Amal Ltd 2015-16

49 Name of the statute Nature of dues Amount ` in 000 Period to which the amount relates Forum where dispute is pending The Gujarat Sales Tax Act, 1969 Sales Tax (Including Interest and Penalty) 5247 2001-02 to 2003-04 Joint Commissioner, Surat CST Act, 1956 Sales Tax (Including Interest and Penalty) 381* 2003-04 Gujarat VAT Tribunal, Ahmedabad * Out of the above, ` 50,000/- has been paid under protest by the Company towards dues. (viii) According to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to financial institution, bank, government or dues to debenture holder. (ix) The Company has neither raised money by way of public issue offer nor has obtained any term loans. Therefore, paragraph 3(ix) of the Order is not applicable to the Company. (x) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company by its officers or employees, noticed or reported during the year, nor have we been informed of any such instance by the Management. (xi) According to the information and explanations given to us, managerial remuneration has been paid | provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act. (xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Therefore, paragraph 3(xii) of the Order is not applicable to the Company. (xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions entered into by the Company with the related parties are in compliance with Sections 177 and 188 of the Act, where applicable. The details of such related party transactions have been disclosed in the financial statements as required under Accounting Standard (AS) 18, Related Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. (xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Therefore, paragraph 3(xiv) of the Order is not applicable to the Company. (xv) According to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with him during the year. (xvi) According to the information and explanation given to us, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. For Haribhakti & Co. LLP Firm Registration Number 103523W Chartered Accountants (B L Shah) Mumbai Partner April 22, 2016 Membership Number 122071