DT Real Estate Developers Private Limited [formerly Digital

125 Talkies Private Limited]

126 Eastern India Powertech Limited

127 Edward Keventer (Successors) Private Limited

128 Elvira Builders & Constructions Private Limited

129 Faye Builders & Constructions Private Limited

130 First City Real Estate Private Limited

131 Flora Real Estate Private Limited

132 Fonton Limited [till February 6, 2014]###

133 Forerun Group Limited [till February 6, 2014]###

134 Galleria Property Management Services Private Limited

135 Ghaliya Builders & Developers Private Limited

136 Goyo Services Limited [till February 6, 2014]###

137 Guardian International Private Limited [till February 6, 2014]###

138 Gulliver Enterprises Limited [till February 6, 2014]###

139 Gyan Real Estate Developers Private Limited

140 Hampton Furniture Limited [till April 1, 2013]

141 Hansel Builders & Developers Private Limited

142 Heritage Resorts Private Limited [till February 6, 2014]###

143 Highvalue Builders Limited [till June 13, 2013]*

144 Hospitality Tradings Limited [till February 6, 2014]###

145 Hotel Finance International Limited [till February 6, 2014]###

146 Hotel Sales Services Limited [till February 6, 2014]###

147 Hotel Sales Service Private Limited [till February 6, 2014]###

148 Hyacintia Real Estate Developers Private Limited

149 Incan Valley Holdings Limited [till February 6, 2014]###

150 Irving Builders & Developers Private Limited

151 Isabel Builders & Developers Private Limited

152 Jalisco Holdings Pte Limited [till February 6, 2014]###

153 Kavicon Partners Limited [w.e.f. September 11, 2013]****

154 L P Hospitality Company Limited [till February 6, 2014]###

155 Lada Estates Private Limited

156 Laman Real Estate Private Limited

157 Lao Holdings Limited [till February 6, 2014]###

158 Latona Builders & Constructions Private Limited

159 Le Savoy Limited [till February 6, 2014]###

160 Lear Builders & Developers Private Limited

161 Lempo Buildwell Private Limited

162 Liber Buildwell Private Limited

163 Livana Builders & Developers Private Limited

164 Lizebeth Builders & Developers Private Limited

165 Lodhi Property Company Limited

Mariabella Builders & Developers Private Limited 166 [w.e.f September 5 , 2013]

167 Mariposa Builders & Developers Private Limited

168 Marrakech Investments Limited [till February 6, 2014]###

169 Melanctha Builders & Developers Pvt. Ltd.

170 Melosa Builders & Developers Private Limited

171 Mens Buildcon Private Limited

172 Mhaya Buildcon Private Limited

173 Mulvey B.V. [till February 6, 2014]###

174 Mulvey Venice S.r.l. [till February 6, 2014]###

175 Naman Consultants Limited [till February 6, 2014]###

176 Nambi Buildwell Private Limited

177 Nellis Builders & Developers Private Limited

178 NewGen MedWorld Hospitals Limited

Niobe Builders & Developers Private Limited [w.e.f September 5, 179 2013]

180 NOH (Hotel) Private Limited [till February 6, 2014]###

181 Norman Cay''s Holdings Limited [till February 6, 2014]###

182 Nusantara Island Resorts Limited [till February 6, 2014]###

183 Otemachi Tower Resorts Co. Limited [till February 6, 2014]###

184 P.T. Amanresorts Indonesia [till February 6, 2014]###

185 P.T. Amanusa Resort Indonesia [till February 6, 2014]###

186 P.T. Indrakila Villatama Development [till February 6, 2014]###

187 P.T. Moyo Safari Abadi [till February 6, 2014]###

188 P.T. Nusantara Island Resorts [till February 6, 2014]###

189 P.T. Villa Ayu [till February 6, 2014]###

190 Palawan Holdings Limited [till February 6, 2014]###

191 Paliwal Developers Limited

192 Paliwal Real Estate Limited

193 Pee Tee Property Management Services Limited [till June 13, 2013]*

194 Philana Builders & Developers Private Limited

195 Phoena Builders & Developers Private Limited

196 Phraya Riverside (Bangkok) Co Limited [till February 6, 2014]###

197 Princiere Resorts Limited [till February 6, 2014]###

198 Prompt Real Estate Limited [till June 13, 2013]*

199 Puri Limited [till September 17, 2013]

200 Pyrite Builders & Constructions Private Limited

201 Qabil Builders & Constructions Private Limited

202 Queensdale Management Limited [till February 6, 2014]###

203 Rachelle Builders & Constructions Private Limited

204 Red Acres Development Limited [till February 6, 2014]###

205 Regent Asset Finance Limited [till February 6, 2014]###

206 Regent Land Limited [till February 6, 2014]###

207 Regional Design & Research B.V. [till February 6, 2014]###

208 Regional Design & Research N.V. [till February 6, 2014]###

209 Richmond Park Property Management Services Limited

210 Riveria Commercial Developers Limited

211 Rochelle Builders & Constructions Private Limited

212 Royalton Builders & Developers Private Limited

213 Saguna Builders & Developers Private Limited

Sahastrajit Builders & Developers Private Limited 214 [ w.e.f. September 5, 2013]

215 Saket Holiday Resorts Private Limited

Seaberi Builders & Developers Private Limited 216 [ w.e.f. September 5, 2013]

217 Serendib Holdings B.V. [till February 6, 2014]###

218 Silver - Two (Bangkok) Company Limited [till February 6, 2014]###

Silver Oaks Property Management Services Limited [till June 13, 219 2013]*

220 Silverlink (Mauritius) Limited

221 Silverlink (Thailand) Company Limited [till February 6, 2014]###

222 Silverlink Resorts Limited [till February 6, 2014]###

223 Societe Nouvelle de L''Hotel Bora Bora [till February 6, 2014]###

224 Star Alubuild Private Limited [till October 8, 2013]#

225 Sunlight Promoters Limited [till June 13, 2013]*

226 Tahitian Resorts Limited [till February 6, 2014]###

227 Tangalle Property (Private) Limited [till February 6, 2014]###

228 Toscano Holdings Limited [till February 6, 2014]###

229 Triumph Electronics Private Limited

230 Universal Hospitality Limited [till February 6, 2014]###

231 Urvasi Infratech Private Limited

Valini Builders & Developers Private Limited 232 [till September 30, 2013]***

233 Vibodh Developers Private Limited

234 Vilina Estate Developers Private Limited

235 Villajena Development Company Limited [till February 6, 2014]###

236 Vinanti Builders & Developers Private Limited

237 Vkarma Capital Investment Management Company Private Limited

238 Vkarma Capital Trustee Company Private Limited

239 Webcity Builders & Developers Private Limited

240 Yucatan Holdings Pte Limited [till February 6, 2014]###

241 Zeugma Limited [till February 6, 2014]###

242 Zola Real Estate Private Limited

(ii) Partnership firms

1 DLF Commercial Projects Corporation

2 DLF Gayatri Developers

3 DLF GK Residency [till October 7, 2013]****

4 DLF Green Valley

5 DLF Office Developers

6 DLF South Point [till October 16, 2013]****

7 Kavicon Partners [till September 10, 2013]****

8 Rational Builders and Developers

(iii) Joint Ventures

1 DLF Gayatri Home Developers Private Limited

2 DLF Green Valley

3 DLF Gayatri Developers

4 DLF SBPL Developers Private Limited

5 DLF Limitless Developers Private Limited [till March 27, 2014]@

6 GSG DRDL Consortium

7 YG Realty Private Limited

8 Banjara Hills Hyderabad Complex

9 Saket Courtyard Hospitalty Private Limited

(iv) Associates

1 Australian Resorts Limited [till February 6, 2014]###

2 Designplus Architecture Private Limited

3 Eila Builders & Developers Private Limited [till October 21, 2013]

4 Galaxy Mercantiles Limited {till March 10, 2014}

5 Island Aviation Inc [till February 6, 2014]###

6 Joyous Housing Private Limited

7 Kyoto Resorts YK [till February 6, 2014]###

8 P.T Jawa Express Amanda Indah [till February 6, 2014]###

9 Pamalican Island Holdings Inc [till February 6, 2014]###

10 Pamalican Resorts Inc [till February 6, 2014]###

11 Pansea Tourism Company Limited [till February 6, 2014]###

12 Regional D & R Limited [till February 6, 2014]###

13 Revlys SA [till February 6, 2014]###

14 Seven Seas Resorts and Leisure Inc [till February 6, 2014]###

15 Surin Bay Co. Limited [till February 6, 2014]###

16 Villajena [till February 6, 2014]###

17 Rapid Metrorail Gurgaon Limited [till November 28, 2013]

* Pursuant to the order of the Hon''ble High Court of Delhi and Hon''ble High Court of Punjab and Haryana at Chandigarh by virtue of scheme of arrangement, these entities have merged with Paliwal Real Estate Limited w.e.f. June 13, 2013. Accordingly the transactions with the said entities during the year ended March 31, 2014 and balance outstanding thereto on that date have been disclosed as transactions with and balances outstanding to as the case may be, Paliwal Real Estate Limited during the year ended and as of March 31, 2014.

** Pursuant to the order of the Hon''ble High Court of Delhi and Hon''ble High Court of Punjab and Haryana at Chandigarh by virtue of scheme of arrangement, these entities have merged with DLF Projects Limited w.e.f. August 29, 2013. Accordingly the transactions with the said entities during the year ended March 31, 2014 and balance outstanding thereto on that date have been disclosed as transactions with and balances outstanding to as the case may be, DLF Projects Limited during the year ended and as of March 31, 2014.

*** Pursuant to the order of the Hon''ble High Court of Delhi by virtue of scheme of arrangement, these entities have merged with DLF Home Developers Limited w.e.f. September 30, 2013. Accordingly the transactions with the said entities during the year ended March 31, 2014 and balance outstanding thereto on that date have been disclosed as transactions with and balances outstanding to as the case may be, DLF Home Developers Limited during the year ended and as of March 31, 2014.

**** During the year, converted into Limited Companies.

@ On March 27, 2014, in terms of Share Purchase Agreement DLF Home Developers Limited (DHDL), a subsidiary of the Company, has purchased 50% share holding in DLF Limitless Developers Private Limited (A JV Company) from Limitless Holdings-1 Limited and Limitless Hoysala Inc. Subsequent to acquisition, DLF Limitless Developers Private Limited became a 100% subsidiary of the Company w.e.f. March 28, 2014.

# On October 8, 2013, in terms of the Share Purchase Agreement and on receiving the requisite regulatory approvals, DLF Home Developers Limited along with DLF Projects Limited (both subsidiaries of the Company) has sold their entire 60% shareholdings in a subsidiary company namely Star Alubuild Private Limited. Subsequent to divestment, Star Alubuild Private Limited has ceased to be a subsidiary of the Company w.e.f. October 9, 2013.

## On July 25, 2013, the Company has signed definitive agreements to sell its 74% equity stake in its Life Insurance Joint Venture - DLF Pramerica Life Insurance Company Limited (DPLI), a Joint Venture with Prudential International Insurance Holdings Ltd, a direct subsidiary of Prudential Financial, Inc USA to Dewan Housing Finance Corporation Limited and its group entities. Post completion of all conditions precedent including regulatory approvals, the Company has sold its stake in DPLI on December 18, 2013. Subsequent to divestment, DPLI has ceased to be subsidiary of the Company w.e.f. December 19, 2013.

### On January 2, 2014, DLF Global Hospitality Limited ("DGHL"), step-down subsidiary of Company entered into the Share Purchase Agreement with Aman Resorts Group Limited ("ARGL"), for sale of 100% stake in Silverlink Resorts Limited ("SRL") and its subsidiaries. After completion of all conditions precedent, the shares of SRL were transferred to ARGL on February 7, 2014. Subsequent to divestment, these entities have been ceased to be subsidiaries of the Company w.e.f. February 7, 2014.

(vi) Other enterprises under the control of the key management personnel and their relatives :

1 A.S.G. Realcon Private Limited

2 Adampur Agricultural Farm

3 Adept Real Estate Developers Private Limited

4 AGS Buildtech Private Limited

5 Alfa Investments Global Limited

6 Angus Builders & Developers Private Limited

7 Antriksh Properties Private Limited

8 Anubhav Apartments Private Limited

9 Arihant Housing Company*

10 Atria Partners

11 Beckon Investments Group Limited

12 Belicia Builders & Developers Private Limited

13 Beverly Park Operation and Maintenance Services LLP

14 Buland Consultants & Investments Private Limited

15 Carreen Builders & Developers Private Limited

16 Centre Point Property Management Services LLP [formerly Centre Point Property Management Services Private Limited]#

17 CGS Charitable Trust

18 Ch.Lal Chand Memorial Charitable Trust

19 Cian Retail Private Limited [formerly Cian Builders & Developers Private Limited]

20 Das Retail Private Limited [w.e.f June 26 , 2013]

21 Delanco Buildcon Private Limited [w.e.f. February 14, 2014]

22 Desent Promoters & Developers Private Limited

23 Diana Retail Private Limited

24 DLF Brands Limited

25 DLF Building & Services Private Limited

26 DLF Commercial Enterprises

27 DLF Employees Welfare Trust

28 DLF Foundation

29 DLF Investments Private Limited

30 DLF M.T.FBD Medical and Community Facilities Charitable Trust

31 DLF Q.E.C. Educational Charitable Trust

32 DLF Q.E.C. Medical Charitable Trust

33 DLF Raghvendra Temple Trust

34 Elephanta Estates Private Limited

35 Enki Retail Solutions Private Limited

36 Eros Retail Private Limited

37 Excel Housing Construction LLP

38 Exe. of The Estate of Lt. Ch. Raghvendra Singh

39 Exe. of The Estate of Lt. Smt. Prem Mohini

40 Family Idol Shri Radha Krishan Ji

41 Family Idol Shri Shiv Ji

42 Ferragamo Retail India Private Limited

43 First City Management Company Private Limited [w.e.f. February 14, 2014]

44 Gangrol Agricultural Farm & Orchard

45 General Marketing Corporation

46 Giorgio Armani India Private Limited

47 Glensdale Enterprise Development Private Limited [w.e.f. February 14, 2014]

48 Good Luck Trust

49 Gujral Design Plus Overseas Private Limited [w.e.f. February 14, 2014]

50 Haryana Electrical Udyog Private Limited

51 Herminda Builders & Developers Private Limited

52 Hitech Property Developers Private Limited

53 Indira Trust

54 Ishtar Retail Private Limited

55 Jhandewalan Ancillaries LLP [formerly Jhandewalan Ancillaries Private Limited]#

56 Juno Retail Private Limited

57 K. P. Singh HUF

58 Kapo Retail Private Limited

59 Kohinoor Real Estates Company*

60 Krishna Public Charitable Trust

61 Lal Chand Public Charitable Trust

62 Lion Brand Poultries

63 Madhukar Housing and Development Company*

64 Madhur Housing and Development Company*

65 Mallika Housing Company LLP

66 Megha Estates Private Limited

67 Mohit Design Management Private Limited [w.e.f. February 14, 2014]

68 Nachiketa Family Trust

69 Northern India Theatres Private Limited

70 P & S Exports Corporation

71 Panchsheel Investment Company*

72 Parvati Estates LLP

73 Pia Pariwar Trust

74 Plaza Partners

75 Power Overseas Private Limited

76 Prem Traders LLP [formerly Prem Traders Private Limited]#

77 Prem''s Will Trust

78 Prima Associates Private Limited [w.e.f. February 14, 2014]

79 Prime Destek Private Limited [from February 14, 2014 till March 27, 2014]

80 Pushpak Builders and Developers Private Limited

81 Qantis Investment & Services Limited [w.e.f September 23, 2013]

82 R.R Family Trust

83 Raghvendra Public Charitable Trust

84 Raisina Agencies LLP

85 Rajdhani Investments & Agencies Private Limited

86 Realest Builders and Services Private Limited

87 Renkon Overseas Development Limited

88 Renkon Partners

89 Renuka Pariwar Trust

90 Rhea Retail Private Limited

91 River Heights Structurals Private Limited [w.e.f. February 14, 2014]

92 Rod Retail Private Limited

93 S & S Towel Private Limited

94 Sabre Investment Advisor India Private Limited

95 Sabre Investment Consultants LLP

96 Sambhav Housing and Development Company*

97 Sarna Export International

98 Sarna Exports Limited

99 Sarna Property and Industry Private Limited

100 Sidhant Housing and Development Company*

101 Singh Family Trust

102 Sketch Investment Private Limited

103 Skills Academy Private Limited

104 Skills for India [w.e.f. November 27 , 2013]

105 Smt. Savitri Devi Memorial Charitable Trust

106 Solace Housing and Construction Private Limited

107 Solange Retail Private Limited

108 Span Fashions Limited [w.e.f. February 14, 2014]

109 Spherical Developers Private Limited [w.e.f. February 14, 2014]

110 Sudarshan Estates Private Limited

111 Sukh Sansar Housing Private Limited

112 Super Mart Two Property Management Services LLP [formerly Super Mart Two Property Management Services Private Limited]#

113 Trinity Elastomers Private Limited

114 Trinity Housing and Construction Company*

115 Try Us Hospitality Private Limited

[from February 14,2014 till March 27, 2014]

116 Udyan Housing and Development Company*

117 Universal Management and Sales LLP

118 Urva Real Estate Developers Private Limited

119 Uttam Builders and Developers Private Limited

120 Uttam Real Estates Company*

121 Vishal Foods and Investments Private Limited

122 Designplus Architecture Private Limited [w.e.f. February 14, 2014]

123 Wagishwari Estates Private Limited [w.e.f. February 14, 2014]

124 Willder Limited

125 Yashika Properties and Development Company*

126 Yogananda Films Private Limited

127 Zigma Processing and Manufacturing Private Limited

* A private company with unlimited liability.

