Amal Ltd 2014-15

Amal Ltd | Annual Report 2014-15 Notes to the Financial Statements The Board of Directors (Board) has approved the proposed merger of the Company with Atul Ltd. The Board has approved share swap ratio of 1 equity share of the face value of ` 10 each fully paid up of Atul Ltd for every 50 equity shares of the face value of ` 10 each fully paid up of Amal Ltd at its meeting held on December 05, 2014. The Company is in the process of submitting the Modified Draft Rehabilitation Scheme (MDRS) (Merger Scheme) to the Board for Industrial and Financial Reconstruction (BIFR) through the Operating Agency for obtaining their approval. Under the proposed scheme, the entire undertaking of Amal Ltd together with all assets and liabilities will be transferred to Atul Ltd. In view of the above, books of account have been prepared on going concern basis. The appointed date of the proposed scheme is April 1, 2014. Upon approval of scheme by the BIFR, effect of the scheme will be given in the books of account. NOTE 32 MICRO, SMALL AND MEDIUM ENTERPRISE DUES Trade Payables include ` Nil due to Micro, Small and Medium Enterprise. Following is the information, required to be furnished as per Section 22 of the Micro, Small and Medium Enterprise Development Act, 2006. (` 000) No. Particulars As at March 31, 2015 As at March 31, 2014 a) Principal amount due to supplier under MSMED Act, 2006 - - b) Interest accrued, due to supplier under MSMED Act, 2006 on above amount, and unpaid - - c) Payment made to suppliers (other than interest) beyond the appointed day | due date during the year - - d) Interest paid to suppliers under MSMED Act, 2006 (other than Section 16) - - e) Interest paid to suppliers under MSMED Act, 2006 (Section 16) - - f) Interest due and payable towards suppliers under MSMED Act, 2006 for payments already made - - g) Interest accrued and remaining unpaid at the end of the year to suppliers under MSMED Act - - h) Amount of further interest remaining due and payable in succeeding years - - Above disclosures have been made based on information available with the Company, for suppliers who are registered as Micro, Small and Medium Enterprise under. The Micro, Small and Medium Enterprise Development Act, 2006 as at March 31, 2015. The auditors have relied upon in respect of this matter.