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Notes to Accounts of Popular Estate Management Ltd.

Mar 31, 2015

Terms/Rights attached to Equity Shares

The Company is having only one class of Equity shares haves par vale of Rs 10/- each

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

As per the records of the Company including its register of Shareholders/Members and other declarations received from the shareholders regarding beneficial interest, the above Shareholding represents both legal and beneficial ownership of shores

1. Corporate In Formation:

Popular Estate Management Limited is a public company domiciled in India, It is listed an Bambay Stock Exchange. The Company -s engaged In construction and engineering activities etc,

2. Basts of Preparation:

The financial statements of the company have been prepared In accondance with generally accepted accounting principles in India (Indian GAAP) The company has prepared these financial statements to company in all material respects with the accounting standards notified under the Companies Act, 2013 The financial Statements have been prepared on an accrual basis are under the historical cost convention method.

The accounting policies adopted in the preparatrion of financial statements are consistent with those of previous year, except for the change in accounting policy explained below

3. RELATED PARTY DISCLOSURES:

As per Accounting Standard 18, the disclosures of transactions with the related parties, disclosing relationship, nature transaction and quantum or transaction are as under:

4. The company operates only in one segment i.e. construction and engineering and hence there iS no other primary reportable segment as required by AS 17 on Segment Reporting as Issued by ICAI

5.Extra Ordinary Items

(A) (I) Shree Someshwara co.op. Housing Society Ltd., had appointed the company as a developer for development of the land of the society situated at Thaltej, Taluka Dascrol, in the registration district and sub-district Ahmedabad, bearing survey no. 310 admeasuring about 24411 sq. metrs. by development agreement dated 29/3/2007. As per clause no. 6.11 of development agreement, if the development of the project because of the circumstances beyond the control of the developer i.e. company or otherwise could not be commenced and/or executed or completed for any reason whatsoever, the developer i.e. company is entitled to receive compensation / damages or defamation charges for damages of goodwill of developer in the event of termination of development agreement and as per clause no.6.12 of the said development agreement the developer i.e. company is entitled for preemptive right to purchase the said land of the society.

(II) During the year under consider ation the society has decided to set out the said land without development and hence the developer i.e. the company Is untitled for the compensation for damages per development agreement entered into With the society, Hence, the termination agreement is entered into between the company and the society vide Lemination agreement dated 20/3/2015 and as per the termination agreement the company is entitled to receive Rs. 17,41,89,300/- as compersation/ damages for the re inguishment of right to sue for preemptive purchase right as a "developer and organizer" of the scheme In terms of development agreement dated 29/3/2007 directly from the purchaser of the said land.

(B) (1) Saral Samudayik Kheti Sahkari Mandii Ltd., had appointed the company as a Project Consultant & Organisers for the development of the land bearing survey no.182 admeasuring about 4452 sq.mtr. Survey no.185 admeasuring about 2529 sq.mtr Survey no. 186 admeasuring about 2428 sq. mtr., survey no.187 admeasuring about 1148 sq.mtr, and survey no,179 admeasuring about 4957 sq.mtr. Totaling to18514 sq.mtr, situated at village Amball, Taluka Dascroi, District and Sub-district Ahmedabad as per agreement dated 31/3/2007. The Sahkan Mandali had appointed the company as a project consultant and organizer for development of the land of the BahkanMendak for the project of cultivation and agricultural activities. As per clause no.16 of agreement, if the project of Framing because of the circumstances beyond the control of the "Project Consultant and Organiser" i.e. company or otherwise could not be commenced and/or executed or completed for any reason whatsoever, the Project Consultant and Organiser i.e. compary is entitled to receive compensation / damages or defamation charges for damages of goodwill of "Project Consultant and Organiser" In the event of termination of agreement and as per Clause no.17 of the said agreement the "Project Consultant and Organiser" i.e. company is entitled for preemptive right to purchase the said land of the SahkanMendai .

(II) The disputes and differences arose between Sahkari mandall and the company in respect of the rights and obligation of the parties arising out of the agreement entered Into Between me parlies dated 31/3/2007 and Sahkari Mandali has Sell out the land (except blockiio:179) without development and terminated the development agreement of 2011. During the year under consideration Sahkari Mandali has decided to sen out allowed the land at block no.179 without development and hence the developer l.e. the company is entitled for the comparisation for damages as per agreement entered Into with Sahkarl Mandai Hence, the termination agreement Is entered into between the company and the Sahkari Mandall vide term Malian agreement dated 20/3/2015 and as per the termination agreement the company Is entitled to receive Rs. 2,57,8 2,100/- as compensation/damages for the reliquishment of right to sue for preemptive purchase right as a "Project Consultant and Organiser" of the scheme In terms of agreement dated 31/3/2007 directly from the purchaser of the said land.

