Mar 31, 2015
A) SYSTEM OF ACCOUNTING
Financial statements are based on Historical cost in accordance with
applicable accounting principles in India, mandatory accounting
standards issued by ICAI and the relevant provisions of the companies
act,1956.The company follows mercantile systems of accounting and
recognized income and expenditure on accrual basis except those with
significant uncertainties.
B) FIXED ASSETS
Fixed assets are stated at cost including freight, duties and other
incidental expenses relating to cost of acquisition. Capital work in
progress includes expenses for project appraisal fee and salary paid
for project. The same will be capitalized to respective fixed assets on
commissioning of plant
C) DEPRECIATION
Depreciation on all assets has been provided on straight line basis
method in the manner and at the rates specified as per the companies
Act, 2013.
D) REVENUE /EXPENSES RECOGINITION
The revenues have been accounted for on Accrual basis and expenses
related to the year have been accounted for on accrual basis
E) TAXATION
The provisions of Tax has been created keeping view the provisions of
section 115JB of income Tax Act 1961.
F) CONTINGENT LIABILITIES
Liabilities may arise if any, on account of pending litigations matters
as stated by the management and reported as above.
G) PENDING LITIGATION:
a) PENDING LITIGATION MATTERS CASES FILED BY THE COMPANY
* M/S Vatsa Finance Ltd. and others on account of restraining them from
disassociating as LEAD MANAGER to the public issue of the company and
for damages for contempt of court. And SEBI for withdrawing the
Acknowledgement card No.3042 dated 08.04.1994 for the public issue of
the company.
* Suit No.4488/1996 for recovery of Rs.4.00 lakh from M/s Mahalaxmi
Dyes & Chemical, Mumbai.
* Criminal Complaint no 217 of 2002 filed by the company before chief
judicial Magistrate 1st Class at Distt. Courts Chandigarh against
Indian Overseas Bank, officials u/s 409 of IPC for not releasing the
deposit of the company.
* Civil suit No 472 of 2003 filed against Indian Overseas Bank & others
in the Distt Court Chandigarh. Suit for declaration of the effect that
Public Issue of Indian Overseas Bank being opened w.e.f 06.09.2003 is
illegal being issued in violation of provisions of Companies Act as
well as concealment of facts. The suit was dismissed, and appeal
filed by company is pending with the court.
* Suit No.3584 of 1994 filed by the company against Vatsa Finance Ltd
for recovery of damages in High Court, Bombay.
* Suit No.1319 of 1995 filed by the company against Punjab & Sind Bank
for recovery of Rs.5.00 Crore pending before High Court, Bombay.
* Suit filed against Punjab & Sind Bank for recovery of Rs.75,000/-
paid on account of Appraisal Fee.
b) CASES FILED AGAINST THE COMPANY
* Punjab Agro Industries Corporation has filed a suit for alterations
in the Articles of Association of the company and restricting the
company to hold the EGM on 29th December, 1995 in view of the financial
collaboration agreement executed with them by OASIL.
* RSA 833/2003 field by PAIC against company for permanent injunction
restraining the company form holding or modified the Articles of
Association of the company and further restrain the company holding
Extraordinary Annual General Meeting held on 29.12.1995.
* M/s. Mauve & Crimision Advertising Pvt Ltd., New Delhi has filed a
case for passing a decree of permanent injunction thereby restraining
Omega Ag- Seeds (Punjab) Limited and Omega Agro Limited from taking
forcible and illegal possession of flat at 7/18,Kalkaji Extension ,New
Delhi against recovery of Rs 11.82 lacs from the Company.
* Civil suit No. 81 of 2000 in Distt. Court Chandigarh filed by Mr.
Teja Singh against the Company for recovery of Rs 4.43 lacs in
consideration of seeds supplied by him to the company .Decree was
passed against the company and an appeal filed by the company and the
said appeal also was dismissed . Company is in the process to file
appeal before Punjab and Haryana court at Chandigarh.
