Annexure XIV Continued… - Edelweiss

Consequent to this merger, BCFL has become a Group Company and accordingly disclosures with respect to
shareholding of BCFL have been made after considering the effect of merger. BCFL has filed Form 21 with
the RoC and the same has been approved. BCFL is currently undertaking other procedural steps in the matter.
Accordingly, the litigations pertaining to the merged entities namely, Uttaranchal Finance Limited, Parnami
Habitat Developers Limited, Sindhu Trade Links Limited, Garuda Imaging and Diagnostic Private Limited
and Sindhu Holdings Limited, wherever applicable stands transferred in the name of BCFL.
Securities Laws
In 2004 due to non compliance with clause 41 of the listing agreement, the BSE and DSE suspended trading in
the securities of BCFL. This suspension was revoked by BSE and DSE vide their letter no. DCS/ COMP/ PR/
NM/ 190/ 2007-08 dated May 08, 2007 and letter no. DSE/LIST/8956/R/321 dated April 21, 2009,
respectively.
3.1 Sindhu Trade Links Limited (“STLL”)
Cases filed by STLL
Criminal
STLL has filed 16 cases under section 138 of Negotiable Instruments Act against various persons in different
courts. The aggregate amount involved in these cases is ` 4.13 million. These cases are currently pending.
Tax
1. Notice received for scrutiny proceeding for the A.Y. 2009-2010
STLL has received a notice dated August 18, 2010 from Deputy Commissioner of Income Tax, Circle 8(1),
New Delhi under section 143(2) of the I.T. Act for scrutiny assessment proceedings requesting for certain
information and record. STLL has submitted the details and the assessment proceedings are currently pending.
2. STLL v. Deputy Commissioner of Income Tax, Circle 8(1), New Delhi before CIT Appeals – XI, New
Delhi for A.Y. 2008-2009
Appeal No. 253/10-11 of 2011 before the CIT– XI
STLL filed an appeal no. 253/10-11 dated January 28, 2011 before the CIT Appeals – XI, New Delhi against
the assessment order dated December 20, 2010 passed by the Additional Commissioner of Income Tax, Range
8, New Delhi. The assessing officer has disallowed ` 15.70 million on account of deemed dividend under
section 2(22)(e) of the I.T. Act; disallowance of ` 11.83 million of interest under section 36(1)(iii) of the I.T.
Act; disallowance of ` 2.58 million being addition of unmatured interest charges; ` 2.84 million for investment
in land and ` 1.06 million on account of disallowance under section 14A of the I.T. Act. Accordingly a
demand of ` 15.37 million was raised. An amount totalling ` 6.56 million has already been deposited/adjusted.
The matter is currently pending.
3. STLL v. Deputy Commissioner of Income Tax, Circle 8(1), New Delhi before CIT Appeals – XI, New
Delhi for A.Y. 2007-2008
Appeal No. 92/09-10. of 2009 before CIT Appeals – XI, New Delhi
STLL filed an appeal no. 92/09-10 dated, December 30, 2009 before the CIT Appeal-XI, New Delhi against
the assessment order dated November 25, 2009 passed by the Joint Commissioner of Income Tax, Range 8,
New Delhi. The assessing officer has disallowed ` 0.19 million on account of section 14A of the I.T. Act and `
4.37 million on account of disallowance on purchase of land. Accordingly, a demand of ` 0.88 million was
raised. The demand has already been deposited / adjusted. The matter is currently pending.
4. STLL v. Deputy Commissioner of Income Tax, Circle 8(1), New Delhi before CIT Appeals – XI, New
Delhi for A.Y. 2005-2006
Appeal No. 252/10-11 of 2011 before the CIT Appeals – XI, New Delhi
326