# During the year, converted into LLP from a limited liability company.

5. a) The Company uses forward contracts and swaps to hedge its risks associated with fluctuations in foreign currency and interest rates. The use of forward contracts and swaps is covered by Company''s overall strategy. The Company does not use forward covers and swaps for speculative purposes.

As per the strategy of the Company, foreign currency loans are covered by hedge, considering the risks associated with such loans, which effectively fixes the principal and interest liability of

6. Contingent liabilities and Commitments, not provided for, exist in respect of

(I) Contingent liabilities (Rs. in lac)

2014 2013

a) Guarantees issued by the Company on behalf of :

Subsidiary companies 737,965.00 779,912.00

Others 76,547.00 39,127.00

b) Claims against the Company (including unasserted claims) not acknowledged as debts 83,719.52 79,875.26

c) Income tax demand in excess of provisions
d) Compensation for delayed possession 10.22 616.62

7. The Company is primarily engaged in the business of colonization and real estate development, which as per Accounting Standard - 17 on "Segment Reporting" notified pursuant to the Companies (Accounting Standard) Rules, 2006 issued by the Central Government in exercise of the powers conferred under sub-section (1)(a) of Section 642 of the Companies Act, 1956 is considered to be the only reportable business segment. The Company is primarily operating in India which is considered as a single geographical segment.

8. Wind mill projects of the Company are entitled for tax holiday under Section 80-IA of the Income Tax Act, 1961. Accordingly, the computation of tax (current and deferred) has been done as per Accounting Standard 22 "Accounting for taxes on Income", notified pursuant to the Companies (Accounting Standard) Rules, 2006 issued by the Central Government in exercise of the powers conferred under sub-section (1) (a) of Section 642 of the Companies Act, 1956.

9. Certain matters pending with Competition Commission of India and various Courts/Appellate Authorities

(a) The Competition Commission of India (CCI) on a complaint filed by the Belaire/Park Place Owners Association had passed orders dated August 12, 2011 and August 29, 2011 wherein the CCI had imposed a penalty of Rs. 63,000 lac on DLF, restraining DLF from formulating and imposing allegedly unfair conditions with buyers in Gurgaon and further ordered to suitably modify the alleged unfair conditions on its buyers.

The said orders of CCI were challenged by DLF on several grounds by filing appeals before the

Competition Appellate Tribunal (COMPAT).

COMPAT by its order dated May 19, 2014 has held that the CCI could not have entered into an enquiry into the clauses of the Agreement which were entered into prior to the advent of Section 4 of the Act. COMPAT further held that CCI could not have directed modifications of the Agreement as the power to modify the agreement under Section 27 is only in relation to Section 3 and cannot be applied for any action in contravention of Section 4 of the Act.

However, COMPAT held DLF a dominant player in Gurgaon and has considered certain actions by DLF to be violative of the Competition Act and has accordingly upheld the penalty imposed by CCI.

The Company shall file an appeal before the Hon''ble Supreme Court to challenge the order of COMPAT within 60 days.

COMPAT at the request of the Company, has allowed time of 60 days for payment of the penalty alongwith applicable interest. Based on the advice of the independent legal counsels, management believes that Company has a strong likelihood of getting the relief in the order of COMPAT and accordingly no adjustment has been done in these financial statements.

(b) As already reported, in the earlier years, disallowance of SEZ profits u/s 80IAB of the Income Tax Act, 1961 were made by the Income Tax Authorities in the Assessment of the Company raising demand amounting to Rs. 35,523.71 lac for the assessment year 2009-10 and Rs. 48,723.00 lac for assessment year 2008-09, respectively.

During the year ended March 31, 2014, further disallowance of SEZ profits u/s 80IAB of the Income Tax Act, 1961 were made by the Income Tax Authorities, raising demand amounting to Rs. 7,308.99 lac for the assessment year 2011-12.

The Company has filed appeals before the appropriate appellate authorities against the said assessment orders. In certain cases, relief has been granted by the CIT (Appeals). The Income Tax

Department further preferred the appeals before the ITAT in those cases. Based on the advice from independent tax experts and the development on the appeals, the management is confident that these demands will not be sustained on completion of the appellate proceedings and accordingly, pending the decision by the appellate authorities, no provision has been made in these financial statements.

(c) During the year ended March 31, 2011, the Company received respective judgements from the Hon''ble High Court of Punjab and Haryana cancelling the release/sale deed of land relating to IT SEZ Project in Gurgaon. The Company filed Special Leave Petitions (SLP) challenging the orders in the Hon''ble Supreme Court of India.

The Hon''ble Supreme Court has admitted the matter and stayed the operation of the impugned judgement till further orders.

Based on the advice of the independent legal counsels, management believes that there is a reasonably strong likelihood of succeeding before the Hon''ble Supreme Court. Pending the final decisions on the above matter, no adjustment has been done in these financial statements.

10. Based on the information available with the Company, there are no dues outstanding in respect of Micro, Small and Medium enterprises at the balance sheet date. No amounts were payable to such enterprises which were outstanding for more than 45 days. Further, no interest during the year has been paid or payable in respect thereof. The above disclosure has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

11. Exceptional items

i) On January 31, 2013, a Business Transfer Agreement was executed between the Company and BLP Vaiyu (Project 1) Private Limited, a subsidiary of Bharat Light & Power Private Limited to transfer the Company''s undertaking comprising 150MW capacity wind turbines situated at Kutch, Gujarat. On receipts of required regulatory approvals and permissions, the Company has transferred the said undertaking including related assets and liabilities along with relevant long-term loans on ''as is where is basis'' by way of slump-sale for a lump-sum consideration ofRs. 32,537.95 lac on July 5, 2013. Profit before tax on transfer of this undertaking amounting to Rs. 9,064.16 lac is classified as exceptional items in these financial statements.

ii) On September 30, 2013 a Business Transfer Agreement was executed, between the Company and Rugby Renergy Private Limited, a subsidiary of Goyal MG Gases Private Limited to transfer the Company''s undertaking comprising 11.2 MW capacity wind turbines situated at Karnataka. On receipts of required regulatory approvals and permissions, the Company has transferred the said undertaking including related assets and liabilities along with relevant long-term loans on ''as is where is basis'' by way of slump-sale for a lump-sum consideration of Rs. 2,625.35 lac on March 10, 2014. Profit before tax of Rs. 254.37 lac is classified as exceptional items in these financial statements.

iii) The Company entered into a final settlement with Delhi Development Authority (''''DDA'''') in the Dwarka Convention Centre Project. Pursuant to the terms of the settlement agreement, the Company received a refund ofRs. 67,581.00 lac from DDA as full and final settlement, after forfeiture of 25% of the earnest money resulting loss amounting to Rs.41,072.35 lac which is shown as exceptional item in these financial statements.

iv) The Company entered into a Share Purchase Agreement dated February 22, 2013 and supplementary Agreement dated July 11, 2013 for sale of a project through one of its subsidiary company. As per the terms of agreement, a loss/foreseeable loss of Rs. 7,261.84 lac reflecting the difference between the sales consideration and carrying cost of the project is classified as an exceptional item in these financial statements.

12. The Company entered into Development Agreement with two Subsidiary Companies to give irrevocable development rights of certain land parcels. As per these agreements, the consideration was in the form of share in revenue on sale of properties, depending upon achieving project gross margin and providing minimum returns to the minority shareholders. During the year, the subsidiary companies reassessed its business plans and the resultant, project gross margin and minimum returns to the minority shareholders and reversed the entire revenue share accrued till March 31, 2013 amounting to Rs. 7,982.15 lac considering that the guaranteed minimum returns to the minority shareholders are not likely to be achieved.

13. Hon''ble Supreme Court in the case of L&T on September 26, 2013, has upheld the decision given in the case of M/s. K Raheja in 2005 that any agreement with prospective buyers prior to completion of construction will be treated as a Works Contract. Karnataka & Maharashtra states had amended their respective VAT Acts after the decision of K Raheja''s case in 2005 and Delhi has amended the VAT Act vide notification issued on September 20, 2013. Except from the state of Kerala, Haryana and Punjab, the Group has not received any show cause/ assessment notice from any of the states where the projects are located with respect to additional VAT liability in this regard. Further, the Company''s plea for impleadment with L&T case in Hon''ble Supreme Court has been allowed , which will come up for hearing before regular bench for final orders in due course of time. Moreover based on the terms of the agreement with the buyers, management is of the opinion that in case the tax is imposed by VAT authorities, the same is recoverable from the respective buyers and do not foresee any material liability.

14. Under the Income Tax Act, 1961 for domestic Transfer Pricing transaction introduced with effect from April 1, 2012, the Company is required to use specified methods for computing arm''s length price in relation to domestic transactions with its associated enterprises. Further, Company is required to maintain prescribed information and documents in relation to such transactions. The appropriate method to be adopted will depend on the nature of transactions/ class of transactions, class of associated persons, functions performed and other factors, which have been prescribed. The Company is in the process of conducting a transfer pricing study for the current financial year. Based on the preliminary study for the current year and completed study for the financial year ended March 31, 2013, the management is of the view that the same would not have a material impact on the tax expenses provided for in these financial statements. Accordingly, these financial statements do not include any adjustments for the transfer pricing implications, if any.

15. In the opinion of the management, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet and provisions for all known/expected liabilities have been made.

16. a) On May 20, 2013, the Company issued 81,018,417 equity shares of face value of Rs. 2 each at an issue price ofRs." 230 per share, aggregating to Rs. 186,342.36 lac. The issue was made through the Institutional Placement Programme in terms of Chapter VIII-A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (the "SEBI Regulations") in order to achieve minimum public shareholding of 25%. Post issue, the paid-up share capital of the Company was increased by Rs. 1,620.37 lac.

17. Previous year figures have been regrouped/recast, wherever considered necessary to make them comparable with those of current year.


Mar 31, 2013

1. a) The profit/loss from sale of land / developed plots/constructed properties in DLF City, Gurgaon (Complex) is accounted as per revenue recognition policy stated in Note 1 (g) - "Significant accounting policies". The Complex comprises lands owned by the Company as also those under agreements to purchase entered into with subsidiary/coordinating companies. In terms of such agreements, the Company has purchased 0.82 lac sq. mts. of plotted area during the year (previous year 0.003 lac sq. mts.) from the land owning companies at the average cost of land to the Company and/ or the land owning companies. The average estimated internal development costs and external development charges, in respect of the plots sold have been written off in terms of accounting policy stated in Note 1 (i) - "Significant accounting policies". Final adjustment, if any, is made on completion of the applicable scheme/ project.

b) The Company on November 3, 2006 has entered into an agreement to sell in terms of the resolution passed by the Board of Directors in their meeting held on March 28, 2006, with one of its wholly-owned subsidiary company namely, DLF Home Developers Limited ("DHDL") to sell a parcel of land of saleable area consisting 30 million sq. ft built up area under construction / to be constructed. Further, DHDL will complete all the finishing work before selling the same to its customers. In terms of the accounting policy stated in Note 1(g)(i) on revenue recognition, revenue in respect of projects under implementation under these agreements to sell is being recognised based on "percentage of completion" method.

2. The Company has entered into business development agreements with DLF Commercial Project Corporation and Rational Builders and Developers (partnership firms). As per these agreements, the Company has acquired sole irrevocable development rights in identified land which are acquired/or in the process of acquisition by these partnership firms.

In terms of accounting policy stated in Note 1 (f), the amount paid to these partnership firms pursuant to the above agreements, are classified under inventory as development rights.

3. a) During the year, the Company re-assessed its accounting policy in respect of accruals for Timely Payment Rebate (''TPR'') to customers, and with effect from April 1, 2012 has decided to recognize the entire liability for the same upon fulfilment by the respective customers of their complete obligations to receive the TPR as set out in the agreement to sell, as against the previous policy of recognizing these liabilities upon the Company''s formal acknowledgment of the TPR to the customer. Management is of the opinion that this change has resulted in a more representative presentation of the financial obligations of the Company with respect to TPRs.

Had the Company continued to follow the previous accounting policy with respect to accrual for TPRs as enumerated above, revenues and the net profit before tax for the year ended March 31, 2013 would have been higher by Rs. 3,153.41 lac and Rs. 3,146.73 lac respectively.

b) Pursuant to issuance of revised Guidance Note on "Accounting for Real Estate Transactions (Revised 2012)", by The Institute of Chartered Accountants of India ("ICAI"), as stated in Note 1(g), the Company revised its Accounting Policy of revenue recognition for all projects commencing on or after April 1, 2012 or project where the revenue is recognised for the first time on or after the above date.

During the year, the company launched two projects namely "Skycourt" and "Ultima" which came under the purview of the revised guidance note. As at March 31, 2013, the conditions for recognizing revenue for both these projects were not met and accordingly no revenue has been recognised from these projects.

4. The following expenses have been directly charged to work-in-progress, adjustable on sale.

C) Provident fund

Contribution made by the Company to the provident fund trust setup by the Company during the year is Rs. 194.67 lac (previous year Rs. 199.84 lac).

The Guidance on implementing AS-15, Employee Benefits (revised 2005) issued by the Accounting Standards Board (ASB) states that benefits involving employer established provident funds, which require interest shortfalls to be recompensed are to be considered as defined benefit plans. Pending the issuance of guidance note from the Actuarial Society of India, the Company''s actuary has expressed an inability to reliably measure provident fund liabilities. Accordingly the Company is unable to exhibit the related information.