* Civil suit no 97 of year 2000 in the Distt. Court Chandigarh filed by
Mr.Teja Singh against the company for recovery of Rs 2.07 lacs in
consideration of seeds supplied by him to the company. Decree
passed,appeal filed by the company is dismissed . Company is in the
process of filing appeal before Punjab and Haryana court at Chandigarh.
* Civil suit of year 2000 in the Distt. Court Chandigarh filed by Mr.
Gurinder Singh against the company for recovery of Rs 4.43 lacs in
consideration of seeds supplied by him to the company. Decree passed,
appeal filed by the company is dismissed. Company is in process to file
appeal before Punjab and Haryana court at Chandigarh.
* Civil suit no 82 of year 2000 in the Distt. Court Chandigarh filed by
Mr. Ravinder Singh against the company for recovery of Rs 50,901.63/-
in consideration of seeds supplied by him to the company and rejoinders
arising out of aforesaid Litigation. Decree passed, appeal filed by the
company is dismissed. Company is in process of file appeal before
Punjab and Haryana court at Chandigarh.
* 64/2010 is pending in 47th Court, Killa Court, CST and filed by SEBI
for Public Issue of 1994.
* The property of associate company of Omega Ag. Seeds (Punjab) Ltd.
was trespassed by M/S Mauve & Crimision Advertising Pvt. Ltd. in the
year 1995 after the Public issue and in 1996, the Tishazari Court,
Delhi dismissed the case filed by M/S. Mauve & Crimision Advertising
Pvt. Ltd. The said company appeal against the said order in High Court,
Delhi. The Court ordered the occupant, Rakesh Singh to deposit
Rs.25,000/- per month as mesne profit from 23.01.2003 till further
order. In return, he has deposited Rs.5,87,500/- in the High Court,
Delhi in compliance with directions of court.
H) LICENSED/INSTALLED CAPACITY
The Company has carried out only trading activity and has not commenced
any farming/grading activities hence the license, installed capacity
are not applicable.
I) STOCK RECEIPT/ TURNOVER
The company has dealt with items of stock of goods by the way of
trading during the year.
J) MANAGERIAL REMUNERATION & FEE ( IF ANY)
The directors have not claimed any remuneration from the company.
K) RELATED PART DISCOLSERS (AS-18)
The related party Disclosures as required as per Accounting Standard
(AS-18) on Related party Disclosures Issued by Institute of Chartered
Accountants of India are as below:-
A. PARTY RELATION
Omega Ag-Seeds (India) Limited Promoter Company
Punjab Agro Ind. Corporation (PAIC) Promoter Company
B. Key Managerial Personnel
Mr.Nerella Mohan Rao Venkata rama Managing Director
Mr. Rakesh Kumar Jain Director
L) Expenses /Revenue in Foreign currency - NIL
M) Balance of Sundry Debtors, Sundry Creditors and growers and loans &
Advances are subject to confirmation.
N) The company has calculated Deferred Tax liability as at 31.03.2015
in accordance with the Accounting Standards (AS-22) issued by The
Institute of Chartered Accountants of India.
O) In the opinion of the management the value realization of current
assets and loans & Advances in the ordinary course of business will not
be less than the amount at which they are stated in the Balance Sheet.
P) In accordance with the Accounting Standard (AS-22) issued by
Institute of Chartered Accountants of India, the company has Deferred
Tax liability as at 31.03.2015 with regard to timing difference of
depreciation of previous years and current year.
Q) Figures for the previous year have been regrouped or rearranged
wherever necessary.
R) Paise have been rounded to nearest rupee.
Mar 31, 2014
A) SYSTEM OF ACCOUTING
Financial statements are based on Historical cost in accordance with
applicable accounting principles in India, mandatory accounting
standards issued by ICAI and the relevant provisions of the companies
act,1956.The company follows mercantile systems of accounting and
recognized income and expenditure on accrual basis except those with
significant uncertainties.
B) FIXED ASSETS
Fixed assets are stated at cost including freight, duties and other
incidental expenses relating to cost of acquisition. Capital work in
progress includes expenses for project appraisal fee and salary paid
for project. The same will be capitalized to respective fixed assets on
commissioning of plant
C) DEPRECIATION
Depreciation on all assets has been provided on straight line basis
method in the manner and at the rates specified in Schedule -XIV of the
companies Act, 1956.
