Amal Ltd 2015-16

73 Notes to the Financial Statements by BIFR, reviewed the Draft Rehabilitation Scheme (DRS) prepared by the Company and submitted it to BIFR on February 16, 2012. The Company revised the DRS with cut-off date as March 31, 2013 and the same was approved by BIFR in its meeting held on July 01, 2013 as modified sanctioned scheme (MS - 13). The salient features of MS - 13 include implementation of project, settlement of unsecured creditors at 30% of principal dues (as approved under earlier scheme) and issue of shares to promoter company towards advance received against share application money. Further, the Company has applied to Central Board of Direct Taxes for carry forward of business losses beyond eight years which is approved subject to certain conditions specified in CBDT order. Due to adverse market condition and because of the change in regulatory norms in USA, the Company has proposed to shelve the plan of setting-up p -MPAA project as stated in MS-13. However, in order to turnaround, the Management has contemplated other alternatives and considered the Merger with its parent company i.e. M/s. Atul Ltd. The Board of Directors (“The 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 has submitted the Modified Draft Rehabilitation Scheme (MDRS) (“Merger Scheme”) to the Board for Industrial and Financial Reconstruction (BIFR) through IDBI Bank Ltd (Operating Agency) on 31 st March 2016 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. However, pending approval of scheme by BIFR, no effect of the scheme has been given in the books of account. Note 32 Micro and small enterprise dues Trade payables include ` Nil due to Micro and small enterprise. The disclosure as required under Schedule III of the act and Micro, Small and Medium Enterprise Development Act, 2006. ( ` 000) Particulars As at March 31, 2016 As at March 31, 2015 (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 and Small Enterprise under “The Micro, Small and Medium Enterprise Development Act, 2006 as at March 31, 2016. The auditors have relied upon in respect of this matter.