5. Related party disclosures

a) Relationship

1 Aadarshini Real Estate Developers Private Limited

2 Abhigyan Builders & Developers Private Limited

3 Abhiraj Real Estate Private Limited

4 Adelie Builders & Developers Private Limited

4 {till September 27, 2012} *

5 Adeline Builders & Developers Private Limited

6 Adone Hotels & Hospitality Limited {till June 11, 2012}#

7 Aman Gocek Insat Taahhut Turizm Sanayi Ve Ticaret AS

8 Amancruises (2006) Company Limited

9 Amancruises Company Limited

10 Amankila Resorts Limited

11 Amanproducts Limited

12 Amanresorts B.V.

13 Amanresorts International Pte Limited

14 Amanresorts IPR B.V.

15 Amanresorts Limited

16 Amanresorts Limited

17 Amanresorts Mangement B.V.

18 Amanresorts Services Limited

19 Amanresorts Technical Services B.V.

20 Americus Real Estate Private Limited

21 Amishi Builders & Developers Private Limited

22 Anbest Holdings Limited

23 Andaman Development Company Limited

24 Andaman Holdings Limited

25 Andaman Resorts Co. Limited

26 Andaman Thai Holding Co. Limited

27 Andes Resort Limited SAC

28 Annabel Builders & Developers Private Limited

29 Aradal Company N.V

30 Ariadne Builders & Developers Private Limited

31 ARL Marketing Inc.

32 ARL Marketing Limited

33 Armand Builders & Constructions Private Limited

34 ASL Management (Palau) Limited

35 Balaji Highways Holding Private Limited

36 Balina Pansea Company Limitd

37 Barbados Holdings Limited

38 Bedelia Builders & Construction Private Limited (till December 27, 2012)**

39 Benedict Estates Developers Private Limited

40 Berenice Real Estate Private Limited

41 Bhamini Real Estate Developers Private Limited

42 Bhosphorous Investments Limited

43 Bhutan Hotels Limited

44 Bhutan Resorts Private Limited

45 Bodrum Development Limited

46 Breeze Constructions Private Limited

47 Cachet Real Estates Private Limited

48 Calvine Builders & Constructions Private Limited

49 Caraf Builders & Constructions Private Limited

50 Catriona Builders & Constructions Private Limited {till September 27, 2012} *

51 Cee Pee Maintenance Services Limited

52 Ceylon Holdings B.V.

53 Chakradharee Estates Developers Private Limited

54 Chandrajyoti Estate Developers Private Limited

55 Columbo Resort Holdings N.V

56 Comfort Buildcon Limited

57 Current Finance Limited

58 Cyrilla Builders & Constructions Limited

59 Dae Real Estates Private Limited

60 Dalmia Promoters & Developers Private Limited

61 Dankuni World City Limited {till December 27, 2012}**

62 Delanco Home and Resorts Private Limited

63 Delanco Real Estate Private Limited {till September 27, 2012} *

64 Delanco Realtors Private Limited

65 Deltaland Buildcon Private Limited

66 Deltaland Real Estate Private Limited

67 DHDL Wind Power Private Limited {till December 27, 2012} **

68 Dhoomketu Builders & Developers Private Limited {till January 18, 2013} ##

69 Digital Talkies Private Limited

70 Diwakar Estates Limited

71 DLF Aspinwal Hotels Private Limited

72 DLF Assets Private Limited

73 DLF City Centre Limited

74 DLF City Developers Private Limited {formerly DLF Gurgaon Golflink Private Limited}

75 DLF Cochin Hotels Private Limited

76 DLF Comfort Hotels Private Limited {till September 27, 2012) *

77 DLF Commercial Developers Limited

78 DLF Construction Limited

79 DLF Cyber City Developers Limited

80 DLF Developers Limited {till December 27, 2012} **

81 DLF Emporio Limited {formerly Regency Park Property Management Services Limited }

82 DLF Emporio Restaurants Limited

83 DLF Energy Private Limited

84 DLF Estate Developers Limited

85 DLF Financial Services Limited {till September 27, 2012}*

86 DLF Finvest Limited

87 DLF Garden City Indore Private Limited

88 DLF Global Hospitality Limited

89 DLF Golf Resorts Limited

90 DLF Gurgaon Developers Limited {till December 27,2012} **

91 DLF Haryana SEZ (Ambala) Limited {till September 27, 2012} *

92 DLF Haryana SEZ (Gurgaon) Limited {till September 27, 2012} *

93 DLF Home Developers Limited

94 DLF Homes Services Private Limited

95 DLF Homes Ambala Private Limited {till September 27, 2012} *

96 DLF Homes Goa Private Limited

97 DLF Homes Kokapet Private Limited

98 DLF Homes Panchkula Private Limited

99 DLF Homes Pune Private Limited {till January 18, 2013} ##

100 DLF Homes Rajapura Private Limited

101 DLF Hospitality & Recreational Limited

102 DLF Hotel Holdings Limited

103 DLF Hotels & Apartments Private Limited

104 DLF India Limited {till September 27, 2012} *

105 DLF Info City Developers (Chandigarh) Limited

106 DLF Info City Developers (Chennai) Limited

107 DLF Info City Developers (Kolkata) Limited

108 DLF Info Park Developers (Chennai) Limited

109 DLF Info Park (Pune) Limited {formerly Ackruti City Magnum Limited}

110 DLF Inns Limited

111 DLF International Holdings Pte. Limited

112 DLF International Hospitality Corp.

113 DLF Luxury Hotels Limited

114 DLF New Delhi Convention Center Limited {till September 27, 2012} *

115 DLF New Gurgaon Homes Developers Private Limited

116 DLF New Gurgaon Offices Developers Private Limited

117 DLF New Gurgaon Retail Developers Private Limited

118 DLF Phase IV Commercial Developers Limited

119 DLF Pramerica Life Insurance Company Limited

120 DLF Projects Limited DLF Promenade Limited

121 {formerly Beverly Park Maintenance Services Limited}

122 DLF Property Developers Limited

123 DLF Raidurg Developers Private Limited

124 DLF Real Estate Builders Limited

125 DLF Recreational Foundation Limited

126 DLF Residential Builders Limited

127 DLF Residential Developers Limited

128 DLF Residential Partners Limited

129 DLF Service Apartments Limited

130 DLF Southern Homes Private Limited

131 DLF Southern Towns Private Limited

132 DLF Telecom Limited

133 DLF Trust Management Pte Limited

134 DLF Universal Limited

135 DLF Utilities Limited

136 DLF Wind Power Private Limited {till December 27, 2012} **

137 Domus Real Estates Private Limited

138 Domus Realtors Private Limited

139 Eastern India Powertech Limited

140 Edward Keventer (Successors) Private Limited

141 Eila Builders & Developers Private Limited {till March 30, 2013} ####

142 Elvira Builders & Constructions Private Limited

143 Faye Builders & Constructions Private Limited

144 First City Real Estate Private Limited

145 Flora Real Estate Private Limited

146 Fonton Limited

147 Forerun Group Limited

148 Galleria Property Management Services Private Limited

149 Ghaliya Builders & Developers Private Limited {w.e.f. May 7, 2012}

150 Geocities Airport Infrastructures Private Limited {till December 27, 2012}**

151 Goyo Services Limited

152 Guardian International Private Limited

153 Gulliver Enterprises Limited

154 Gyan Real Estate Developers Private Limited

155 Hampton Furniture Limited

156 Hansel Builders & Developers Private Limited

157 Heritage Resorts Private Limited

158 Hiemo Builders & Developers Private Limited {till December 27, 2012}**

159 Highvalue Builders Limited

160 Hospitality Tradings Limited

161 Hotel Finance International Limited

162 Hotel Sales Services Limited

163 Hotel Sales Service Private Limited

164 Hyacintia Real Estate Developers Private Limited

165 Incan Valley Holdings Limited

166 Irving Builders & Developers Private Limited

167 Isabel Builders & Developers Private Limited

168 Jackson Hole Holdings Limited {till March 31, 2012}

169 Jai Luxmi Real Estate Private Limited {till December 27, 2012} **

170 Jalisco Holdings Pte Limited

171 Jawala Real Estate Private Limited {till October 31, 2012} ###

172 Khem Buildcon Private Limited {till December 27, 2012} **

173 LP Hospitality Company Limited

174 Lada Estates Private Limited

175 Laman Real Estates Private Limited

176 Lao Holdings Limited

177 Latona Builders & Constructions Private Limited

178 Lawanda Builders & Developers Private Limited {till December 27, 2012}**

179 Le Savoy Limited

180 Lear Builders & Developers Private Limited

181 Lempo Buildwell Private Limited

182 Liber Buildwell Private Limited

183 Livana Builders & Developers Private Limited

184 Lizebeth Builders & Developers Private Limited

185 Lodhi Property Company Limited

186 Marala Real Estate Private Limited {till June 11, 2012} #

187 Mariposa Builders & Developers Private Limited

188 Marrakech Investments Limited

189 Melanctha Builders & Developers Pvt Ltd {w.e.f. November 9, 2012}

190 Melosa Builders & Developers Private Limited

191 Mens Buildcon Private Limited

192 Mhaya Buildcon Private Limited

193 Monroe Builders & Developers Private Limited

194 Mulvey B.V

195 Mulvey Venice S.r.l.

196 Naman Consultants Limited

197 Nambi Buildwell Private Limited

198 Nellis Builders & Developers Private Limited

199 NewGen MedWorld Hospitals Limited

200 Nilayam Builders & Developers Limited {till September 27, 2012} *

201 NOH (Hotel) Private Limited

202 Norman Cay''s Holding Limited

203 Nusantara Island Resorts Limited

204 Otemachi Tower Resorts Co. Limited

205 P.T. Amanresorts Indonesia

206 P.T. Amanusa Resort Indonesia

207 P.T. Indrakila Villatama Development

208 P.T. Moyo Safari Abadi

209 P.T. Nusantara Island Resorts

210 P.T. Villa Ayu

211 Palawan Holdings Limited

212 Paliwal Developers Limited

213 Paliwal Real Estate Limited

214 Pee Tee Property Management Services Limited

215 Penthea Builders & Developers Private Limited {till March 25, 2013}

216 Philana Builders & Developers Private Limited

217 Phoena Builders & Developers Private Limited

218 Phraya Riverside (Bangkok) Company Limited

219 Princiere Resorts Limited

220 Prompt Real Estate Limited

221 Puri Limited

222 Pyrite Builders & Constructions Private Limited

223 Qabil Builders & Constructions Private Limited

224 Queensdale Management Limited

225 Rachelle Builders & Constructions Private Limited

226 Rati Infratech Private Limited {till December 27, 2012} **

227 Red Acres Development Limited

228 Regent Asset Finance Limited

229 Regent Land Limited

230 Regional Design & Research B.V

231 Regional Design & Research N.V

232 Richmond Park Property Management Services Limited

233 Riveria Commercial Developers Limited

234 Rochelle Builders & Constructions Private Limited

235 Royalton Builders & Developers Private Limited

236 Saguna Builders & Developers Private Limited

237 Saket Holiday Resorts Private Limited

238 Serendib Holdings B.V.

239 Shivajimarg Properties Limited {till December 27, 2012} **

240 Silver - Two (Bangkok) Company Limited

241 Silver Oaks Property Management Services Limited

242 Silverlink (Mauritius) Limited

243 Silverlink (Thailand) Company Limited

244 Silverlink Resorts Limited

245 Societe Nouvelle de L''Hotel Bora Bora

246 Springhills Infratech Private Limited {till December 27, 2012} **

247 Star Alubuild Private Limited

248 Sunlight Promoters Limited

249 Tahitian Resorts Limited

250 Tangalle Property (Private) Limited

251 Toscano Holdings Limited

252 Triumph Electronics Private Limited

253 Universal Hospitality Limited

254 Urvasi Infratech Private Limited

255 Valini Builders & Developers Private Limited

256 Vibodh Developers Private Limited

257 Vilina Estate Developers Private Limited

258 Villajena Development Company Limited

259 Vinanti Builders & Developers Private Limited

260 Vkarma Capital Investment Management Company Private Limited

261 Vkarma Capital Trustee Company Private Limited

262 Webcity Builders & Developers Private Limited

263 Yucatan Holdings Pte Limited

264 Zeugma Limited

265 Zola Real Estate Private Limited

266 Zoria Infratech Private Limited {till December 27, 2012} **

(ii) Partnership firms

1 DLF Commercial Projects Corporation

2 DLF Gayatri Developers

3 DLF GK Residency

4 DLF Green Valley

5 DLF Office Developers

6 DLF South Point

7 Kavicon Partners

8 Rational Builders and Developers

(iii) Joint Ventures

1 Kujjal Builders Private Limited {till March 30, 2013} ####

2 DLF Gayatri Home Developers Private Limited

3 DLF Green Valley

4 DLF Gayatri Developers

5 DLF SBPL Developers Private Limited

6 DLF Limitless Developers Private Limited

7 GSG DRDL Consortium

8 YG Realty Private Limited

9 Banjara Hills Hyderabad Complex

10 Saket Courtyard Hospitalty Private Limited

11 Cleva Builders and Developers Private Limited {till December 27, 2012} ***

12 Prowess Buildcon Private Limited {till December 27, 2012} ***

1 Australian Resorts Limited

2 Designplus Architechture Private Limited {w.e.f. April 1, 2012)

3 Eila Builders & Developers Private Limited {w.e.f. March 31, 2013} ####

4 Galaxy Mercantiles Limited

5 Island Aviation Inc

6 Joyous Housing Limited

7 Kyoto Resorts YK

8 PT Jawa Express Amanda Indah

9 Pamalican Island Holdings Inc

10 Pamalican Resorts Inc

11 Pansea Tourism Company Limited

12 Regional D & R Limited

13 Revlys SA

14 Seven Seas Resorts and Leisure Inc

15 Surin Bay Co. Limited

16 Villajena

17 Rapid Metrorail Gurgaon Limited

6. Employee Stock Option Scheme, 2006 (ESOP)

a) During the year ended March 31, 2007, the Company had announced an Employee Stock Option Scheme (the "Scheme") for all eligible employees of the Company, its subsidiaries, joint ventures and associates. Under the Scheme, 17,000,000 equity shares have been earmarked to be granted under the Scheme and the same will vest as follows:

Pursuant to the above Scheme, the employee will have the option to exercise the right within three years from the date of vesting of shares at Rs. 2 per share, being its exercise price.

b) As per the Scheme, the Remuneration Committee has granted Options as per details below :

7. Employee Shadow Option Scheme

Under the Employee Shadow Option Scheme (the "Scheme"), employees are entitled to get cash compensation based on the average market price of equity share of the Company, upon exercise of shadow option on a future date. As per the scheme, shadow options will vest as follows:-

8. a) The Company uses forward contracts and Swaps to hedge its risks associated with fluctuations in foreign currency and interest rates. The use of Forward contracts and Swaps is covered by Company''s overall strategy. The Company does not use forward covers and Swaps for speculative purposes.

As per the strategy of the Company, foreign currency loans are covered by comprehensive hedge, considering the risks associated with the hedging of such loans, which effectively fixes the principal and interest liability of such loans and further there is no additional risk involved post hedging of these loans.

9. Contingent liabilities and Commitments, not provided for, exist in respect of (I) Contingent liabilities

(Rs. in lac)

2013 2012

a) Guarantees issued by the Company on behalf of :

Subsidiary companies 779,912.00 971,122.23

Others 39,127.00 69,000.00

b) Claims against the Company (including unasserted claims) not acknowledged as debts 79,875.26 73,999.26

c) Income tax demand in excess of provisions (pending in appeals) 163,979.87 116,933.82

d) Compensation for delayed possession 616.62 1,057.07

10. The Company is primarily engaged in the business of colonization and real estate development, which as per Accounting Standard - 17 on "Segment Reporting" notified pursuant to the Companies (Accounting Standard) Rules, 2006 issued by the Central Government in exercise of the powers conferred under sub-section (1) (a) of Section 642 of the Companies Act, 1956 is considered to be the only reportable business segment. The Company is primarily operating in India which is considered as a single geographical segment.

11. Wind mill projects of the Company are entitled for tax holiday under Section 80-IA of the Income Tax Act, 1961. Accordingly, the computation of tax (current and deferred) has been done as per Accounting Standard 22 "Accounting for taxes on Income", notified pursuant to the Companies (Accounting Standard) Rules, 2006 issued by the Central Government in exercise of the powers conferred under sub section (1) (a) of Section 642 of the Companies Act, 1956.

12. Income tax and other matters

(a) As already reported, in the earlier year, disallowance of SEZ profits u/s 80IAB of the Income Tax Act, 1961 were made by the Income Tax Authorities in the Assessment of the Company amounting to Rs. 35,523.71 lac for the assessment year 2009-10 and Rs. 48,723.00 lac for assessment year 2008-09.

The Company had filed appeals before the appropriate appellate authorities against the said assessment orders. In certain cases, relief has been granted by the CIT (Appeals). The Company and Income Tax Department further preferred the appeals before the ITAT in those cases.

Based on the advice from independent tax experts and the development on the appeals, the management is confident that additional tax so demanded will not be sustained on completion of the appellate proceedings and accordingly, pending the decision by the appellate authorities, no provision has been made in the financial statements.

(b) During the year ended March 31, 2011, the Company received judgement from the Hon''ble High Court of Punjab and Haryana cancelling the release/ sale deed of land relating to IT SEZ Project in Gurgaon. The Company has filed Special Leave Petitions (SLPs) challenging the orders in the Hon''ble Supreme Court of India.

The Hon''ble Supreme Court has admitted the matter and stayed the operation of the impugned judgment till further orders.

Based on the advice of the independent legal counsel, the management belives that there is a reasonably strong likelihood of succeeding before the Hon''ble Supreme Court. Pending the final decisions on the above matter, no adjustment has been done in these financial statements.

(c) The Competition Commission of India (CCI) on a complaint filed by the Belaire / Park Place Owners Associations had passed orders dated August 12 and August 29, 2011, wherein the CCI had imposed a penalty of Rs. 63,000 lac on DLF, restrained DLF from formulating and imposing allegedly unfair conditions with buyers in Gurgaon and further ordered to suitably modify the alleged unfair conditions on its buyers.

The said order of CCI is challenged by DLF on several grounds by filing appeals before the Competition Appellate Tribunal (COMPAT).

COMPAT has granted stay against the orders of CCI imposing penalty. During subsequent hearings they have further ordered that the directions of CCI for modifications of terms of the Agreement shall remain in abeyance.

The appeals are part heard and are listed before COMPAT on July 15, 2013 for final hearing. Pending the final decisions, no adjustment has been done in these financial statements.

13. a) The Company along with its two wholly-owned subsidiaries, divested its entire stake in Jawala Real Estate Pvt. Ltd. (Jawala) (a wholly-owned subsidiary company). Consequent to divestment, Jawala has ceased to be a subsidiary of the Company w.e.f. November 1, 2012. Profit before tax on disposal of its investment in debentures amounting to Rs. 11,829.14 lac is classified as ''other income'' in these financial statements.

b) Based on the information available with the Company, there are no dues outstanding in respect of Micro, Small and Medium enterprises at the balance sheet date. No amounts were payable to such enterprises which were outstanding for more than 45 days. Further, no interest during the year has been paid or payable in respect thereof. The above disclosure has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

14. The Company was selected as successful bidder in a Global Tender issued by Delhi Development Authority (DDA) for Dwarka Project (the project) in FY 2007-08. Total Investment made by the Company in the project as of March 31, 2013 is Rs. 107,569.07 lac, which comprise Rs. 90,108.00 lac purchase consideration paid to DDA towards cost of land and Rs. 17,461.07 lac further incurred on construction/ development expenses (including interest & overheads) on the project. The Company is under litigation for recovery of this complete amount with DDA and is opposing the suit / claim of DDA for specific performance. The Company had also been under discussion with DDA through Hon''ble Delhi High Court Mediation Cell appointed by Hon''ble High Court of Delhi for alternative options to execute the project.

The Company based upon opinions of legal experts believes that the investment made (classified under Capital Work in Progress) in the project is fully recoverable and accordingly no adjustment has been done in these financial statements.

15. On January 31, 2013, the Company has entered into definitive Business Transfer Agreement with BLP Vayu (Project 1) Private Limited, a subsidiary of Bharat Light & Power Private Limited. For transferring of its undertaking comprising of 150 MW capacity wind turbines situated at Kutch, Gujarat on ''as is where is basis'' by way of slump-sale for a lump sum consideration of Rs. 28,230 lac subject to the fulfillment of the terms and conditions by both the parties in accordance with the said agreement, the said undertaking including related assets and liabilities along with relevant long term loans would be transferred to BLP Vayu (Project 1) Private Limited. As the transaction is expected to be consummated on receipt of requisite regulatory approvals and the closing conditions, no effect of the same is taken in these financial statements.

16. Under the Income Tax Act, 1961, for domestic transaction introduced with effect from April 1, 2012, the Company is required to use specified methods for computing arm''s length price in relation to domestic transactions with its associated enterprises. Further, Company is required to maintain prescribed information and documents in relating to such transactions. The appropriate method to be adopted will depend on the nature of transactions/ class of transactions, class of associated persons, functions performed and other factors, which have been prescribed. The Company is in the process of conducting a transfer pricing study for the current financial year. Based on the preliminary study, the management is of the view that the same would not have a material impact on the tax expenses provided for in these financial statements. Accordingly, these financial statements do not include any adjustments for the transfer pricing implications, if any.