D) REVENUE /EXPENSES RECOGINITION
i) The main revenue i.e. Interest on Bank fixed deposits has been
accounted for on Accrual basis and expenses related to the year have
been accounted for on accrual basis
E) TAXATION
The provisions of Tax has been created keeping view the provisions of
section 115JB of income Tax Act 1961.
F) CONTINGENT LIABILITIES
Liabilities may arise if any, on account of pending litigations matters
as stated by the management and reported as above.
G) The property of associate company of Omega Ag. Seeds (Punjab) Ltd.
was trespassed by M/S Mauve & Crimision Advertising Pvt. Ltd. in the
year 1995 after the Public issue and in 1996, the Tishazari Court,
Delhi dismissed the case filed by M/S. Mauve & Crimision Advertising
Pvt. Ltd. The said company appeal against the said order in High Court,
Delhi. The Court ordered the occupant, Rakesh Singh to deposit
Rs.25,000/- per month as mesne profit from 23.01.2003 till further
order. In return, he has deposited Rs.5,87,500/- in the High Court,
Delhi in compliance with directions of court.
H) LICENSED/INSTALLED CAPACITY
The Company has carried out only trading activity and has not commenced
any farming/ grading activities hence the license, installed capacity
are not applicable.
I) STOCK RECEIPT/ TURNOVER
The company has dealt with items of stock of goods by the way of
trading during the year.
J) MANAGERIAL REMUNERATION & FEE ( IF ANY)
The directors have not claimed any remuneration from the company.
K) In accordance with the Accounting Standards (AS-22) issued by the
Institute of Char- tered Accountants of India, the Company has Deferred
Tax liability as at 31.03.2008 with regard to timing difference of
depreciation of previous years and current years as follows:-
Deferred Tax Liability of Current year
K) RELATED PARYT DISCOLSERS (AS-18)
The related party Disclosures as required as per Accounting Standard
(AS-18) on Related party Disclosures Issued by Institute of Chartered
Accountants of India are as below:-
A. PARTY RELATION
Omega Ag-Seeds (India) Limited Promoter Company
Punjab Agro Ind. Corporation (PAIC) Promoter Company
B. Key Managerial Personnel
Mr.Nerella Mohan Rao Venkatarama Managing Director
a) Disclosure required for related parties transactions.
The Amounts outstanding at Balance sheet Date.
Amount Recoverable from Promoter Company
Omega Ag-Seeds (India) Ltd Rs. 1,46,277/-
Amount Payable to Managerial Personnel
Mr. Nerella Mohan Rao Venkatrama Rs. 20,000/-
L) Expenses /Revenue in Foreign currency - NIL
M) Balance of Sundry Debtors, Sundry Creditors and growers and loans &
Advances are subject to confirmation.
N) The company has calculated Deferred Tax liability as at 31.03.2014
in accordance with the Accounting Standards (AS-22) issued by The
Institute of Chartered Accountants of India.
O) In the opinion of the management the value realization of current
assets and loans & Advances in the ordinary course of business will not
be less than the amount at which they are stated in the Balance Sheet.
P) In accordance with the Accounting Standard (AS-22) issued by
Institute of Chartered Accountants of India, the company has Deferred
Tax liability as at 31.03.2014 with regard to timing difference of
depreciation of previous years and current year.
Q) Figures for the previous year have been regrouped or rearranged
wherever necessary.
R) Paise have been rounded to nearest rupee.
S) PENDING LITIGATION MATTERS
a) CASES FILED BY THE COMPANY AS PETITIONER/ COMPLAINANT IN
CHANDIGARH COURT, BOMBAY HIGH COURT :
- Suit No. 3128 of 1994 is filed by the company against the Lead
Manager i.e.,M/S. Vatsa Finance Ltd. And SEBI, on account of
restraining them from disassociating as LEAD MANAGER to the public
issue of the company of May, 1994 and for damages for contempt of
court. And SEBI for withdrawing the Acknowledgement Card No. 3042 dated
08.04.1994 for the public issue of the company is decreed in companies
favour absolutely and the adjudication is pending in the Hon''ble High
Court, Bombay in Suo Motto Contempt Petition No. 196 of 1997.