(C) The Advocate / legal counsel of the company have advised that as per the provisions of section 6(e) of the Transfer of Property Act, right to sue is not a property. Now the definition of capital asset u/s.2 (14) of the I.T. Act, 1961 that capital asset means a "property of every and" therfore, in order to Constitute a capital asset, there must he a property and if such property forms part of capital asset is transferred than the profits and gains arising therefrom would be chargeable to tax U/S.45 of the l.T Act, 1961. since right to sue is not a property, it is not a capital asset as per provisions of Income-tax Act, 1961, such a compensation/damages amounting to Rs. 17,41,89,300/- and Rs.2,57,62,100/- respectively is a capital receipt not subject to Income-tax. The facts of the company's case in respect of compensation received for relinquishment of their right to sue is squarely covered by facts and principles and ratio laid dawn by the Hon'ble jurisdictional Gujarat High Court In the case of Baroda Cement & chemicals Ltd. vs. CIT 158 itr 636 (Guj) and also by the decision or HOn'ble Delhi High Court in the case or CIT vs, J. Dalmia, 146 ITR 215 (Del.) as well as the decision of Hon'ble Calcutta High Court in the case of CIT vs. Ashoka Marketing Ltd. 164 ITR 664 (Cal.).

6. Contingent liabilities:

(Rs. in lacs)

Particulars As at 31st As at 31st March, 2015 March, 2014

Claims against the group not - - acknowledged as debts

Income Tax matters 362 90 120.92

7. The Company Is in the Process of appointing the Full time Company Secretary and Chief Financial Officer In accordance with the requirement of Companies Act 2013 Contingent liability arising on account of such non complaince Is not provided for being not quantifiable.

8. Previous Year's figures have been regrouped, rearranged and rescheduled wherever necessary to reflect its true nature.


Mar 31, 2014

1. Corporate Information : Popular Estate Management Limited is a public company domiciled in India and incorporated under the Provisions of Companies Act, 1956. It is listed on Bombay Stock Exchange. The Company is engaged in construction and engineering activities etc.

2. Basis of Preparation : The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). To comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules 2006, (as amended) and relevant provisions of the companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention method.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.

3. The company operates only in one segment i.e. Infrastructure and hence there is no other primary reportable segment as required by AS 17 on Segment Reporting as Issued by ICAI.

4. Previous Year''s figures have been regrouped, rearranged and rescheduled wherever necessary to reflect its true nature.


Mar 31, 2013

1. Corporate Information :

Popular Estate Management Limited is a public company domiciled in India and incorporated under the Provisions of Companies Act, 1956. It is listed on Bombay Stock Exchange. The Company is engaged in construction and engineering activities etc.

2. Basis of Preparation :

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian gAaP). To comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules 2006, (as amended) and relevant provisions of the companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention method.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.

3. Directors Remuneration amounting to Rs 26,50,000/- is after adjusting the Excess Remuneration of Rs 5,00,000/- paid in earlier financial year.

4. The company operates only in one segment i.e. Infrastructure and hence there is no other primary reportable segment as required by AS 17 on Segment Reporting as Issued by ICAI.

5. Previous Year''s figures have been regrouped, rearranged and rescheduled wherever necessary to reflect its true nature.


Mar 31, 2012

1. Corporate Information :

Popular Estate Management Limited is a public company domiciled in India and incorporated under the Provisions of Companies Act, 1956. It is listed on Bombay Stock Exchange. The Company is engaged in construction and engineering activities etc.

2. Basis of Preparation :

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention method.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.


Mar 31, 2010

(i) The estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil.

(ii) Contingent Liabilities not provided for Rs. Nil.

(iii) In opinion of the management Current Assets, Loans & Advances are approximately of the values stated if realised in ordinary course of the business.

(iv) Previous years figures have been regrouped/rearranged/recast wherever considered necessary.

(v) Balances of debtors,creditors,loans & advances, depositsand unsecured loan are as per books and subject to confirmation from respective parties.

(vi) Imports of materials , components,spare parts and Capital Goods Rs. Nil

(vii) Information under clause 4C & 4D of part II of Schedule VI of Companies Act, 1956 :

a) The company engaged in the infrastructure / development which is not ammenable for quantification. Hence the information required as per clause 4C of part II of schedule VI of Companies Act,1956 has not been furnished.

b) Information required under Clause 4D of part II of Schedule VI of the Companies Act, 1956 to the extent applicable are as per details furnished and certified by management is as follows : (i) Expenditure in foreign currency Rs. Nil.

(ii) Earning in Foreign Currency Rs. Nil. ( Previous year Nil)

(viii) Statement showing Disclosure of materially significant related party transaction entered into by the company is annexed herewith.

 
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