17. In the opinion of the management, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet and provisions for all known / expected liabilities have been made.

18. Subsequent to the year end, on May 20, 2013, the Company issued 81,018,417 equity shares of face value of Rs. 2 each at an issue price of Rs. 230 per share, aggregating to Rs. 186,342.36 lac. The Issue was made through the Institutional Placement Programme in terms of Chapter VIII-A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (the "SEBI Regulations") in order to achieve minimum public shareholding of 25%. Post issue, the paid-up share capital of the Company was increased by Rs. 1,620.37 lac.

19. Previous year figures has been regrouped / recast, wherever considered necessary to make them comparable with those of current year.


Mar 31, 2012

A) Rights/preferences/restrictions attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except interim dividend. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will be in proportion to the number of equity shares held by the shareholders. During the year ended March 31, 2012, the amount of proposed final dividend recognized as distributions to equity shareholders was Rs. 2 per share (March 31, 2011 : Rs. 2 per share)

b) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the date March 31, 2012

i) Bonus Shares issued during the financial year 2007-08 to 2011-12

Nil (during FY 2006-07 to 2010-11: 1,338,243,445) equity shares of Rs. 2 each fully paid up allotted by way of capitalisation of free reserves and securities premium account.

ii) Shares bought back during the financial year 2007-08 to 2011-12

7,638,567 (during FY 2006-07 to 2010-11: 7,638,567) equity shares of Rs. 2 each bought back pursuant to Section 77A of the Companies Act, 1956.

iii) Shares issued under Employees Stock Option Plan (ESOP) during the financial year 2007-08 to 2011-12 The Company has issued total 1,235,286 equity shares of Rs. 2 each (during FY 2006-07 to 2010-11: 421,361 equity shares) during the period of five years immediately preceding March 31, 2012 on exercise of options granted under the Employee Stock Option Plan (ESOP).

1. Repayment terms and security for the outstanding long term borrowings (including current maturities) as on March 31, 2012 :

Listed, Secured, Redeemable, Non Convertible Debentures of Rs. 1,000,000 each referred above to the extent of :-

(i) Rs. 72,000.00 lacs are secured by way of pari passu charge on the immovable properties situated at Gurgaon, owned by subsidiary companies. Coupon rate of these debentures is 14.00% and date of redemption is February 24, 2014.

(ii) Rs. 50,000.00 lacs are secured by way of pari passu charge on the immovable property situated at Gurgaon, owned by a subsidiary company. Coupon rate of these debentures is 13.70% and date of redemption is August 18, 2013.

(iii) Rs. 20,000.00 lacs are secured by way of pari passu charge on the immovable property situated at Gurgaon, owned by the Company/ subsidiary company and corporate guarantee of subsidiary company owing the aforesaid immovable property. Coupon rate of these debentures is 10.24% and date of redemption is May 18, 2013.

(iv) Rs. 15,000.00 lacs are secured by way of pari passu charge on the immovable property situated at Gurgaon, owned by the Company/ subsidiary company and corporate guarantee of subsidiary company owing the aforesaid immovable property. Coupon rate of these debentures is 10.24% and date of redemption is February 18, 2013.

(v) Rs. 70,000.00 lacs are secured by way of pari passu charge on the immovable properties situated at Gurgaon owned by a subsidiary company. Coupon rate of these debentures is 10.50% and date of redemption is February 17, 2013.

(vi) Rs. 15,000.00 lacs are secured by way of pari passu charge on the immovable property situated at Gurgaon, owned by the Company/ subsidiary company and corporate guarantee of subsidiary company owing the aforesaid immovable property. Coupon rate of these debentures is 10.24% and date of redemption is November 18, 2012.

2 (a) Repayment terms (excluding current maturities) and security for the outstanding long term borrowings as on March 31, 2012 :

From banks :

Secured foreign currency borrowings :-

(a) Facility of Rs. 143,400.00 lacs, balance amount is repayable in bullet installment falling due in July, 2014. The loan is secured by way of :-

(i) Equitable mortgage of immovable properties situated at New Delhi and Mumbai, owned by certain subsidiary companies.

(ii) Pledge over the shareholding of certain subsidiary companies owing the aforesaid immovable property.

(b) Facility of Rs. 4,573.64 lacs, balance amount is repayable in bullet installment falling due in December, 2013. The loan is secured by way of :-

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the Company/ subsidiary companies.

(ii) Corporate guarantees provided by subsidiary companies owning the aforesaid immovable properties.

Secured INR borrowings :-

(a) Facility of Rs. 50,000.00 lacs, balance amount is repayable in 3 monthly installments starting from November, 2014. The loan is secured by way of :

Equitable mortgage of immovable properties situated at New Delhi, Gurgaon, Kochi and Ludhiana, owned by the Company/subsidiary/ group companies.

(b) Facility of Rs. 50,000.00 lacs, balance amount is repayable in 5 equal monthly installments starting from April, 2014. The loan is secured by way of :

Equitable mortgage of immovable property situated at New Delhi, owned by the Company.

(c) Facility of Rs. 16,331.60 lacs, balance amount is repayable in 49 equal monthly installments starting from April, 2013. The loan is secured by way of :

(i) Equitable mortgage of immovable property situated at Gurgaon, owned by the Company/ subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the Company.

(iii) Corporate guarantee provided by the subsidiary company owning the aforesaid immovable property.

(d) Facility of Rs. 43,500.00 lacs, balance amount is repayable in 15 monthly installments starting from April, 2013. The loan is secured by way of :

(i) Equitable mortgage of immovable properties situated at New Delhi and Gurgaon, owned by subsidiary companies.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by subsidiary companies.

(iii) Corporate guarantees provided by subsidiary companies owning the aforesaid immovable properties.

(e) Facility of Rs. 86,174.10 lacs, balance amount is repayable in 96 installments starting from April, 2013. The loan is secured by way of :

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by subsidiary companies.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by a subsidiary company.

(iii) Corporate guarantees provided by subsidiary companies owning the aforesaid immovable properties.

(f) Facility of Rs. 50,000.00 lacs, balance amount is repayable in 18 equal monthly installments starting from April, 2013. The loan is secured by way of :

(i) Equitable mortgage of immovable properties situated at New Delhi, owned by subsidiary companies.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by subsidiary companies.

(iii) Corporate guarantees provided by the subsidiary companies owning the aforesaid immovable properties.

(g) Facility of Rs. 39,186.00 lacs, balance amount is repayable in 48 monthly installments starting from April, 2013. The loan is secured by way of :

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by subsidiary company.

(ii) Charge on receivables pertaining to the aforesaid immovable property owned by subsidiary company.

(h) Facility of Rs. 50,000.00 lacs, balance amount is repayable in bullet installment falling due in August, 2013. The loan is secured by way of:

(i) Equitable mortgage of immovable properties situated at Gurgaon, Kochi and Ludhiana, owned by the subsidiary/ group companies.

(ii) Corporate guarantees provided by the subsidiary/ group companies owning the aforesaid immovable properties.

(i) Facility of Rs. 11,994.31 lacs, balance amount is repayable in 3 equal annual installments starting from April, 2013.

(j) Facility of Rs. 8,999.99 lacs, balance amount is repayable in 3 equal annual installments starting from April, 2013.

(k) Facility of Rs. 3,998.45 lacs, balance amount is repayable in 2 equal annual installments starting from April, 2013.

The aforesaid term loans are secured by way of :

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by a subsidiary company.

(ii) Negative lien over immovable properties and assignment of lease rentals in respect of certain immovable properties situated at New Delhi and Gurgaon owned by the Company.

(iii) Corporate guarantees provided by the subsidiary company owning the aforesaid immovable properties.

(l) Facility of Rs. 2,699.24 lacs, balance amount is repayable in 3 equal annual installments starting from April, 2013.

(m) Facility of Rs. 3,299.00 lacs, balance amount is repayable in 3 equal annual installments starting from April, 2013.

The aforesaid term loans are secured by way of :

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by a subsidiary company.

(ii) Negative lien over immovable properties and assignment of lease rentals in respect of certain immovable properties situated at New Delhi and Gurgaon owned by the Company.

(n) Facility of Rs. 11,777.55 lacs, balance amount is repayable in 39 monthly installments starting from April, 2013. The loan is secured by way of :

(i) Equitable mortgage of immovable properties situated at New Delhi, owned by the Company.

(ii) Charge on receivables pertaining to the aforesaid immovable property owned by the Company.

(o) Facility of Rs. 58,333.15 lacs, balance amount is repayable in 10 equal monthly installments starting from April, 2013. The loan is secured by way of :

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by the Company/ subsidiary company.

(ii) Corporate guarantees provided by the subsidiary company owning the aforesaid immovable properties.

(p) Facility of Rs. 7,578.51 lacs, balance amount is repayable in 31 monthly installments starting from April, 2013.

(q) Facility of Rs. 6,595.74 lacs, balance amount is repayable in 31 monthly installments starting from April, 2013.

(r) Facility of Rs. 6,595.74 lacs, balance amount is repayable in 31 monthly installments starting from April, 2013.

The aforesaid term loans are secured by way of :

Equitable mortgage on land underneath windmills and exclusive charge on movable assets and receivables of windmills situated at Gujarat.

From others :

Secured INR borrowings :-

(a) Facility of Rs. 110,000.00 lacs, balance amount is repayable in 8 equal quarterly installments starting from June, 2013. The loan is secured by way of :

Equitable mortgage of immovable properties situated at Gurgaon, Hyderabad and Chennai, owned by subsidiary companies.

(b) Facility of Rs. 19,375.00 lacs, balance amount is repayable in 31 equal monthly installments starting from April, 2013. The loan is secured by way of :

Equitable mortgage of immovable properties situated at Gurgaon owned by a subsidiary company.

(c) Facility of Rs. 9,000.00 lacs, balance amount is repayable in 3 equal annual installments starting from April, 2013. The loan is secured by way of :

(i) Equitable mortgage of immovable properties situated at Gurgaon, owned by a subsidiary company.

(ii) Negative lien over immovable properties and assignment of lease rentals in respect of certain immovable properties situated at New Delhi and Gurgaon owned by the Company.

(d) Facility of Rs. 271.39 lacs, balance amount is repayable in 3 equal monthly installments starting from April, 2013. The loan is secured by way of :

First and exclusive charge by way of hypothecation on assets viz Aircraft owned by the Company.

(e) Facility of Rs. 1,926.99 lacs, balance amount is repayable in 27 equal monthly installments starting from April, 2013. The loan is secured by way of :

First and exclusive charge by way of hypothecation on assets viz Helicopter owned by the Company.

(f) Facility of Rs. 19,648.07 lacs, balance amount is repayable in 124 monthly installments starting from April, 2013. The loan is secured by way of :

(i) Equitable mortgage of immovable properties situated at New Delhi and Gurgaon, owned by subsidiary/group companies.

(ii) Negative lien on rights under the concession agreements pertaining to certain immovable properties situated at New Delhi.

(iii) Charge on receivables pertaining to the aforesaid immovable properties owned by the Company/ subsidiary companies/ group companies.

(iv) Corporate guarantees provided by the subsidiary/ group companies owning the aforesaid immovable properties.

Vehicle Loans are repayable in 60 equal monthly installments over the tenure of the loans and the final installments are due for payment in September, 2014. The loans are secured by way of hypothecation on assets, thus purchased.

Security for the short term borrowings :

(i) Equitable mortgage of immovable properties situated at New Delhi and Gurgaon, owned by the Company/subsidiary companies/partnership firm.

(ii) Charge on receivables pertaining to the aforesaid immovable properties owned by the Company/ subsidiary companies/partnership firm.

(iii) Corporate guarantees provided by the subsidiary companies owning the aforesaid immovable properties.

(iv) Corporate guarantee provided by the company and its subsidiary company, in capacity as partner in the partnership firm owning the immovable property.

3. a) The profit/loss from sale of land/developed plots/constructed properties in DLF City, Gurgaon (Complex) is accounted as per revenue recognition policy stated in Note 1(g) - "Significant accounting policies". The Complex comprises land owned by the Company as also those under agreements to purchase entered into with subsidiary/coordinating companies. In terms of such agreements, the Company has purchased 0.003 lacs sq. mts. of plotted area during the year {previous year (2.70) lacs sq. mts.} from the land owning companies at the average cost of land to the Company and/ or the land owning companies. The average estimated internal development costs and external development charges, in respect of the plots sold have been written off in terms of accounting policy stated in Note 1(i) - "Significant accounting policies". Final adjustment, if any, is made on completion of the applicable scheme/ project.

b) The Company on November 3, 2006 has entered into an agreement to sell in terms of the resolution passed by the Board of Directors in their meeting held on March 28, 2006, with one of its wholly owned subsidiary company namely, DLF Home Developers Limited ("DHDL") to sell a parcel of land of saleable area consisting 30 million sq. ft built up area under construction/ to be constructed. Further, DHDL will complete all the finishing work before selling the same to its customers. In terms of the accounting policy stated in Note 1(g)(i) on revenue recognition, revenue in respect of projects under implementation under these agreements to sell is being recognised based on "percentage of completion" method.

4. The Company has entered into business development agreements with DLF Commercial Projects Corporation and Rational Builders and Developers (partnership firms). As per these agreements, the Company has acquired sole irrevocable development rights in identified land which are acquired/or in the process of acquisition by these partnership firms.

In terms of accounting policy stated in Note 1(f) the amount paid to these partnership firms pursuant to the above agreements, are classified as stock of development rights.

5. The following expenses have been directly charged to work-in-progress, adjustable on sale:

C. Provident fund

Contribution made by the Company to the provident fund trust setup by the Company during the year is Rs. 199.84 lacs (previous year Rs. 184.09 lacs).

The Guidance on implementing AS-15, Employee Benefits (revised 2005) issued by the Accounting Standards Board (ASB) states that benefits involving employer established provident funds, which require interest shortfalls to be recompensed are to be considered as defined benefit plans. Pending the issuance of guidance note from the Actuarial Society of India, the Company's actuary has expressed an inability to reliably measure provident fund liabilities. Accordingly, the Company is unable to exhibit the related information.

* Pursuant to the orders of the Hon'ble High Court of Delhi and Hon'ble High Court of Punjab and Haryana at Chandigarh by virtue of scheme of arrangement, Falguni Builders Private Limited, Ganika Builders Private Limited and Gulika Home Developers Private Limited have been merged with Aadarshini Real Estate Developers Private Limited w.e.f. April 13, 2011. Accordingly the transactions with the said entities during the year ended March 31, 2012 and balance outstanding thereto on that date have been disclosed as transactions with and balances outstanding to as the case may be, Aadarshini Real Estate Developers Private Limited during the year ended and as of March 31, 2012.

** Pursuant to the orders of the Hon'ble High Court of Delhi and Hon'ble High Court of Punjab and Haryana at Chandigarh by virtue of scheme of arrangement, Bhoruka Financial Services Limited, DLF Metro Limited and Shakirah Real Estates Private Limited have been merged with DLF Universal Limited w.e.f. March 20, 2012. Accordingly, the transactions with the said entities during the year ended March 31, 2012 and balance outstanding thereto on that date have been disclosed as transactions with and balances outstanding to as the case may be, DLF Universal Limited during the year ended and as of March 31, 2012.

*** Argent Holdings Limited and Sinonet Holding Limited have been merged with Overseas Hotels Limited w.e.f. April 20, 2011. Accordingly, the transactions with the said entities during the year ended March 31, 2012 and balance outstanding thereto on that date have been disclosed as transactions with and balances outstanding to as the case may be, Overseas Hotels Limited during the year ended and as of March 31, 2012.

**** Overseas Hotels Limited has been merged with Silverlink Resorts Limited w.e.f. May 17, 2011. Accordingly, the transactions with the said entities during the year ended March 31, 2012 and balance outstanding thereto on that date have been disclosed as transactions with and balances outstanding to as the case may be, Silverlink Resorts Limited during the year ended and as of December 31, 2011.

# The Company along with its joint venture partner Hubtown Limited ("Hubtown"), have sold 100% of their respective shareholding in DLF Ackruti Info Park (Pune) Limited ("DLF Ackruti"), to an entity controlled by real estate fund affiliated with The Blackstone Group, BRE/Mauritius Investments II, after obtaining all necessary approvals. Prior to the sale of their respective shareholding, the Company and Hubtown held 67% and 33% equity shares in "DLF Ackruti", respectively. Consequent of this disinvestment, DLF Ackruti has ceased to be a subsidiary of DLF Limited w.e.f. December 28, 2011.

## Galaxy Mercantiles Limited ("GML"), a JV Company of DLF Home Developers Limited ("DHDL"); received two tranches of infusion of capital from Infrastructure Development Finance Company Limited ("IDFC") as part of a process for IDFC to acquire 100% stake in GML. An aggregate amount of Rs. 22,049 lacs, has been received in two tranches by the JV partners including DHDL, with the balance to be received from IDFC linked to agreed milestones. DHDL is a wholly owned subsidiary of the Company and prior to the infusion, DHDL had a 71% equity stake in GML and consequent to this capital infusion, DHDL's equity stake got diluted to 40.15% (Post 2nd Tranche) and GML ceased to be a subsidiary of the Company w.e.f. December 2, 2011 and has become an associate company.

* A private company with unlimited liability.

# Bansal Development Company Private Limited was merged (w.e.f. December 15, 2011) in Prem Traders & Investments Private Limited as per the order of the Hon'ble High Court of Delhi dated August 30, 2011.

## Magna Real Estate Developers Private Limited was merged (w.e.f. June 6, 2011) in Parvati Estates Private Limited as per the order of the Hon'ble High Court of Delhi dated March 29, 2011.