- Suit No. 4488/1996 for recovery of Rs.4.00 lakh from M/s Mahalaxmi
Dyes & Chemical, Mumbai.
- Criminal Complaint No. 217 of 2002 is filed by the company before
Chief Judicial Magistrate 1st Class at Dist. Courts Chandigarh against
Indian Overseas Bank, officials u/s 409 of IPC for not releasing the
ORIGINAL DEPOSIT RECEIPT of the company for Rs. 69,27,243.15/- and was
dismissed by the court and the company is considering filing an appeal
against the said order.
- The Suit No. 3584 of 1994 filed by the your company against the
Lead Manager M/s. Vatsa Finance Ltd and its Promoters/Directors for
recovery of damages in the Public Issue of your company in May, 1994
for Rs.99 Crores in High Court, Bombay is decreed in your Companies
favour on February, 2013.
- The Suit No. 1319 of 1995 filed by the company against Punjab &
Sind Bank for recovery of Rs. 500 Crores is pending before Hon''ble
High Court, Bombay
for adjudication and the issues have already been framed. This includes
the recovery of Rs. 75,000/- paid on account of Appraisal Fees of the
Public Issue and their advertisement through their Advocate Mrs.
Rupinder Kaur of Delhi High Court on May, 20, 1994 in Hindustan Times.
- The suit filed against Punjab & Sind Bank, Fort Branch for Recovery
of Rs. 1,100/- in the Current Account of your company opened in May,
1994 is pending in Appeal No. FA/697/2013 in the Hon''ble High Court,
Bombay for adjudication.
- Defamation Case filed against the Ex-Director Mr. Chandrakant
Vadilal Shah, Case No. 0215793/SS/2012 for his Defamatory Letter dated
: 22nd March, 2010 addressed to Mr. Nerrela Mohanrao at Hyderabad
calling your company as Bogus Company.
- Your company has filed a Case agaist Mr. Vikas Didwania for The
Recovery of Recovery of Loan of Rs. 10,00,000/- and which was dismissed
by the Hon''ble court. And is pending adjudication in the City Civil
Court at Bombay for his dishonoured Cheque given to the Company.
b) CASES AGAINST THE COMPANY :
- Civil Suit No. 472 of 2003 filed against Indian Overseas Bank &
Your Company M/s. OMEGA AG SEEDS PUNJAB LTD. The suit is dismissed, and
appeal filed by the PUNJAB AGRO INDUSTRIES LTD, Co-Promoter of your
company is also dismissed and against which the Civil Revision
application bearing No. C.R.No. 2882/2002 was dismissed by the High
Court of Chandigarh on 03rd September, 2013 as revision was not
maintainable with liberty to the petitioner to file regular second
appeal. PUNJAB AGRO INDUSTRIES LTD has preferred an appeal against the
order of 3.9.2013 of the High Court and filed Special Leave Petition
(CIVIL) 30570 of 2013 in the Supreme Court which was dismissed on
25.09.2013 with the permission to file appeal within a month''s time.
Accordingly, PUNJAB AGRO INDUSTRIES LTD has filed a regular appeal RSA
4144 of 2013 which is pending in the Punjab and Haryana High Coiurt.
- Punjab Agro Industries Corporation has filed a suit for alterations
in the Articles of Association of the company and restricting the
company to hold the EGM on 29th December, 1995 in view of the financial
collaboration agreement executed with them by OASIL.
- RSA 833/2003 filed by PAIC against company for permanent injunction
restraining the company form holding or modified the Articles of
Association of the company and further restrain the company holding
Extraordinary Annual General Meeting held on 29.12.1995.
