Together good things happen - Airtel

(x) The Company has no accumulated losses at the end of
the financial year and it has not incurred cash losses in
the current and immediately preceding financial years.
(xi) Based on our audit procedures and as per the
information and explanations given by the
management, we are of the opinion that the Company
has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
(xii) According to the information and explanations given to
us and based on the documents and records produced
to us, the Company has not granted loans and advances
on the basis of security by way of pledge of shares,
debentures and other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore, the provisions
of clause 4(xiii) of the Companies (Auditor’s Report)
Order, 2003 (as amended) are not applicable to the
Company.
(xiv) In our opinion, the Company is not dealing in or trading
in shares, securities, debentures and other investments.
Accordingly, the provisions of clause 4(xiv) of the
Companies (Auditor’s Report) Order, 2003 (as amended)
are not applicable to the Company.
(xv) According to the information and explanations given to
us, the Company has given guarantee for loans taken by
others from bank or financial institutions, the terms and
conditions whereof in our opinion are not prima-facie
prejudicial to the interest of the Company.
(xvi) Based on information and explanations given to us by
the management, term loans were applied for the
purpose for which the loans were obtained.
(xvii)According to the information and explanations given to
us and on overall examination of the balance sheet of
the Company, funds amounting to Rs 6,449,385
thousand raised on short-term basis (primarily
represented by capital creditors) have been used for
long-term investment (primarily represented by fixed
assets).
(xviii) The Company has not made any preferential allotment
of shares to parties or companies covered in the register
maintained under section 301 of the Companies Act,
1956.
(xix) The Company has created security or charge in respect of
debentures outstanding at the year end.
(xx) The Company has not raised any money by public issues
during the year.
(xxi) According to the information and explanations
furnished by the management, which have been relied
upon by us, there were no frauds on or by the Company
noticed or reported during the course of our audit
except few cases of fraud by employees estimated at
Rs 115,105 thousand and by external parties Rs 20,255
thousand detected by the management for which
appropriate steps were taken to strengthen controls and
Rs 12,519 thousand out of the such estimated amounts,
has been recovered by the Company.
For S.R. BATLIBOI & ASSOCIATES
Firm Registration No. 101049W
Chartered Accountants
per Prashant Singhal
Partner
Membership No.93283
Place: Gurgaon
Date: April 28, 2010
Bharti Airtel Annual Report 2009-10
Name of the Statutes Nature of Amount Disputed Period to Forum where the dipute is pending
the Dues (in Rs '000) Which it Relates
Income Tax Act, 1961 Income Tax 1,987,175 2001-10 Commissioner of Income Tax (Appeals)
Income Tax Act, 1961 Income Tax 5,950 2002-04 High Court
6,420 1997-98 Assessing Officer
Income Tax Act, 1961 Income Tax 3,622,088 2005-06 Dispute Resolution Panel
Income Tax Act, 1961 Income Tax 102,786 2001-05; Income Tax Appelate Tribunal
Sub Total (C) 5,724,420
2006-07
Customs Act-1962 Custom Act 2,167,154 2001-04; Customs, Excise and Service Tax Appelate
2007-08 Tribunal, Bangalore
Customs Act-1962 Custom Act 31,194 2005-06 Customs, Excise and Service Tax Appelate
Sub Total (D) 2,198,348
Tribunal, Chennai
Of the above cases, total amount deposited in respect of Sales Tax is Rs 914,162 thousand, Service Tax is Rs 5,484 thousand, Income Tax is
Rs 847,803 thousand and Custom Duty is Rs 57,725 thousand.
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