### Panchvati Estates Private Limited was merged (w.e.f. November 18, 2011) in Super Mart Two Property Management Services Private Limited as per the order of the Hon'ble High Court of Delhi dated September 8, 2011.

#### Super Mart One Property Management Services Private Limited was merged (w.e.f. July 27, 2011) in Beverly Park Operation and Maintenance Services Private Limited as per the order of the Hon'ble High Court of Delhi dated May 20, 2011.

6. Employees Stock Option Scheme, 2006 (ESOP)

a) During the year ended March 31, 2007, the Company had announced an Employee Stock Option Scheme (the "Scheme") for all eligible employees of the Company, its subsidiaries, joint ventures and associates. 17,000,000 equity shares have been earmarked to be granted under the Scheme and the same will vest as follows:

Pursuant to the above Scheme, the employee will have the option to exercise the right within three years from the date of vesting of shares at Rs. 2 per share, being its exercise price.

The Company has calculated the employee compensation cost using the intrinsic value of the stock options measured by a difference between the fair value of the underline equity shares at the grant date and the exercise price. Had compensation cost been determined in a manner consistent with the fair value method, based on Black Scholes model, the employees compensation cost would have been lower by Rs. 348.13 lacs and proforma profit after tax would have been Rs. 104,414.45 lacs (higher by Rs. 235.18 lacs). On a proforma basis, the basic and diluted earnings per share would have been Rs. 6.15 and Rs. 6.14 respectively.

The fair value of the options granted is determined on the date of the grant using the "Black Scholes option pricing model" with the following assumptions:

7. Employee Shadow Option Scheme

Under the Employee Shadow Option Scheme (the "Scheme"), employees are entitled to get cash compensation based on the average market price of equity share of the Company, upon exercise of shadow option on a future date. As per the scheme, shadow options will vest as follows:-

8. a) The Company uses forward contracts and Swaps to hedge its risks associated with fluctuations in foreign currency and interest rates. The use of Forward contracts and Swaps is covered by Company's overall strategy. The Company does not use forward covers and Swaps for speculative purposes.

As per the strategy of the Company, foreign currency loans are covered by comprehensive hedge, considering the risks associated with the hedging of such loans, which effectively fixes the principal and interest liability of such loans and further there is no additional risk involved post hedging of these loans.

9. Contingent liabilities and Commitments, not provided for, exist in respect of

(I) Contingent liabilities

(Rs. in lacs)

2012 2011

a) Guarantees issued by the Company on behalf of :

Subsidiary companies 971,122.23 901,156.09

Others 64,000.00 13,005.93

b) Claims against the Company (including unasserted claims) not acknowledged as debts 73,999.26 13,001.41

c) Income tax demand in excess of provisions (pending in appeals) 116,933.82 71,855.86

d) Compensation for delayed possession 1,057.07 -

10. The Company is primarily engaged in the business of colonization and real estate development, which as per Accounting Standard - 17 on "Segment Reporting" notified pursuant to the Companies (Accounting Standard) Rules, 2006 issued by the Central Government in exercise of the powers conferred under sub-section (1)(a) of Section 642 of the Companies Act, 1956 is considered to be the only reportable business segment. The Company is primarily operating in India which is considered as a single geographical segment.

11. (a) Wind mill projects of the Company are entitled for tax holiday under Section 80-IA of the Income Tax Act, 1961. Accordingly, the computation of tax (current and deferred) has been done as per Accounting Standard 22 "Accounting for taxes on Income", notified pursuant to the Companies (Accounting Standard) Rules, 2006 issued by the Central Government in exercise of the powers conferred under sub-section (1)(a) of Section 642 of the Companies Act, 1956.

(b) The Company's profits from Special Economic Zone ("SEZ") business are exempted under Section 80-IAB of the Income Tax Act, 1961 and the dividend declared out of such SEZ profits are exempted from Dividend Distribution Tax under the provisions of Section 115-O(6) of the Income Tax Act, 1961.

12. Income tax and other matters

(a) Subsequent to the year ended March 31, 2012, the company received an assessment order for A.Y. 2009-10 from the Income Tax Authorities, creating a demand of Rs. 45,739.22 lacs, out of which, Rs.35,523.71 lacs pertains to demand on account of disallowance of SEZ profits U/s 80-IAB of the Income Tax Act. As already reported last year, similar disallowance of SEZ profits were made by the Income Tax Authorities for the assessment year 2008-09, raising a demand of Rs. 48,723.00 lacs. The Company has filed appeals before the appropriate Appellate Authorities against the said assessment orders.

Based on the advice from independent tax experts, the Company is confident that additional tax so demanded will not be sustained on completion of the appellate proceedings and accordingly, pending the decision by the Appellate Authorities, no provision has been made in these financial statements.

(b) During the year ended March 31, 2011, the Company received judgment from the Hon'ble High Court of Punjab and Haryana cancelling the release/ sale deed of land relating to IT SEZ Project in Gurgaon. The Company has filed Special Leave Petitions (SLPs) challenging the orders in the Hon'ble Supreme Court of India.

The Hon'ble Supreme Court has admitted the matter and stayed the operation of the impugned judgment till further orders.

Based on the advice of the independent legal counsel, the Company has a reasonably strong likelihood of succeeding before the Hon'ble Supreme Court. Pending the final decisions on the above matter, no adjustment has been done in these financial statements.

(c) The Competition Commission of India (CCI) on a complaint filed by the Belaire/ Park Place Owners Associations had passed orders dated August 12, 2011 and August 29, 2011 wherein the CCI had imposed a penalty of Rs. 63,000 lacs on DLF, restrained DLF from formulating and imposing allegedly unfair conditions with buyers in Gurgaon and further ordered to suitably modify the alleged unfair conditions on its buyers.

The said order of CCI is challenged by DLF on several grounds by filing appeals before the Competition Appellate Tribunal (COMPAT).

COMPAT after the hearing on November 9, 2011, has granted stay against the orders of CCI imposing penalty and have further ordered that the directions of CCI for modifications of terms of the Agreement shall remain in abeyance.

The appeals are listed before COMPAT on July 18, 2012 for final hearing. Pending the final decisions, no adjustment has been recorded in these financial statements.

13. The Company was selected as successful bidder in a Global Tender issued by Delhi Development Authority (DDA) for Dwarka Project (the project) in FY 2007-08. Total investment made by the Company in the project as of March 31, 2012 is Rs. 107,402.55 lacs. The company is under litigation for recovery of this amount with DDA. The Company is also under discussion with DDA through Delhi High Court Mediation Cell appointed by Hon'ble High Court of Delhi for alternative options to execute the project.

The Company based upon opinions of legal experts believes that the investment made (classified under Capital Work-in-Progress) in the project is fully recoverable from DDA and accordingly no adjustment has been done in the financial statements.

14. Based on the information available with the Company, there are no dues outstanding in respect of Micro, Small and Medium enterprises at the balance sheet date. No amounts were payable to such enterprises which were outstanding for more than 45 days. Further, no interest during the year has been paid or payable in respect thereof. The above disclosure has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

15. During the year ended March 31, 2012, the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the Company for the preparation and presentation of its financial statements, accordingly previous year figures have also been regrouped/recast wherever considered necessary.


Mar 31, 2011

1. Share capital

(a) Issued, subscribed and paid-up share capital includes:

(i) 5,877,850 equity shares of Rs. 2 each (originally 1,175,570 shares of Rs. 10 each) fully paid-up allotted pursuant to a Scheme of Amalgamation of DLF United Limited with the Company, without payment being received in cash.

(ii) 1,338,603,595 equity shares of Rs. 2 each fully paid issued as bonus shares by way of capitalisation of free reserves and securities premium account.

(b) Upon exercise of Options granted under the Employees Stock Option Scheme 2006 (ESOP), 180,904 (Previous year 240,457) equity shares of Rs. 2 each were issued at par during the year.

(c) Pursuant to the above mentioned transaction the paid-up share capital of the Company increased by Rs. 3.62 lacs, during the year (Previous year: increase by Rs. 4.08 lacs).

2. Secured loans

a) Facilities with banks comprise, term loans and overdraft facilities which are secured by equitable mortgages of certain freehold and leasehold lands/ properties of the Company/subsidiary companies/ sellers/lessors, land under agreement to sell and/ or against future receivables of the Company/subsidiary companies.

b) Loan from others comprise of term loans from financial institutions which are secured by equitable mortgages of certain lands/ properties of some subsidiary entities/ associates/ group companies and the receivables and/ or against future receivables of the Company/ subsidiary companies.

c) Loans for aircraft, helicopter and vehicles are secured by hypothecation of the respective assets, thus purchased.

d) i) 5,000 (previous year 5,000), 13.70%

Non-Convertible Redeemable

Debentures of face value of Rs.1,000,000/- each and 7,200 (previous year 7,200), 14% Non- Convertible Redeemable Debentures of face value of Rs. 1,000,000/- each, issued to the Life Insurance Corporation of India are secured by pari passu charge over certain lands / properties of the Company / subsidiary companies.

ii) 3,000 (previous year 3,000), 10% Non- Convertible Redeemable Debentures of Rs. 1,000,000/- each and 7,000 (previous year 7,000), 10.50% Non- Convertible Redeemable Debentures of Rs. 1,000,000/- each, issued to various investors are secured by pari passu / exclusive charge over certain lands / properties of the Company / subsidiary companies.

iii) 1,500 (previous year Nil), 10.24% Non-Convertible Redeemable

Debentures of Rs. 1,000,000/- each, 1500 (previous year Nil), 10.24% Non- Convertible Redeemable Debentures of Rs. 1,000,000/- each and 2,000 (previous year Nil), 10.24% Non Convertible Redeemable Debentures of Rs. 1,000,000/- each, issued to Bank of India are secured by pari passu charge over certain lands/ properties of the Company/subsidiary companies.

iv) The Company has transferred Rs. 74,600.00 lacs to the debenture redemption reserve in respect of outstanding debentures for the year ended March 31, 2011 in line with the provisions of the Companies Act, 1956.

e) Loans due within one year Rs. 274,605.12 lacs (previous year Rs. 93,914.70 lacs).

3. Unsecured loans

Loans due within one year Rs. 35,884.73 lacs (previous year Rs. 100,000.00 lacs).

6 a) The profit/loss from sale of land / developed plots/constructed properties in DLF City, Gurgaon (Complex) is accounted as per revenue recognition policy 7 stated in Schedule 24 – "Significant accounting policies". The Complex comprises lands owned by the Company as also those under agreements to purchase entered into with subsidiary/ coordinating companies. In terms of such agreements, the Company has purchased (2.70) lacs sq. mts. of plotted area during the year (previous year 3.32 lacs sq. mts.) from the land owning companies at the average cost of land to the Company and/ or the land owning companies. The average estimated internal development costs and external development charges, in respect of the plots sold have been written off in terms of accounting policy 9 stated in Schedule 24 – "Significant accounting policies". Final adjustment, if any, is made on completion of the applicable scheme/ project.

b) The profit/ loss from sale of agricultural land comprising land owned by the Company and its subsidiary/ coordinating companies, covered under agreement to sell the land to the Company is accounted for on execution of the sale agreements in favour of the customers. During the year the Company has purchased Nil acres of land (previous year 2.32 acres) from the land owning companies, consequent to registration of the sale deeds/ transfer of ownership in favour of the customers at the average cost of land to the Company and/ or the land owning companies.

c) In terms of the agreement with DLF Home Developers Limited (earlier DLF Housing and Construction Limited, since merged with DLF Home Developers Limited), and Mayur Recreational and Development Limited, since merged with the DLF Building & Services Private Limited, the Company has agreed to develop their lands along with its own lands at Loni (Ankur Vihar) into a colony. In terms of the said agreement, the Company is entitled to realise and retain the entire sale proceeds and pay the cost of land, incidentals etc. plus a sum of Rs. 0.10 lacs per acre to the aforesaid land owners on registration of the properties and revenue is recognised on proportionate realisation basis.

d) In respect of Dilshad Garden II Scheme, the profit/loss on sale of developed plots is accounted by adjusting cost proportionate to the realisations made.

e) The Company on November 3, 2006 has entered into an agreement to sell in terms of the resolution passed by the Board of Directors in their meeting held on March 28, 2006, with one of its wholly owned subsidiary company namely, DLF Home Developers Limited ("DHDL") to sell a parcel of land of saleable area consisting 30 million sq. ft built up area under construction / to be constructed. Further, DHDL will complete all the finishing work before selling the same to its customers. In terms of the accounting policy 7(a) in Schedule 24 – "Significant accounting policies" to the financial statements on revenue recognition, revenue in respect of projects under implementation under these agreements to sell is being recognised based on "percentage of completion" method.

7. The Company has entered into business development agreements with DLF Commercial Project Corporation and Rational Builders and Developers (partnership firms). As per these agreements, the Company has acquired sole irrevocable development rights in identified lands which are acquired / or in the process of acquisition by these partnership firms.

In terms of accounting policy 6 in Schedule 24 – "Significant accounting policies" the amount paid to these partnership firms pursuant to the above agreements, are classified as stock of development rights.