- M/s. Mauve & Crimson Advertising Pvt Ltd., New Delhi has filed a
case for passing a decree of permanent injunction thereby restraining
Omega Ag-Seeds (Punjab) Ltd and Omega Agro Limited from taking forcible
and illegal possession of flat at 7/ 18, Kalkaji Extension, New Delhi
against recovery of Rs.11.82 Lacs from the company.
- Civil suit No. 81 of 2000 in Dist. Court, Chandigarh filed by Mr.
Teja Singh against the Company for recovery of Rs. 4.43 lacs in
consideration of seeds supplied by him to the company. Decree was
passed against the company and an appeal filed by the company and the
said appeal also was dismissed. The Decree Holder has filed a execution
petition for recovery of decretal amount.
- Civil suit No. 97 of 2000 in the Dist. Court, Chandigarh filed by
Mr. Gurinder Singh against the company for recovery of Rs. 2.07 lacs in
consideration of seeds supplied by him to the company. Decree passed,
appeal filed by the company is dismissed. The Decree Holder has filed
a execution petition for recovery of decretal amount.
- Civil Suit No. 82 of 2000 in the Dist. Court, Chandigarh filed by
Mr. Ravinder Singh against the company for recovery of Rs. 50,901/63 in
consideration of seeds supplied by him to the company and rejoinders
arising out of aforesaid Litigation. Decree passed, appeal filed by the
company is dismissed. The Decree Holder has filed a execution petition
for recovery of decretal amount.
- Criminal Complaint No. 764/2001 filed by the SEBI against the
company and its Director as a counter blast to your company suit No.
3128 of 1994 which is Decreed absolutely in our favour is pending in
47th Esplanade Court, C.S.T, Mumbai for the alleged mis-statement in
the prospectus of the maiden public issue of your company of May, 1994.
Mar 31, 2013
A) SYSTEM OF ACCOUTING
Financial statements are based on Historical cost in accordance with
applicable accounting principles in India, mandatory accounting
standards issued by ICAI and the relevant provisions of the companies
act,1956.The company follows mercantile systems of accounting and
recognized income and expenditure on accrual basis except those with
significant uncertainties.
B) FIXED ASSETS
Fixed assets are stated at cost including freight, duties and other
incidental expenses relating to cost of acquisition. Capital work in
progress includes expenses for project appraisal fee and salary paid
for project. The same will be capitalized to respective fixed assets on
commissioning of plant
C) DEPRECIATION
Depreciation on all assets has been provided on straight line basis
method in the manner and at the rates specified in Schedule -XIV of the
companies Act, 1956.
D) REVENUE /EXPENSES RECOGNITION
i) The main revenue i.e. Interest on Bank fixed deposits has been
accounted for on Accrual basis and expenses related to the year have
been accounted for on accrual basis
ii) Fixed Deposits held with Indian Overseas bank, Chandigarh was
matured but renewed in the FY 2012-13.
E) TAXATION
The provisions of Tax has been created keeping view the provisions of
section 115JB of income Tax Act 1961.
F) PENDING LITIGATION MATTERS:
a) CASES FILED BY THE COMPANY AS PETITIONER/COMPLAINANT IN CHANDIGARH
COURT, BOMBAY HIGH COURT.
- Suit No. 3128 of 1994 is filed by the company against the lead
manager i.e., M/S Vatsa Finance Ltd. and SEBI on account of restraining
them from as LEAD MANAGER to the public issue of the company of May
,1994 and for damages for contempt of court. And SEBI for withdrawing
the Acknowledgement card No.3042 dated 08.04.1994 for the public issue
of the company is decreed in companies favor absolutely and the
adjudication is pending in the Hon''ble High Court, Bombay in Suo
Motto Contempt Petition No. 196 of 1997.
- Suit No.4488/1996 for recovery of Rs.4.00 lakh from M/s Mahalaxmi
Dyes & Chemical, Mumbai.
- Criminal Complaint no 217 of 2002 is filed by the company before
chief judicial Magistrate 1 st Class at Dist. Courts Chandigarh against
Indian Overseas Bank, officials'' u/s 409 of IPC for not releasing the
ORIGINAL DEPOSIT RECEIPT of the company for Rs.69,27,243.15/- and is
pending at Chandigarh Court.
