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Notes to Accounts of TCI Developers Ltd.

Mar 31, 2016

(b) Rights, preferences and restrictions attached to equity shares:

The Company has only one class of equity shares having a par value of Rs 10/- per share. Each holder of equity shares is entitled to one vote per share held. The dividend, if any, proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting. 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. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) Terms of Conversion/ redemption of Preference Shares

The 5% Preference Shares allotted by the company are Non-Convertible Non-Cumulative Redeemable Preference Shares of Rs. 10/- each which are redeemable in a term not exceeding 20 years from the date of allotment and on such terms and conditions and in such manner as the Board may, deem fit.

(d) Details of shareholders holding more than 5% of the Shares in the company

1. In the opinion of Board of Directors and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business, would not be less than the amount at which the same are stated in the Balance Sheet.

2. During the year 2015-16, the company had received Rs. 1,076,522 /- from the Government Authorities towards compensation against part of a land acquired for highway road widening, the proportionate book value of such land being Rs. 4,452,232/-. The resultant loss of Rs. 3,375,710 /- was accounted for as a Loss on Sale of Assets. The company also made a representation to the Government Authorities for enhancement in such compensation. However any further compensation shall be treated as capital gain, as and when received.

3. Previous year''s figures have been regrouped and rearranged, wherever found necessary.


Mar 31, 2013

1. Background

TCI Developers Limited ("the Company") is a Company registered under the Companies Act, 1956. It was incorporated on 14th May, 2008. It is a real estate arm ofTCI Group which has been created to look into development of the commercial properties. The company is engaged in the business of Real estate and Warehousing development activities.

The Real Estate and Warehousing division of Transport Corporation of India Ltd. stood transferred to the Company effective from 1st April 2010 in terms of the Scheme of Arrangement between the Company and Transport Corporation of India Ltd. as approved vide order dated 15th September 2010 of the Hon''ble Andhra Pradesh High Court.

2. During the financial year 2012-13, the Company has paid remuneration of Rs. 23.63 lacs to Mr. Naresh Kumar Baranwal, whole time director, subject to the approval of shareholders in the ensuing general meeting of the Company keeping in view of the provisions of the Section 198, 309 & Schedule XIII of the Companies Act, 1956. The net profits for the year, as computed under section 349 & 350 of the Companies Act are inadequate. Accordingly the remuneration paid has exceeded by Rs. 16.72 lacs. The Company has filed an application seeking permission of Central Government for the remuneration of Mr. Naresh Kumar Baranwal and the same is awaited.

3. In the opinion of Board of Directors and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business, would not be less than the amount at which the same are stated in the Balance Sheet.

4. Preliminary expenses being intangible asset, written off fully as per Accounting Standard. Exceptional Items incurred in the previous year, as referred in Statement of Profit and Loss consists of costs related to equity shares issued and allotted as per the Scheme of Arrangement. These preliminary expenses have been written off in the year the same were incurred.

5. Previous year''s figures have been regrouped and rearranged, wherever found necessary.


Mar 31, 2012

1.1 The Real Estate and Warehousing division of Transport Corporation of India Ltd. stood transferred to the Company effective from 1st April 2010 in terms of the Scheme of Arrangement between the Company and Transport Corporation of India Ltd. as approved vide order dated 15 th September 2010 of The Hon'ble Andhra Pradesh High Court. Necessary effects in the accounts were taken in the previous financial year ended 31st March 2011.

1.2 Exceptional Items, as referred in Statement of Profit and Loss consists of costs related to equity shares issued and allotted as per the Scheme of Arrangement. These preliminary expenses have been written off in the year the same were incurred.

1.3 In the opinion of Board of Directors and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business, would not be less than the amount at which the same are stated in the Balance Sheet.

1.4 Preliminary expenses being intangible asset, written off fully as per Accounting Standard.

1.5 Contingent Liabilities and Commitments (to the extent not provided for) 31-03-2012 31-03-2011

Rupees Rupees

Contingent Liabilities - -

Commitments:

Estimated amount of contracts remaining to be executed for Project in Progress 11,167,618 -

1.6 Previous year's figures have been regrouped and rearranged, wherever found necessary


Mar 31, 2011

To the Balance Sheet as on March 31, 2011 and Profit and Loss Account for the year ended March 31, 2011

1. The Honble Andhra Pradesh High Court, vide its order dated September 15, 2010 approved the Scheme of Arrangement (the Scheme) between the Company and Transport Corporation of India Ltd. effective from April 1, 2010. In terms of the Scheme:

i. The Real Estate and Warehousing division of Transport Corporation of India Ltd. together with all the properties and assets, investments, licenses, tenancy rights, trademarks, leases and all rights, powers, interests etc. as described in the Scheme stand transferred to the Company effective from April 1, 2010 at their respective book values, then prevailing.

ii. All debts, liabilities including contingent liabilities, duties and obligations, present or futures, relating to the said division whether secured or unsecured, whether provided or not, related to the period up to March 31, 2010, have been treated as liabilities, duties and obligations of the Company.

iii. All profits or losses, income and expenses accruing or arising or incurred relating to the said division effective from April 1, 2010 have been credited/ charged in the accounts of the Company.

iv. The balance amount remaining after recording the aforesaid assets and liabilities has been credited to Capital Reserve as on April 1, 2010.

v. The title deeds for lands, buildings, licenses, agreements, bank accounts, other contracts and arrangements etc. are being transferred in the name of the Company.

vi. All permanent employees engaged in/ or relating to the said division stand transferred to the Company. The accumulated funds i.e. Provident Fund, Gratuity, Superannuation etc. will be transferred to the Companys funds as and when the legal formalities for the creation/ transfer of such funds are completed.

vii. Transport Corporation of India Ltd. is deemed to have been carrying all business and activities relating to the said division and stand possessed of the properties so transferred to the Company effective from April 1, 2010 for and on account of and in trust for the Company. Accordingly all vouchers, documents etc. in respect of the said division for the transition period are in the name of Transport Corporation of India Ltd.

viii. In consideration of the transfer of the existing business of the said division in favour of the Company; each share holder of Transport Corporation of India Ltd. is entitled to receive from the Company 1 Equity Share of Rs. 10/- each credited as fully paid up for every 20 fully paid up equity shares of Rs. 2/- each held in Transport Corporation of India Ltd. Accordingly 3,629,431 shares of the Company have been allotted to the members of Transport Corporation of India Ltd. on October 23, 2010.

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