10. Related party disclosures a) Relationship:

(i) Subsidiary companies at any time during the year

1 Aadarshini Real Estate Developers Private Limited

2 Abhigyan Builders & Developers Private Limited ( w.e.f. November 10, 2010)

3 Abhiraj Real Estate Private Limited

4 Adelie Builders & Developers Private Limited

5 Adeline Builders & Developers Private Limited ( w.e.f. December 7, 2010)

6 Adrienne Builders & Constructions Private Limited ##

7 Alastair Builders & Developers Private Limited ##

8 Alta Builders & Developers Private Limited

9 Alvernia Limited

10 Alvita Builders & Developers Private Limited

11 Aman Gocek Insatt Taahhut Turizm Sanayi ve Ticaret AS

12 Amancruises (2006) Company Limited

13 Amancruises Company Limited

14 Amankila Resorts Limited

15 Amanproducts Limited

16 Amanresorts B.V.

17 Amanresorts International Pte Limited

18 Amanresorts IPR B.V

19 Amanresorts Limited

20 Amanresorts Limited

21 Amanresorts Management BV

22 Amanresorts Services Limited

23 Amanresorts Technical Services B.V

24 Americus Real Estate Private Limited

25 Amishi Builders & Developers Private Limited

26 Amoda Builders & Developers Private Limited ##

27 Amon Builders & Developers Private Limited ( till December 3, 2010) ++

28 Anbest Holdings Limited

29 Andaman Development Company Limited

30 Andaman Holdings Limited

31 Andaman Resorts Co. Limited

32 Andaman Thai Holding Co. Limited

33 Andes Resort Limited SAC

34 Anjuli Builders And Developers Private Limited ####

35 Annabel Builders & Developers Private Limited

36 Aradal Company N.V.

37 Argent Holdings Limited

38 Ariadne Builders & Developers Private Limited ( w.e.f. September 9, 2010)

39 ARL Marketing Inc.

40 ARL Marketing Limited

41 Armand Builders & Constructions Private Limited ( w.e.f. December 7, 2010)

42 ASL Management (Palau) Limited

43 Baakir Real Estates Private Limited ( w.e.f. September 6, 2010)

44 Balaji Highways Holding Private Limited (w.e.f. May 15, 2010 )

45 Balina Pansea Company Limited

46 Barbados Holdings Limited

47 Bedelia Builders & Construction Private Limited

48 Benedict Estates Developers Private Limited ( w.e.f. November 10, 2010)

49 Berenice Real Estate Private Limited

50 Beverly Park Maintenance Services Limited

51 Bhamini Real Estate Developers Private Limited

52 Bhoruka Financial Services Limited

53 Bhosphorous Investments Limited

54 Bhutan Hotels Limited

55 Bodrum Development Limited

56 Breeze Constructions Private Limited

57 Butan Resorts Private Limited (Amankora)

58 Cachet Real Estates Private Limited ( w.e.f. December 7, 2010)

59 Calantha Builders & Developers Private Limited ####

60 Callista Builders & Constructions Private Limited ##

61 Calvine Builders & Constructions Private Limited ( w.e.f. December 7, 2010)

62 Caraf Builders & Constructions Private Limited

63 Careen Builders & Developers Private Limited (till October 31, 2010)

64 Caressa Builders & Constructions Private Limited ####

65 Catriona Builders & Constructions Private Limited

66 Cee Pee Maintenance Services Limited

67 Ceylon Holdings B.V.

68 Chakradharee Estates Developers Private Limited (w.e.f. November 10, 2010)

69 Chandrojyoti Estate Developers Private Limited

70 City Icon Limited (till April 27, 2010) ++

71 Colombo Resort Holdings N.V

72 Comfort Buildcon Private Limited

73 Current Finance Limited

74 Cyrilla Builders & Constructions Limited

75 Dae Real Estates Private Limited (w.e.f. November 10, 2010)

76 Dalmia Promoters & Developers Private Limited

77 Dankuni World City Limited

78 Delanco Home & Resorts Private Limited

79 Delanco Real Estate Private Limited (w.e.f. December 16, 2010)

80 Delanco Realtors Private Limited

81 Deltaland Buildcon Private Limited

82 Deltaland Real Estate Private Limited (w.e.f. December 7, 2010)

83 DHDL Wind Power Private Limited (Formerly Var Infratech Private Limited)

84 Dhoomketu Builders & Developers Private Limited

85 Digital Talkies Private Limited (w.e.f. October 29, 2010)

86 Diwakar Estates Limited

87 DLF Ackruti Info Parks (Pune) Limited (Formerly DLF Akruti Info Parks (Pune) Limited)

88 DLF Aspinwal Hotels Private Limited

89 DLF Assets Private Limited

90 DLF Brands Limited (till October 31, 2010)

91 DLF Business Hotels Ventures Private Limited (till September 29, 2010) ++

92 DLF City Centre Limited

93 DLF City Centre Limited (till April 27, 2010) ++

94 DLF Cochin Hotels Private Limited

95 DLF Comfort Hotels Private Limited

96 DLF Commercial Complexes Limited ##

97 DLF Commercial Developers Limited

98 DLF Construction Limited (Formerly DLF Projects Limited )

99 DLF Cyber City Developers Limited

100 DLF Developers Limited

101 DLF Emporio Restaurants Limited

102 DLF Estate Developers Limited

103 DLF Exotica Hotels Private Limited ++

104 DLF Financial Services Limited

105 DLF Finvest Limited

106 DLF Food Courts Private Limited ##

107 DLF Garden City Indore Private Limited

108 DLF Global Hospitality Limited

109 DLF Golf Resort Limited

110 DLF Gurgaon Developers Limited (Formerly DLF SEZ Holdings Limited)

111 DLF Haryana SEZ (Ambala) Limited

112 DLF Haryana SEZ (Gurgaon) Limited

113 DLF Hilton Hotels (Mysore) Private Limited

114 DLF Home Developers Limited

115 DLF Home Services Private Limited

116 DLF Homes Ambala Private Limited

117 DLF Homes Durgapur Private Limited ####

118 DLF Homes Goa Private Limited

119 DLF Homes Kokapet Private Limited

120 DLF Homes Panchkula Private Limited

121 DLF Homes Pune Private Limited

122 DLF Homes Rajapura Private Limited

123 DLF Hospitality & Recreational Limited

124 DLF Hotel Holdings Limited

125 DLF Hotels & Apartments Private Limited

126 DLF Hotels & Hospitality Limited (Formerly DLF Hilton Hotels Limited)

127 DLF Housing & Construction Limited ####

128 DLF India Limited (Formerly DLF Universal Limited)

129 DLF Info City Developers (Chandigarh) Limited

130 DLF Info City Developers (Chennai) Limited

131 DLF Info City Developers (Kolkata) Limited

132 DLF Info Park Developers (Chennai) Limited

133 DLF Infra Holding Limited ####

134 DLF Inns Limited

135 DLF International Holdings Pte Limited

136 DLF International Hospitality Corp

137 DLF Jaipur Convention Center Private Limited (till September 29, 2010) ++

138 DLF Land Limited ####

139 DLF Luxury Hotels Limited

140 DLF Metro Limited

141 DLF New Delhi Convention Center Limited

142 DLF New Gurgaon Homes Developers Private Limited

143 DLF New Gurgaon Offices Developers Private Limited

144 DLF New Gurgaon Retail Developers Private Limited

145 DLF Phase IV Commercial Developers Limited

146 DLF Pramerica Life Insurance Company Limited

147 DLF Premium Homes Private Limited ####

148 DLF Projects Limited (Formerly DT Projects Limited )

149 DLF Property Developers Limited

150 DLF Real Estates Builders Limited

151 DLF Recreational Foundation Limited

152 DLF Residential Builders Limited

153 DLF Residential Developers Limited

154 DLF Residential Partners Limited

155 DLF Retail Services Limited ##

156 DLF Service Apartments Limited

157 DLF Services Limited (till October 12, 2010) ###

158 DLF SEZ Developers Limited ####

159 DLF Southcourt Hotels Private Limited (till September 29, 2010) ++

160 DLF Southern Homes Private Limited

161 DLF SouthernTowns Private Limited

162 DLF Telecom Limited

163 DLF Trust Management Pte Limited

164 DLF Universal Limited

(Formerly DLF Retail Developers Limited)

165 DLF Utilities Limited

166 DLF Wind Power Private Limited (Formerly Bestvalue Housing & Construction Private Limited)

167 Domus Real Estates Private Limited (w.e.f. December 16, 2010)

168 Domus Realtors Private Limited (w.e.f. December 7, 2010)

169 DT Cinemas Limited (till October 12, 2010) ###

170 Eastern India Powertech Limited

171 Edward Keventer(Successors) Private Limited

172 Eila Builders & Developers Private Limited

173 Elvira Builders & Constructions Private Limited ( w.e.f. December 7, 2010)

174 Enki Retail Private Limited (till October 31, 2010)

175 Eros Retail Private Limited (till October 31, 2010)

176 Falguni Builders Private Limited

177 Faye Builders & Constructions Private Limited (w.e.f. December 7, 2010)

178 First City Real Estate Private Limited (w.e.f. December 7, 2010)

179 Flora Real Estate Private Limited (w.e.f. December 7, 2010)

180 Fonton Limited

181 Forerum Group Limited

182 Galaxy Mecantiles Limited

183 Galleria Property Management Services Private Limited

184 Ganika Builders Private Limited

185 Gavin Builders & Developers Private Limited ##

186 Geocities Airport Infrastructures Private Limited

187 Goyo Services Limited

188 Guardian International Private Limited

189 Gulika Home Developers Private Limited

190 Gulliver Enterprises Limited

191 Gyan Real Estate Developers Private Limited

192 Hansel Builders & Developers Private Limited (w.e.f. December 7, 2010)

193 Heritage Resorts Private Limited

194 Hiemo Builders & Developers Private Limited

195 Highvalue Builders Private Limited

196 Hospitality Tradings Limited

197 Hotel Finance International Limited

198 Hotel Sales Service Limited

199 Hotel Sales Service Private Limited

200 Hyacintia Real Estate Developers Private Limited (w.e.f. September 9, 2010)

201 Incan Valley Holdings Limited

202 Irving Builders & Developers Private Limited (w.e.f.December 7, 2010)

203 Isabel Builders & Developers Private Limited

204 Ishayu Builders & Developers Private Limited (till December 3, 2010) ++

205 Jackson Hole Holdings Limited

206 Jai Luxmi Real Estate Private Limited

207 Jalisco Holdings Pte Limited

208 Janya Estate Developers Private Limited ####

209 Jawala Real Estate Private Limited

210 Juno Retail Private Limited (till October 31, 2010)

211 K G Infrastructure Private Limited

212 Kairav Real Estate Private Limited ####

213 Kapo Retail Private Limited (till October 31, 2010)

214 Khem Buildcon Private Limited

215 L P Hospitality Company Limited

216 Lada Estates Private Limited (w.e.f. December 7, 2010)

217 Laman Real Estate Private Limited

218 Lao Holdings Limited

219 Lawanda Builders & Developers Private Limited

220 Le Savoy Limited

221 Leandra Builders & Developers Private Limited ##

222 Lear Builders & Developers Private Limited (w.e.f. December 7, 2010)

223 Lempo Buildwell Private Limited (w.e.f. December 7, 2010)

224 Liber Buildwell Private Limited (w.e.f. December 7, 2010)

225 Lizebeth Builders & Developers Private Limited (w.e.f. November 10, 2010)

226 Lodhi Property Company Limited

227 Mariposa Builders & Developers Private Limited (w.e.f. December 7, 2010)

228 Marrakech Investments Limited

229 Melosa Builders & Developers Private Limited (w.e.f. December 7, 2010)

230 Mens Buildcon Private Limited

231 Mhaya Buildcon Private Limited

232 Monroe Builders & Developers Private Limited

233 Mulvey B.V

234 Mulvey Venice Sri

235 Naman Consultants Limited

236 Nambi Buildwell Private Limited

237 Necia Builders & Developers Private Limited ##

238 Nellis Builders & Developers Private Limited

239 NewGen MedWorld Hospitals Limited

240 Nilayam Builders & Developers Limited

241 NOH (Hotel) Private Limited

242 Nusantara Island Resorts Limited

243 Otemachi Tower Resorts Co. Limited

244 Overseas Hotels Limited

245 P.T. Amanresorts Indonesia

246 P.T. Amanusa Resort Indonesia

247 P.T. Indrakila Villatama Development

248 P.T. Moyo Safari Abadi

249 P.T. Nusantara Island Resorts

250 P.T. Tirta Villa Ayu

251 P.T. Villa Ayu

252 Palawan Holdings Limited

253 Paliwal Developers Limited

254 Paliwal Real Estate Private Limited

255 PAT Infrastructures Private Limited ##

256 Pee Tee Property Management Services Limited

257 Penthea Builders & Developers Private Limited (w.e.f. November 10, 2010)

258 Philana Builders & Developers Private Limited (w.e.f. November 10, 2010)

259 Phoena Builders & Developers Private Limited (w.e.f. November 10, 2010)

260 Phraya Riverside (Bangkok) Co. Limited

261 Princiere Resorts Limited

262 Prompt Real Estate Private Limited

263 Puri Limited

264 Pyrite Builders & Constructions Private Limited (w.e.f. December 7, 2010)

265 Qabil Builders & Constructions Private Limited (w.e.f. December 7, 2010)

266 Queensdale Management Limited

267 Rachelle Builders & Constructions Private Limited (w.e.f. December 7, 2010)

268 Rati Infratech Private Limited

269 Red Acres Development Limited

270 Regency Park Property Management Services Private Limited

271 Regent Asset Finance Limited

272 Regent Land Limited

273 Regional Design & Research B.V

274 Regional Design & Research N.V

275 Reha Retail Private Limited (till October 31, 2010)

276 Richmond Park Property Management Services Limited

277 Riveria Commercial Developers Limited

278 Rochelle Builders & Constructions Private Limited (w.e.f. December 7, 2010)

279 Rod Retail Private Limited (till October 31, 2010)

280 Royalton Builders & Developers Private Limited (w.e.f. December 7, 2010)

281 Saguna Builders & Developers Private Limited (w.e.f. December 7, 2010)

282 Saket Holiday Resorts Private Limited

(Formerly Saket Courtyard Hospitality Private Limited )

283 Samali Builders & Developers Private Limited ####

284 Serendib Holdings B.V.

285 Shakirah Real Estates Private Limited (Formerly DLF Pleasure Hotels Private Limited )

286 Shivajimarg Properties Limited

287 Silver - Two (Bangkok) Company Limited

288 Silver Oaks Property Management Services Limited

289 Silverlink (Mauritius) Limited

290 Silverlink (Thailand) Company Limited

291 Silverlink Resorts Limited (Formerly Silverlink Holdings Limited)

292 Sinonet Holding Limited

293 Societe Nouvelle de LHotel Bora Bora

294 Solid Buildcon Private Limited ####

295 Springhills Infratech Private Limited

296 Sunlight Promoters Private Limited

297 Tahitian Resorts Limited

298 Tangalle Property Private Limited

299 Toscano Holdings Limited

300 Triumph Electronics Private Limited

301 Universal Hospitality Limited

302 Urvasi Infratech Private Limited

303 Valini Builders & Developers Private Limited

304 Vibodh Developers Private Limited (w.e.f. November 10, 2010)

305 Vilina Estate Developers Private Limited (w.e.f. December 7, 2010)

306 Villajena Development Company Limited

307 Vinanti Builders & Developers Private Limited (w.e.f. December 7, 2010)

308 Vkarma Capital Investment Management Company Private Limited

309 Vkarma Capital Trustee Company Private Limited

310 VSK Investment & Finance Limited #

311 Wagishwari Estates Private Limited (till December 3, 2010) ++

312 Webcity Builders & Developers Private Limited (w.e.f. November 10, 2010)

313 Yucatan Holdings Pte Limited

314 Zeugma Limited

315 Zola Real Estate Private Limited

316 Zoria Infratech Private Limited

317 Norman Cays Holdings Limited

(ii) Partnership firms

1 DLF Commercial Projects Corporation

2 DLF Office Developers

3 DLF South Point

4 Kavicon Partners

5 Rational Builders and Developers

6 DLF GK Residency

7 Saket Courtyard Hospitality

8 DLF Green Valley (w.e.f. December 31, 2010)

(iii) Joint Ventures

1 Star Alubuild Private Limited

2 Delanco Real Estates Private Limited (till December 15, 2010)

3 Kujjal Builders Private Limited

4 DLF Gayatri Home Developers Private Limited

5 DLF SBPL Developer Private Limited

(iii) Joint Ventures (Contd.)

6 DLF Limitless Developers Private Limited

7 Mount Mary Residential Project

8 GSG DRDL Consortium

9 Y.G. Realty Private Limited

10 Design Plus Architecture Private Limited ( w.e.f. December 7, 2010)

11 Banjara Hills Hyderabad Complex

12 Saket Courtyard Hospitality

13 Domus Real Estate Private Limited (till December 15, 2010)

14 Cleva Builders and Developers Private Limited

15 Prowess Buildcon Private Limited

(iv) Associates

1 Australian Resorts Limited

2 Ferragamo Retail India Private Limited (till October 31, 2010)

3 Giorgio Armani India Private Limited (till October 31, 2010)

4 Islan Aviation Limited

5 Joyous Housing Limited

6 Kyoto Resorts YK

7 P.T Jawa Express Amanda Indah

8 Pamalican Island Holdings Inc

9 Pandis (Thailand) Company Limited

10 Pansea Tourism Company Limited

11 Regional D & R Limited

12 Revlys SA

13 Seven Seas Resorts and Leisure Inc

14 Surin Bay Co. Limited

15 Villajena

16 Zeus Infrastructure Private Limited

17 Rapid Rail Metro Gurgaon Limited (w.e.f. May 27, 2010)

# Pursuant to the Order of the Honourable High Court of Delhi by virtue of Scheme of Arrangement, the said entity has been merged with DLF Real Estate Builders Limited. Accordingly, transactions with the said entity during the year ended March 31, 2011 and balance outstanding thereto on that date have been disclosed as transactions with and balances outstanding to as the case may be, DLF Real Estate Builders Limited during the year ended and as of March 31, 2011.

## Pursuant to the Order of the Honourable High Court of Delhi by virtue of Scheme of Arrangement, the said entities have been merged with DLF Universal Limited (Formerly DLF Retail Developers Limited). Accordingly, transactions with the said entities during the year ended March 31, 2011 and balance outstanding thereto on that date have been disclosed as transactions with and balances outstanding to as the case may be, DLF Universal Limited (Formerly DLF Retail Developers Limited) during the year ended and as of March 31, 2011.

### Pursuant to the Order of the Honble High Court of Punjab and Haryana at Chandigarh by virtue of scheme of arrangement, the said entities have been merged with DLF Utilities Limited. Accordingly, transactions with the said entities during the year ended March 31, 2011 and balance outstanding thereto on that date have been disclosed as transactions with and balances outstanding to as the case may be, DLF Utilities Limited during the year ended and as of March 31, 2011.

#### Pursuant to the Order of the Honble High Court of Delhi and the Honble High Court of Punjab & Haryana by virtue of Scheme of Arrangement, the said entities have been merged with DLF Home Developers Limited. Accordingly, transactions with the said entities during the year ended March 31, 2011 and balance outstanding thereto on that date have been disclosed as transactions with and balances outstanding to as the case may be, DLF Home Developers Limited during the year ended and as of March 31, 2011.

++ Company already wound up u/s 560, Registrar of Companies approval awaited.

16. a) The Company uses forward contracts and Swaps to hedge its risks associated with fluctuations in foreign currency and interest rates. The use of Forward contracts and Swaps is covered by Companys overall strategy. The Company does not use forward covers and Swaps for speculative purposes. As per the strategy of the Company, foreign currency loans are covered by comprehensive hedge, considering the risks associated with the hedging of such loans, which effectively fixes the principal and interest liability of such loans and further there is no additional risk involved post hedging of these loans.

17. Contingent liabilities, not provided for, exist in respect of :

(Rs. in lacs)

2011 2010

a) Guarantees issued by the Company on behalf of :

Subsidiary companies 901,156.09 626,456.09

Others 13,005.93 13,005.93

b) Claims against the Company (including unasserted claims) not acknowledged as debts 13,001.41 13,778.33

c) Income tax demand in excess of provisions (pending in appeals) 71,855.86 50,992.28

d) Undertaki ng to buy back preference shares in subsidiary/ associate companies -- 186,629.82 28. (a) Wind mill projects of the Company are entitled for tax holiday under section 80-IA of the Income tax Act, 1961. Accordingly, the computation of tax (current and deferred) has been done as per Accounting Standard 22 "Accounting for taxes on Income" issued by the ICAI.

(b) The Companys profits from Special Economic Zone ("SEZ") business are exempt under section 80- IAB of the Income Tax Act, 1961 and the dividend declared out of such SEZ profits are exempt from Dividend Distribution Tax under the provisions of section 115-O(6) of the Income tax Act, 1961.

In line with the above provisions, the Company has not provided the dividend Tax since the dividend has been declared out of non SEZ profits and after adjustment of the dividend received from its wholly owned subsidiary company in terms of provisions of section 115-O(1A)(i) of the Income tax Act, 1961.

29. Income Tax and other matters

a) Subsequent to the year ended March 31, 2011, the Company received an assessment order for A.Y. 2008-2009 from the Income Tax Authorities, creating an additional demand of Rs. 54,684.97 lacs, out of which, Rs. 48,723.00 lacs pertains to demand on account of disallowance of SEZ profit u/s 80IAB of Income Tax Act. The Company is challenging the order with the appropriate authorities.

Based on the advice from independent tax experts, the Company is confident that the additional demand so created will not be sustained. Pending of the order of the appellate authorities no provision has been made in the financial statements.

b) On March 25, 2011, the Company received Appellate Order from CIT (Appeals) in respect of the A.Y. 2006-2007. As per this appeal order, the Appellate authority has given significant relief under the various items resulting reducing the demand from Rs. 48,274.34 lacs to Rs. 7,314.24 lacs.