- The Suit No.3584 of 1994 filed by the company against the Lead
manager M/s. Vatsa Finance Ltd and its Promoters /Directors for
recovery of damages in the Public issue of your company in May 1994 for
Rs.99 Crores in High Court, Bombay is decreed in your companies favour
on February, 2013.
- The Suit No.1319 of 1995 filed by the company against Punjab & Sind
Bank for recovery of Rs.500 Crores is pending before Hon''ble High
Court, Bombay for adjudication and the issues have already been framed.
This includes the recovery of Rs. 75,000/- paid on account of Appraisal
Fees of the Public issue and their advertisement through their Advocate
Mrs. Rupindre Kaur of Delhi High Court on May, 20,1994 in Hindustan
Times.
- The suit filed against Punjab & Sind Bank Fort Branch for Recovery
of Rs. 1,100/
- in the current Account of your company opened in May, 1994 is pending
in Appeal No. FA/697/2013 in the Hon''ble High Court .Bombay for
adjudication.
- Defamation case filed against the Ex-Director Mr. Chandrakant
Vadilal Shah, case No.0215793/SS/2012 for his Defamatory Letter dated
:22nd March,2010 addressed to Mr.Nerrela Mohan Rao at Hyderabad calling
your company as Bogus company.
- Your company has filed a case against Mr. Vikas Didwania for The
Recovery of Loan of Rs.10,00,000/- and is pending adjudication in the
City Civil Court at Bombay for his dishonored cheque given to the
company.
b) CASES FILED AGAINST THE COMPNAY
- Civil Suit No. 472 of 2003 filed against Indian Overseas Bank &
Your company M/s. OMEGA AG SEEDS (PUNJAB) LTD. The suit is dismissed,
and an appeal filed by the PUNJAB AGRO INDUSTRIES LTD, Co-promoter of
your company is also dismissed and against which the civil revision
application bearing No.2882/2002 is pending in the High Court of
Chandigarh for adjudication and is now adjourned to 20th August,2013/03rd
September ,2013 as last chance as per the order passed on the Rakhi day
seeking adjournment by the Sr. Advocates who remained absent i.e.,
Mr.Boparai for PAIC ,for Plaintiff PAIC, and MR. Pramod Goyal for
Indian Overseas Bank, Chandigarh in the court of Hon''ble MrJustice
L.N.Mittalji.
- Punjab Agro Industries Corporation has filed a suit for alterations
in the Articles of Association of the company and restricting the
company to hold the EGM on 29th December, 1995 in view of the financial
collaboration agreement executed with them by OASIL.
- RSA 833/2003 field by PAIC against company for permanent injunction
restraining the company form holding or modified the Articles of
Association of the company and further restrain the company holding
Extraordinary Annual General Meeting held on 29.12.1995.
- M/s. Mauve & Crimsion Advertising Pvt Ltd., New Delhi has filed a
case for passing a decree of permanent injunction thereby restraining
Omega Ag-Seeds
(Punjab) Limited and Omega Agro Limited from taking forcible and
illegal possession of flat at 7/18,Kalkaji Extension ,New Delhi against
recovery of Rs
11.82 lacs from the Company.
- Civil suit No. 81 of 2000 in Distt. Court Chandigarh filed by Mr.
Teja Singh against the Company for recovery of Rs 4.43 lacs in
consideration of seeds supplied by him to the company .Decree was
passed against the company and an appeal filed by the company and the
said appeal also was dismissed . Company is in the process to file
appeal before Punjab and Haryana court at Chandigarh.
- Civil suit No.97 of 2000 in the Dist. Court Chandigarh filed by Mr.
Gurinder Singh against the company for recovery of Rs 2.07 lacs in
consideration of seeds supplied by him to the company. Decree passed,
appeal filed by the company is dismissed. Company is in process to file
appeal before Punjab and Haryana court at Chandigarh.