The Company has further filed an appeal before the ITAT, Delhi against the appellates order for the remaining demand of Rs.7,314.24 lacs.

Based on the advice from independent tax experts, the Company is confident that this balance demand of Tax will also not be sustained by the appellate authorities. Pending the order of ITAT, no provision has been made in the financial statements.

c) During the year ended March 31, 2011, the Company received a judgement from the Honble High Court of Punjab and Haryana cancelling the release / sale deed of land relating to IT SEZ project in Gurgaon. The Company has filed Special Leave petitions, challenging the order in the Honble Supreme Court of India.

Based on the advice of the independent legal counsel, the Company has a reasonably strong likelihood of succeeding before the Honble Supreme Court. Pending the final decision on the matter; no adjustment has been done in these financial statements.

30. Based on the information available with the Company, there are no dues outstanding in respect of Micro, Small and Medium enterprises at the balance sheet date. No amounts were payable to such enterprises which were outstanding for more than 45 days. Further, no interest during the year has been paid or payable in respect thereof. The above disclosure has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

31. Previous year figures have been regrouped/ recast wherever considered necessary to make them comparable with those of the current year.


Mar 31, 2010

1. Share capital

(a) Issued, subscribed and paid-up share capital includes

i) 5,877,850 equity shares of Rs. 2 each (originally 1,175,570 equaity shares of Rs. 10 each) fully paid- up allotted pursuant to a scheme of amalgamation of DLF United Limited with the Company, without payment being received in cash.

ii) 1,338,603,595 equity shares of Rs. 2 each fully paid issued as bonus shares by way of capitalisation of free reserves and securities premium account.

(b) The calls in arrears have reduced during the year by Rs. 163.73 lacs (previous year Rs. 94.55 lacs), comprising share capital of Rs. 0.44 lacs (previous year Rs. 0.26 lacs) and securities premium of Rs. 163.29 lacs (previous year Rs. 94.29 lacs), which includes forfeiture of 43,680 partly paid equity shares of Rs. 2 each having impact in share capital of Rs. 0.44 lacs and securities premium of Rs. 228.45 lacs.

(c) In the previous year, Company had issued Public Announcement (PA) and Corrigendum to PA dated September 30, 2008 and October 15, 2008 respectively, for buy back of its shares from the open market at a price not exceeding Rs. 600 per share for an aggregate amount not exceeding Rs. 110,000 lacs. During the current fi nancial year the Company completed the buy back process and further bought back 15,000 equity shares (previous year 76,23,567) under the said buy back programme.

(d) Upon exercise of Options granted under the Employees Stock Option Scheme 2006 (ESOP), 240,457 (previous year Nil) equity shares of Rs. 2 each were issued at par during the year.

(e) Pursuant to the above mentioned transactions the paid-up share capital of the Company increased by Rs. 4.08 lacs, during the year (previous year : decrease by Rs. 152.21 lacs).

2. Reserves and surplus

Pursuant to the buyback programme, referred to in note 1(c) above, Capital redemption reserve has been created out of General reserve for Rs. 0.30 lacs (previous year Rs. 152.47 lacs) being the nominal value of shares bought back under the buyback programme in terms of Section 77AA of the Companies Act, 1956.

3. Secured loans

a) Facilities with banks comprise, term loans and overdraft facilities which are secured by equitable mortgages of certain freehold and leasehold lands/ properties of the Company/ subsidiary Companies / sellers / lessors, land under agreement to sell and/ or against future receivables of the Company/subsidiary companies.

b) Loan from others comprise of term loans from fi nancial institutions which are secured by equitable mortgages of certain lands/properties of some subsidiary entities/associates/group companies and the receivables and/ or against future receivables of the Company/subsidiary companies.

c) Loans for aircraft, helicopter, wind mill projects and vehicles are secured by hypothecation of the respective assets, thus purchased.

d) i) 5,000 (previous year 5,000), 13.70%

Non Convertible Redeemable Debentures of face value of Rs. 10,00,000 each and 7200 (previous year 7,200), 14% Non Convertible Redeemable Debentures of face value of Rs. 10,00,000 each, issued to the Life Insurance Corporation of India are secured by pari passu charge over certain lands / properties of the Company / subsidiary companies.

ii) 3,000 (previous year nil), 10% Non Convertible Redeemable Debentures of Rs. 10,00,000 each and 7,000 (previous year nil), 10.50% Non Convertible Redeemable Debentures of Rs. 10,00,000 each, issued to various investors are secured by pari passu/ exclusive charge over certain lands / properties of the Company / subsidiary companies.

e) Loans due within one year Rs. 93,914.70 lacs (previous year Rs. 238,181.85 lacs).

4. Unsecured loans

Loans due within one year Rs. 100,000.00 lacs (previous year Rs. 133,500.00 lacs).

5. a) The profit/loss from sale of land/ developed plots/constructed properties in DLF City, Gurgaon (Complex) is accounted as per revenue recognition policy 7 stated in Schedule 24 – "Signifi cant accounting policies". The Complex comprises lands owned by the Company as also those under agreements to purchase entered into with subsidiary/ coordinating companies. In terms of such agreements, the Company has purchased 3.32 lacs sq. mts. of plotted area during the year (previous year 3.01 lacs sq. mts.) from the land owning companies at the average cost of land to the Company and/ or the land owning companies. The average estimated internal development costs and external development charges, in respect of the plots sold have been written off in terms of accounting policy 9 stated in Schedule 24 – "Signifi cant accounting policies". Final adjustment, if any, is made on completion of the applicable scheme/ project.

b) The profit/ loss from sale of agricultural land comprising land owned by the Company and its subsidiary/ coordinating companies, covered under agreement to sell the land to the Company is accounted for on execution of the sale agreements in favour of the customers. During the year the Company has purchased 2.32 acres of land (previous year Nil acres) from the land owning companies, consequent to registration of the sale deeds/ transfer of ownership in favour of the customers at the average cost of land to the Company and/ or the land owning companies.

c) In terms of the agreement with DLF Housing and Construction Limited and Mayur Recreational and Development Limited, since merged with the DLF Building & Services Private Limited, the Company has agreed to develop their lands along with its own lands at Loni (Ankur Vihar) into a colony. In terms of the said agreement, the Company is entitled to realise and retain the entire sale proceeds and pay the cost of land, incidentals etc. plus a sum of Rs. 0.10 lacs per acre to the aforesaid land owners on registration of the properties and revenue is recognised on proportionate realisation basis.

d) In respect of Dilshad Garden II Scheme, the profit/loss on sale of developed plots is accounted by adjusting cost proportionate to the realisations made.

e) The Company on November 3, 2006 has entered into an agreement to sell in terms of the resolution passed by the Board of Directors in their meeting held on March 28, 2006, with one of its wholly-owned subsidiary company namely, DLF Home Developers Limited ("DHDL") to sell a parcel of land of saleable area consisting 30 million sq. ft. built up area under construction / to be constructed. Further, DHDL will complete all the fi nishing work before selling the same to its customers. In terms of the accounting policy 7 in Schedule 24 – "Signifi cant accounting policies" to the fi nancial statements on revenue recognition, revenue in respect of projects under implementation under these agreements to sell is being recognised based on "percentage of completion" method.

8. The Company has entered into business development agreements with DLF Commercial Project Corporation and Rational Builders and Developers (partnership firms). As per these agreements, the Company has acquired sole irrevocable development rights in identified lands which are acquired / to be acquired by these partnership firms.

In terms of accounting policy 6 in Schedule 24 – "Signifi cant accounting policies" the amount paid to these partnership fi rms pursuant to the above agreements, are classifi ed as stock of development rights.

C. Provident fund

Contribution made by the Company to the provident fund trust setup by the Company during the year is Rs. 192.51 lacs (previous year Rs. 199.07 lacs).

As at the year end, no interest shortfall in provident fund remains unprovided for as there is surplus in the fund. In the absence of guidance on actuarial valuation of Fund liability, which is to be issued by the Actuarial Society of India, the actuarial valuation liability towards Provident Fund is not feasible. Accordingly, other related disclosures in respect of provident fund have not been furnished.

6. Related party disclosures

a) Relationship:

(i) Subsidiary companies at any time during the year

1 Aadarshini Real Estate Developers Private Limited

2 Abhiraj Real Estate Private Limited

3 Adelie Builders & Developers Private Limited

4 Adrienne Builders & Constructions Private Limited

5 Alastair Builders & Developers Private Limited

6 Alta Builders & Developres Private Limited

7 Alvernia Limited

8 Alvita Builders & Developers Private Limited (w.e.f. June 30, 2009)

9 Aman Gocek Insatt Taahhut Turizm Sanayi ve Ticaret AS

10 Amancruises (2006) Company Limited

11 Amancruises Company Limited

12 Amankila Resorts Limited

13 Amanproducts Limited

14 Amanresorts B.V.

15 Amanresorts International Pte. Limited

16 Amanresorts IPR B.V.

17 Amanresorts Limited

18 Amanresorts Limited ( w.e.f. April 02, 2009)

19 Amanresorts Mangement B.V.

20 Amanresorts Services Limited

21 Amanresorts Technical Services B.V.

22 Americus Real Estate Private Limited

23 Amishi Builders & Developers Private Limited

24 Amoda Builders & Developers Private Limited

25 Anbest Holdings Limited

26 Andaman Development Company Limited

27 Andaman Holdings Limited

28 Andaman Resorts Co. Limited

29 Andaman Thai Holding Co. Limited

30 Andes Resort Limited SAC

31 Anjuli Builders & Developers Private Limited

32 Annabel Builders & Developers Private Limited

33 Aradal Company N.V.

34 Argent Holdings Limited

35 ARL Marketing Inc.

36 ARL Marketing Limited

37 ASL Management (Palau) Limited

38 Balina Pansea Company Limited

39 Barbados Holdings Limited

40 Bedelia Builders & Construction Private Limited

41 Belmount Estate Developers Limited # # #

42 Berenice Real Estate Private Limited

43 Beverly Park Maintenance Services Limited

44 Bhamini Real Estate Developers Private Limited

45 Bhoruka Financial Services Limited

46 Bhosphorous Investments Limited

47 Bhutan Hotels Limited

48 Bodrum Development Limited

49 Breeze Constructions Private Limited

50 Bhutan Resorts Private Limited

51 Calantha Builders & Developers Private Limited

52 Callista Builders & Constructions Private Limited

53 Caraf Builders & Constructions Private Limited (w.e.f. March 19, 2010)

54 Carreen Builders & Developers Private Limited ( w.e.f. February 01, 2010)

55 Caressa Builders & Constructions Private Limited

56 Catriona Builders & Constructions Private Limited

57 Cee Pee Maintenance Services Limited

58 Ceylon Holdings B.V.

59 Chaitra Realty Limited (up to July 03, 2009)

60 Chakrita Real Estate Developers Private Limited ++

61 Chandrajyoti Estate Developers Private Limited

62 City Icon Limited

63 Columbo Resort Holdings N.V

64 Comfort Buildcon Private Limited

65 Current Finance Limited

66 Cyrilla Builders & Constructions Limited

67 Dalmia Promoters & Developers Private Limited

68 Dankuni World City Limited

69 Delanco Home & Resorts Private Limited

70 Delanco Realtors Private Limited

71 Deltaland Buildcon Private Limited

72 DHDL Wind Power Private Limited (formerly Var Infratech Private Limited)

73 Dhoomketu Builders & Developers Private Limited

74 Diwakar Estates Limited

75 DLF Ackruti Info Parks (Pune) Limited [formerly DLF Akruti Info Parks (Pune) Limited]

76 DLF Airport Hotels Private Limited (till October 16, 2009)

77 DLF Aspinwal Hotels Private Limited

78 DLF Assets Private Limited (w.e.f. March 19, 2010)

79 DLF Brands Limited

80 DLF Budget Venture Hotels Private Limited (till October 16, 2009)

81 DLF Business Hotels Ventures Private Limited

82 DLF City Centre Limited

83 DLF City Centre Limited

84 DLF Cochin Hotels Private Limited

85 DLF Comfort Hotels Private Limited

86 DLF Commercial Complexes Limited

87 DLF Commercial Developers Limited

88 DLF Conventions & Hotels Private Limited (till October 16, 2009)

89 DLF Cyber City Developer Limited

90 DLF Deluxe Hotels Private Limited (till October 16, 2009)

91 DLF Developers Limited

92 DLF Emporio Resturants Limited

93 DLF Estate Developers Limited

94 DLF Estates (Delhi) Private Limited ##

95 DLF Exhibition Centre Private Limited (till October 16, 2009)

96 DLF Exotica Hotels Private Limited +++

97 DLF Financial Services Limited

98 DLF Finvest Limited

99 DLF Food Courts Private Limited

100 DLF Garden City Indore Private Limited

101 DLF Global Hospitality Limited

102 DLF Golf Resorts Limited

103 DLF Green Power Private Limited ###

104 DLF Gurgaon Developers Limited (formerly DLF SEZ Holdings Limited) ( w.e.f. August 31, 2009)

105 DLF Haryana SEZ (Ambala) Limited

106 DLF Haryana SEZ (Gurgaon) Limited

107 DLF Hilton Hotels Limited

108 DLF Hilton Hotels (Mysore) Private Limited

109 DLF Home Developers Limited

110 DLF Homes Services Private Limited

111 DLF Homes Ambala Private Limited

112 DLF Homes Durgapur Private Limited

113 DLF Homes Goa Private Limited

114 DLF Homes Kokapet Private Limited

115 DLF Homes Panchkula Private Limited

116 DLF Homes Pune Private Limited

117 DLF Homes Rajapura Private Limited

118 DLF Hospitality & Recreational Limited

119 DLF Hotel Holdings Limited

120 DLF Hotel Venture Private Limited (till October 16, 2009)

121 DLF Hotels & Apartments Private Limited

122 DLF Housing & Construction Limited

123 DLF Info City Developers (Bangalore) Limited ###

124 DLF Info City Developers (Chandigarh) Limited (w.e.f. March 19, 2010)

125 DLF Info City Developers (Chennai) Limited

126 DLF Info City Developers (Hyderabad) Limited ###

127 DLF Info City Developers (Kolkata) Limited (w.e.f. March 19, 2010)

128 DLF Info Park Developers (Chennai) Limited

129 DLF Infra Holding Limited

130 DLF Inns Limited

131 DLF International Holdings Pte. Limited

132 DLF International Hospitality Corp.

133 DLF Jaipur Convention Center Private Limited

134 DLF Jaipur Hotels Private Limited (till October 16, 2009)

135 DLF Land Limited

136 DLF Leisure & Entertainment Private Limited (till October 16, 2009)

137 DLF Luxury Hotels Limited

138 DLF Metro Limited

139 DLF Minor Restaurants Private Limited (till October 16, 2009)

140 DLF Mumbai Hotels Private Limited (till October 16, 2009)

141 DLF New Delhi Convention Center Limited

142 DLF New Gurgaon Homes Developer Private Limited

143 DLF New Gurgaon Offi ces Developer Private Limited

144 DLF New Gurgaon Retail Developer Private Limited

145 DLF Phase IV Commercial Developers Limited

146 DLF Pleasure Hotels Private Limited

147 DLF Pramerica Life Insurance Co. Limited

148 DLF Premium Homes Private Limited

149 DLF Projects Limited

150 DLF Property Developers Limited

151 DLF Real Estate Builders Limited

152 DLF Recreational Foundation Limited

153 DLF Residential Builders Limited

154 DLF Residential Developers Limited

155 DLF Residential Partners Limited

156 DLF Retail Developers Limited

157 DLF Retail Services Limited

158 DLF Rohini Hotels Private Limited (till October 16, 2009)

159 DLF Service Apartments Limited

160 DLF Services Limited

161 DLF SEZ Developers Limited

162 DLF Sikkim Hotels Private Limited (till October 16, 2009)

163 DLF Southcourt Hotels Private Limited

164 DLF Southern Homes Private Limited

165 DLF SouthernTowns Private Limited

166 DLF Telecom Limited

167 DLF Trust Management Pte. Limited

168 DLF Universal Limited

169 DLF Utilities Limited

170 DLF Wind Power Private Limited (formerly Bestvalue Housing & Construction Private Limited)

171 Domus Real Estate Private Limited (till March 01, 2010)

172 DT Cinemas Limited

173 DT Projects Limited [formerly DLF Laing ORourke (India) Limited] (w.e.f. November 11, 2009)

174 Eastern India Powertech Limited

175 Ecotech Ventures Limited (till October 31, 2009)

176 Edward Keventor(Successors) Private Limited

177 Eila Builders & Developers Private Limited

178 Enki Retail Private Limited

179 Eros Retail Private Limited

180 Falguni Builders Private Limited

181 Fonton Limited

182 Foregiant Agents Limited (till May 18, 2009)

183 Forerum Group Limited

184 G.S.R. Properties Private Limited (till June 24, 2009)

185 G.V.R. Properties Private Limited (till June 24, 2009)

186 Gainway Group Limited (till October 31, 2009)

187 Gajjala Constructions Private Limited (till June 24, 2009)

188 Gajjala Ram Reddy Properties Private Limited (till June 24, 2009)

189 Galaxy Mercantiles Limited

190 Galleria Property Management Services Private Limited

191 Ganesar Ginning Co. Private Limited (till July 31, 2009)

192 Ganika Builders Private Limited

193 Gavin Builders & Developers Private Limited

194 Geocities Airport Infrastructures Private Limited

195 G.G.R. Properties Private Limited (till June 24, 2009)

196 GMR Constructions Private Limited (till June 24, 2009)

197 Goyo Services Limited

198 Grandbay Estate Developers Limited ###

199 Guardian International Private Limited

200 Gulika Home Developers Private Limited

201 Gulliver Enterprises Limited

202 Gyan Real Estate Developers Private Limited

203 Harini Resorts & Properties Private Limited (till June 24, 2009)

204 Heritage Resorts Private Limited

205 Hiemo Builders & Developers Private Limited (w.e.f. February 02, 2010)

206 Highvalue Builders Private Limited

207 Hospitality Tradings Limited

208 Hotel Finance International Limited

209 Hotel Sales Service Limited

210 Hotel Sales Service Private Limited

211 Incan Valley Holdings Limited

212 Irama Estates Private Limited # #

213 Isabel Builders & Developers Private Limited

214 Jackson Hole Holdings Limited

215 Jai Luxmi Real Estate Private Limited

216 Jalisco Holdings Pte. Limited

217 Janya Estate Developers Private Limited

218 Jawala Real Estate Private Limited

219 Juno Retail Private Limited (w.e.f. June 19, 2009)

220 K G Infrastructure Private Limited

221 Kairav Real Estate Private Limited

222 Kapo Retail Private Limited

223 Khem Buildcon Private Limited (w.e.f. February 02, 2010)

224 L P Hospitality Company Limited

225 Laman Real Estate Private Limited

226 Lao Holdings Limited

227 Lawanda Builders & Developers Private Limited

228 Le Savoy Limited

229 Leandra Builders & Developers Private Limited

230 Life Style Homes Private Limited (till June 24, 2009)

231 Lodhi Property Company Limited

232 Marrakech Investments Limited

233 Mens Buildcon Private Limited

234 Mhaya Buildcon Private Limited

235 Monroe Builders & Developers Private Limited

236 Mouna Constructions Private Limited (till June 24, 2009)

237 Mouna Estates Private Limited (till June 24, 2009)

238 Mouna Properties Private Limited (till June 24, 2009)

239 Mulvey B.V.

240 Mulvey Venice Sri

241 Naman Consultants Limited

242 Nambi Buildwell Private Limited

243 Necia Builders & Developers Private Limited

244 Nellis Builders & Developers Private Limited

245 New Montana Limited (till October 31, 2009)

246 NewGen MedWorld Hospitals Limited

247 Nilayam Builders & Developers Limited

248 NOH (Hotel) Private Limited (Amangalla)

249 Nusantara Island Resorts Limited

250 Otemachi Tower Resorts Co. Limited

251 Overseas Hotels Private Limited

252 P.T. Amanresorts Indonesia (Amanusa)

253 P.T. Amanusa Resort Indonesia

254 P.T. Indrakila Villatama Development

255 P.T. Moyo Safari Abadi

256 P.T. Nusantara Island Resorts

257 P.T. Tirta Villa Ayu

258 P.T. Villa Ayu

259 Palawan Holdings Limited

260 Paliwal Developers Limited

261 Paliwal Real Estate Private Limited

262 PAT Infrastructures Private Limited

263 Pee Tee Property Management Services Limited

264 Phraya Riverside (Bangkok) Co. Limited

265 Princiere Resorts Limited

266 Prompt Real Estate Private Limited

267 Puri Limited

268 Queensdale Management Limited

269 Rati Infratech Private Limited

270 Red Acres Development Limited

271 Regency Park Property Management Services Private Limited

272 Regent Asset Finance Limited

273 Regent Land Limited

274 Regional Design & Research B.V.

275 Regional Design & Research N.V.

276 Rhea Retail Private Limited (w.e.f. June 19, 2009)

277 Richmond Park Property Management Services Limited

278 Riveria Commercial Developers Limited

279 Rod Retail Private Limited

280 Saket Courtyard Hospitality Private Limited (w.e.f. October 14, 2009 )

281 Samali Builders & Developers Private Limited

282 Sandesh Constructions Private Limited (till June 24, 2009)

283 Sandesh Estates Private Limited (till June 24, 2009)

284 Serendib Holdings B.V.

285 Shivajimarg Properties Limited

286 Silver - Two (Bangkok) Company Limited

287 Silver Oaks Property Management Services Limited

288 Silverlink (Mauritius) Limited

289 Silverlink (Thailand) Company Limited

290 Silverlink Holdings Limited

291 Sinonet Holding Limited

292 Societe Nouvelle de LHotel Bora Bora

293 Solid Buildcon Private Limited

294 Springhills Infratech Private Limited

295 Sunbreaze Estate Developers Limited ###

296 Sunlight Promoters Private Limited

297 Tahitian Resorts Limited

298 Tangalle Property (Private) Limted

299 Toscano Holdings Limited

300 Universal Hospitality Limited

301 Urvasi Infratech Private Limited

302 Valini Builders & Developers Private Limited

303 Venezia Estate Developers Limited ###

304 Villajena Development Company Limited

305 Vkarma Capital Investment Management Company Private Limited

306 Vkarma Capital Trustee Company Private Limited

307 VSK Investments & Finance Limited

308 Yucatan Holdings Pte. Limited ( w.e.f. May 19, 2009)

309 Zeugma Limited

310 Zola Real Estate Private Limited

311 Zoria Infratech Private Limited

(ii) Partnership firms

1 DLF Commercial Projects Corporation

2 DLF GK Residency

3 DLF Office Developers

4 DLF South Point

5 Kavicon Partners

6 Rational Builders and Developers

7 Saket Courtyard Hospitality (w.e.f. October 20, 2009)

(iii) Joint Ventures

1 Banjara Hills Hyderabad Complex

2 Delanco Real Estates Private Limited

3 DLF Gayatri Home Developers Private Limited

4 DLF Gurgaon Developers Limited (formerly DLF SEZ Holdings Limited) (till August 30, 2009)

5 DLF Limitless Developers Private Limited

6 DLF SBPL Developer Private Limited

7 DT Projects Limited [formerly DLF Laing ORourke (India) Limited] (till November 11, 2009)

8 GSG DRDL Consortium

9 Kujjal Builders Private Limited

10 Mount Mary Residential Project

11 Niharika Shopping Mall (till August 31, 2009)

12 Saket Courtyard Hospitality (w.e.f. October 20, 2009)

13 Star Alubuild Private Limited (w.e.f June 15, 2009)

14 Y.G. Realty Private Limited (w.e.f July 02, 2009)

15 Domus Real Estate Private Limited (w.e.f March 02, 2010)

16 Cleva Builders and Developers Private Limited (w.e.f. March 31, 2010)

17 Prowess Buildcon Private Limited (w.e.f. March 31, 2010)

18 Saket Courtyard Hospitality Private Limited (till October 13, 2009 )

(iv) Associates

1 Australian Resorts Limited

2 DLF Pramerica Asset Managers Private Limited (formerly DLF Pramerica Advisory Private Limited) (till March 09, 2010)

3 DLF Pramerica Trustees Private Limited (till March 09, 2010)

4 Ferragamo Retail India Private Limited

5 Giorgio Armani India Private Limited

6 Islan Aviation Limited

7 Joyous Housing Limited

8 Kyoto Resorts YK

9 Lillion Builders and Developers Private Limited (till September 23, 2009)

10 P.T Jawa Express Amanda Indah

11 PAMALICAN Island Holdings Inc.

12 Pandis (Thailand) Company Limited

13 Pansea Tourism Company Limited

14 Regional D & R Limited

15 Revlys SA

16 Seven Seas Resorts and Leisure Inc.

17 Surin Bay Co. Limited

18 Villajena

19 Zeus Infrastructure Private Limited

### Companies which are subsidiaries, merged with the

DLF Commercial Developers Limited a 100% subsidiary company w.e.f April 1, 2008 as per merger order of respective High Courts fi led with the Registrar of Companies on March 3, 2010.

## Companies which are subsidiaries, merged with the DLF

Home Developers Limited a 100% subsidiary company w.e.f April 1, 2008 as per merger order of respective High Courts fi led with the Registrar of Companies on February 23, 2010.

+++ Company already winded up u/s 560, the Registrar of

Companies approval awaited ++ Company which is a subsidiary merged with DLF Residential Partners Limited w.e.f. September 1, 2008 as per merger order of respective High Courts fi led with the Registrar of Companies on March 4, 2010.

(v) Key Management Personnel

Name Designation Relatives (Relation)*

a) Mr. K.P Singh Chairman Mrs. Renuka Talwar (Daughter)

b) Mr. Rajiv Singh Vice Chairman Mrs. Kavita Singh (Wife)

Ms. Savitri Devi Singh (Daughter)

Ms. Anushka Singh (Daughter)

c) Mr. T.C. Goyal Managing Director Mrs. Sharda Goyal (Wife)

d) Ms. Pia Singh Whole-time Mr Dhiraj Sarna Director (Husband)

e) Mr. K. Swarup Sr. Executive Mrs. Veena Swarup Director (Wife)

Mr Manish Swarup (Son)

* Relatives of key management personnel (other than key management personnel themselves) with whom there were transactions during the year

(vi) Other enterprises under the control of the key management personnel and their relatives :

1 A.S.G. Realcon Private Limited

2 Adampur Agricultural Farm

3 Adept Real Estate Developers Private Limited

4 AGS Buildtech Private Limited

5 Altamount Real Estate Developers Private Limited

6 Angus Builders & Developers Private Limited

7 Antriksh Properties Private Limited

8 Anubhav Apartments Private Limited

9 Aquarius Builders & Developers Private Limited

10 Arihant Housing Company*

11 Atria Partners

12 Bansal Development Company Private Limited

13 Belicia Builders & Developers Private Limited

14 Beryl Builders & Constructions Private Limited

15 Beverly Park Operation and Maintenance Services Private Limited

16 Buland Consultants & Investments Private Limited

17 Caraf Builders & Constructions Private Limited ( till March 18, 2010)

18 Centre Point Property Management Services Private Limited

19 Ch. Lal Chand Memorial Charitable Trust

20 Cian Builders & Developers Private Limited (formerly DLF SEZ Parks Private Limited)

21 DLF Assets Private Limited (till March 18, 2010)

22 DLF Info City Developers (Chandigarh) Limited (till March 18, 2010)

23 DLF Info City Developers (Kolkata) Limited (till March 18, 2010)

24 Desent Promoters & Developers Private Limited

25 Diana Retail Private Limited

26 Digital Talkies Private Limited

27 Dilly Builders & Developers Private Limited

28 Dinky Builders & Developers Private Limited

29 DLF Building & Services Private Limited

30 DLF Commercial Enterprises

31 DLF Foundation

32 DLF Investments Private Limited

33 DLF M.T.FBD Medical and Community Facility Charitable Trust

34 DLF Q.E.C. Educational Charitable Trust

35 DLF Q.E.C. Medical Charitable Trust

36 DLF Raghvendra Temple Trust

37 Elanor Builders & Developers Private Limited

38 Excel Housing Construction Private Limited

39 Exe. of The Estate of Lt. Ch. Raghvendra Singh

40 Exe. of The Estate of Lt. Smt. Prem Mohini

41 Family Idol Shri Radha Krishan Ji

42 Family Idol Shri Shiv Ji

43 Galena Builders & Constructions Private Limited

44 Gangrol Agricultural Farm & Orchard

45 General Marketing Corporation

46 Glaze Builders & Developers Private Limited

47 Haryana Electrical Udyog Private Limited

48 Herminda Builders & Developers Private Limited

49 Hitech Property Developers Private Limited

50 Indira Trust

51 Ishtar Retail Private Limited

52 Jhandewalan Ancillaries and Investments Private Limited

53 K. P. Singh HUF

54 Kohinoor Real Estates Company *

55 Krishna Public Charitable Trust

56 Lal Chand Public Charitable Trust

57 Lion Brand Poultries

58 Maaji Properties and Development Company *

59 Madhukar Housing and Development Company *

60 Madhur Housing and Development Company *

61 Magna Real Estate Developers Private Limited

62 Mallika Housing Company *

63 Megha Estates Private Limited

64 Northern India Theatres Private Limited

65 Pace Financial Services

66 Panchsheel Investment Company *

67 Panchvati Estates Private Limited

68 Parvati Estates Private Limited

69 Pia Pariwar Trust

70 Plaza Partners

71 Power Overseas Private Limited

72 Prem Traders & Investments Private Limited

73 Prems Will Trust

74 Pushpak Builders and Developers Private Limited

75 R.R Family Trust

76 Raghvendra Public Charitable Trust

77 Raisina Agencies & Investments Private Limited

78 Rajdhani Investments & Agencies Private Limited

79 Realest Builders and Services Private Limited

80 Renkon Partners

81 Renuka Pariwar Trust

82 Sabre Investment Advisor India Private Limited

83 Sabre Investment Consultants LLP

84 Sagarika Real Estate Developers Private Limited

85 Sambhav Housing and Development Company *

86 Sanidhya Constructions Private Limited

87 Sidhant Housing and Development Company *

88 Singh Family Trust

89 Sketch Investment Private Limited

90 Smt. Savitri Devi Memorial Charitable Trust

91 Solace Housing and Construction Private Limited

92 Solange Retail Private Limited

93 Sudarshan Estates Private Limited

94 Sukh Sansar Housing Private Limited

95 Sukomal Builders & Developers Private Limited

96 Sulekha Builders & Developers Private Limited

97 Super Mart One Property Management Services Private Limited

98 Super Mart Two Property Management Services Private Limited

99 Trinity Housing and Construction Company *

100 Udyan Housing and Development Company *

101 Ultima Real Estate Developers Private Limited

102 Universal Management & Sales Private Limited

103 Upeksha Real Estate Developers Private Limited

104 Uplift Real Estate Developers Private Limited

105 Urva Real Estate Developers Private Limited

106 Uttam Builders and Developers Private Limited

107 Uttam Real Estates Company *

108 Vishal Foods and Investments Private Limited

109 Yashika Properties and Development Company *

7 a) The Company uses forward contracts and Swaps to hedge its risks associated with fl uctuations in foreign currency and interest rates. The use of Forward contracts and Swaps is covered by Companys overall strategy. The Company does not use Forward covers and Swaps for speculative purposes.

As per the strategy of the Company, foreign currency loans are covered by comprehensive hedge, considering the risks associated with the hedging of such loans, which effectively fi xes the principal and interest liability of such loans and further there is no additional risk involved post hedging of these loans.

8 Contingent liabilities, not provided for, exist in respect of

(Rs. in lacs)

2010 2009

a) Guarantees issued by the Company on behalf of :

Subsidiary companies 626,456.09 388,708.23

Others 13,005.93 12,000.00

b) Claims against the Company (including unasserted claims) not acknowledged as debts 13,778.33 12,097.05

c) Income tax demand in excess of provisions (pending in appeals) 50,992.28 53,283.03

d) Undertaking to buy back preference shares in subsidiary/ associate companies * 186,629.82 170,939.57

* 29.81 acres of land of the Company and 55.8475 acres of land of subsidiary companies is also pledged as collateral securities against these undertakings. Further subsequent to the balance sheet date on May 5, 2010, preference shares amounting to Rs. 50,132.44 lacs have been redeemed by one of the subsidiary company.

9. The Company is primarily engaged in the business of colonisation and real estate development, which as per Accounting Standard 17 on "Segment Reporting" issued by the ICAI is considered to be the only reportable business segment. The Company is primarily operating in India which is considered as a single geographical segment.

10. (a) Wind mill projects of the Company are entitled for tax holiday under Section 80-IA of the Income Tax Act, 1961. Accordingly, the computation of tax (current and deferred) has been done as per Accounting Standard 22 "Accounting for taxes on Income" and Accounting Standard Interpretation 3, issued by the ICAI.

(b) The Companys profits from Special Economic Zone ("SEZ") business are exempt under Section 80-IAB of the Income Tax Act, 1961 and the dividend declared out of such SEZ profits are exempt from Dividend Distribution Tax under the provisions of Section 115-O(6) of the Income Tax Act, 1961.

In line with the above provisions, the Company has provided dividend tax only on the proportionate amount of dividend declared out of non SEZ profits and after adjustment of the dividend received from its wholly owned subsidiary company in terms of provisions of Section 115-O(1A)(i) of the Income Tax Act, 1961.

11. On May 6, 2009, the Company received an assessment order for the AY 2006 – 2007, from the Income Tax authorities creating an additional tax demand amounting to Rs. 48,274.34 lacs on the Company. The Company has fi led an appeal against the order and based on advice from experts, is confi dent that the additional tax demanded will not be sustained by the appellate authorities. Pending the order of the appellate authorities, no provision has been made in the current year for the additional tax so demanded and the same has been disclosed as a contingent liability.

12. Based on the information available with the Company, there are no dues outstanding in respect of Micro, Small and Medium enterprises at the balance sheet date. No amounts were payable to such enterprises which were outstanding for more than 45 days. Further, no interest during the year has been paid or payable in respect thereof. The above disclosure has been determined to the extent such parties have been identifi ed on the basis of information available with the Company. This has been relied upon by the auditors.

13. Events after Balance Sheet date

Subject to the approval of shareholders and other requisite approvals, the Board of Directors approved in their meeting held on July 28, 2010, the proposal for further issue of equity shares by its wholly owned subsidiary – DLF Brands Limited (DBL) under the Unlisted Public Companies (Preferential Allotment) Rules, 2003 to M/s. Ishtar Retail Private Limited, a promoter group company. Upon further issue of equity shares, DBL will cease to be subsidiary of DLF Limited. Pending further approvals no effect has been given to the proposal in the above fi nancial statements.

14. Previous year figures have been regrouped/ recast wherever considered necessary to make them comparable with those of the current year.