- Civil suit no 82 of year 2000 in the Distt. Court Chandigarh filed
by Mr. Ravinder Singh against the company for recovery of Rs 50,901.63
in consideration of seeds supplied by him to the company and rejoinders
arising out of aforesaid litigation. Decree passed, appeal filed by the
company is dismissed. Company is in process of file appeal before
Punjab and Haryana court at Chandigarh.
- Criminal Complaint No.764/2001 filed by the SEBI against the
company and its director as a counter blast to your company suit
No.3128 of 1994 which is Decreed absolutely in our favour is pending in
47th Esplanade Court, C.S.T,Mumbai for the alleged mis-statement in the
prospectus of the maiden Public Issue of your company of May, 1994.
G) CONTINGENT LIABILITIES
Liabilities may arise if any, on account of pending litigations matters
as stated by the management and reported as above.
H) The property of associate company of Omega Ag. Seeds (Punjab) Ltd.
was trespassed by M/S Mauve & Crimision Advertising Pvt. Ltd. in the
year 1995 after the Public issue and in 1996, the Tishazari Court,
Delhi dismissed the case filed by M/S. Mauve & Crimson Advertising
Pvt. Ltd. The said company appeal against the said order in High Court,
Delhi. The Court ordered the occupant, Rakesh Singh to deposit
Rs.25,000/- per month as mesne profit from 23.01.2003 till further
order. In return, he has deposited Rs.5,87,500/- in the High Court,
Delhi in compliance with directions of court.
I) LICENSED/INSTALLED CAPACITY
The Company has carried out only trading activity and has not commenced
any farming/ grading activities hence the license, installed capacity
are not applicable.
J) STOCK RECEIPT/TURNOVER
The company has dealt with items of stock of goods by the way of
trading during the year.
K) MANAGERIAL REMUNERATION & FEE (IF ANY)
The directors have not claimed any remuneration from the company.
Mar 31, 2010
A) SYSTEM OF ACCOUNTING
Financial statements are based on Historical cost in accordance with
applicable accounting principles in India, mandatory accounting
standards issued by the ICAI of India and the relevant provisions of
the Companies Act, 1956. The Company follows mercantile system of
accounting and recognized income and expenditure on accrual basis
except those with significant uncertainties.
b) FIXED ASSETS
Fixed assets are stated at cost including freight, duties and other
incidental expenses relating to cost of acquisition. Capital work in
progress includes expenses for project appraisal fee and salary paid
for project, the same will be capitalized to respective fixed assets on
commissioning of plant.
c) DEPRECIATION
Depreciation on all assets has been provided on straight-line method in
the manner and at the rates specified in Schedule-XIV of the Companies
Act, 1955.
d) REVENUE /EXPENSES RECOGNITION
The main revenue i.e Interest on Bank Fixed Deposit has been accounted
for on Accrual basis and Expenses related to the year have been
accounted for on accrual basis.
e) TAXATION
Provision for Taxation has been provided in the financial statements,
in accordance with the provision of the Income Tax Act 1961.
f) MISCELLANEOUS EXPENDITURE
Items included in the Miscellaneous Expenditure including payments made
on account of Preliminary Expenses, Deferred Revenue Expenses and
Public Issue Expenses and the same were written off to full extent in
the previous year.
g) EARNING PERSHARE
Basic and diluted earning per share are computed by dividing the net
profit after tax attributable to equity share holder for the year, with
the weighted number of equity shares outstanding during the year.
2.PENDING LITIGATION MATTERS
a) CASES FILED BY THE COMPANY
-Vatsa Finance Ltd., and others on account of restraining them from
disassociating as LEAD MANAGER to the public issue of the Company and
for damages & for contempt of Court, and SEBI for withdrawing the
Acknowledgement card No. 3042 dated 08.04.1994 for the Public Issue of
the Company.
- Punjab & Sind Bank for recovery of Rs. 75,000/- paid on account of
Appraisal Fee.
- CR 271/2003 filed by the company against Mr. Deepak Nayyar, branch
manager.lndian Overseas Bank, Chandigarh and others for wrongfully
stopping the operation of Current Account No. 35 of the Company and for
damages and contempt before senior Sub-judge, Chandigarh, Punjab &
Haryana High Court, Criminal Contempt Case before Punjab & Haryana High
Court/AG of Punjab and writ petition in Punjab & Haryana High Court.
- Suit No. 4488/1996 for recovery of Rs. 4 lakh from M/s Mahalaxmi Dyes
& Chemicals, Mumbai.
- Criminal Complaint no 217 of 2002 filed by the company before Chief
judicial Magistrate 1st class at Distt. Courts Chandigarh against
Indian Overseas Bank, officials u/s 409 of IPC for not releasing the
Deposit of the Company.
- Civil suit No 472 of 2003 filed against Indian Overseas Bank & Others
in the Distt Court Chandigarh. Suit for declaration to the effect that
Public Issue of Indian Overseas Bank being opened w.e.f 06.09.2003 is
illegal being issued in violation of provision of Companies Act as well
as concealment of facts. Suit dismissed, appeal filed by company is
pending.
- Suit No 3584 of 1994 filed by the company against Vatsa finance
Limited for recovery of damages in the High Court, Bombay Suit No 1319
of 1995 filed by the company against Punjab & Sind Bank for recovery of
Rs 5.00 Crore pending before High Court, Bombay Suit No 1420 of 2007
filed by the company against the Educational society and others pending
before Dera Bassi Distt. Court.
- Suit No 2035 of 2007 filed by company against Shekhpura Khurd and
others pending before Dera Bassi Distt. Court.
b) CASES FILED AGAINST THE COMPANY
- Punjab Agro Industries Corporation has filed a suit for alterations
in the Articles of Association of the Company and restricting the
Company to hold the EGM on 29th December, 1995 in view of the Financial
Collaboration Agreement executed with them by OASIL.
- RSA 833/2003 filed by PAIC against company for permanent injunction
restraing the company from holding or modified the Articles of
Association of the company and further restrain the company holding
Extraordinary Annual General Meeting held on 29.12.1995.
- As informed to us that the suit filed for defamation/damages by M/S
Vatsa Finance Ltd. of Rs. 150/500 crores has been dismissed for default
by the court on 06.07.2001.
- Mr. B.B. Gupta has filed suit No. 219 of 1998 for recovery of dues.
- M/s. Mauve & Crimson Advertising Pvt. Ltd., New Delhi has filed a
case for passing a decree of permanent injunction thereby restraining
Omega Ag-Seeds (pb) Limited and Omega Agro Limited from taking forcible
and illegal possession of flat at 7/18, Kalkaji Extension, New Delhi
against recovery of Rs. 11.82 lacs from the Company.
- Civil suit no 81 of 2000 in the Distt. Court Chandigarh filed by Mr
Teja Singh against the company for recovery of Rs 4.43 lacs in
consideration of seeds supplied by him to the company. Decree passed,
appeal filed by company is dismissed. Company is in process to file
appeal before Punjab and Haryana High Court at Chandigarh decided the
appeal.
- Civil suit no 97 of year 2000 in the Distt. Court Chandigarh filed by
MrTeja Singh against the company for recovery of Rs 2.07 lacs in
consideration of seeds supplied by him to the company. Decree passed,
appeal filed by company is dismissed. Company is in process to file
appeal before Punjab and Haryana High Court at Chandigarh decided the
appeal.
- Civil suit of year 2000 in the Distt. Court Chandigarh filed by Mr
Gurinder Singh against the company for recovery of Rs 4.43 lacs in
consideration of seeds supplied by him to the company. Decree passed,
appeal filed by company is dismissed. Company is in process to file
appeal before Punjab and Haryana High Court at Chandigarh decided the
appeal.
- Civil suit no 82 of year 2000 in the Distt. Court Chandigarh filed by
Mr Ravinder Singh against the company for recovery of Rs 50901.63/- in
consideration of seeds supplied by him to the company and further
appeals and rejoinders arising out of aforesaid Litigation. Decree
passed, appeal filed by company is dismissed. Company is in process to
file appeal before Punjab and Haryana High Court at Chandigarh decided
the appeal.
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