Amal Ltd 2018-19

Amal Ltd | Annual Report 2018-2019 advance received against share application money. Further, the Company had applied to Central Board of Direct Taxes (CBDT) for carry forward of business losses beyond eight years which was approved subject to certain conditions specified in CBDT order. Due to adverse market condition and 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 Atul Ltd. The Board of Directors had approved the proposed merger of the Company with Atul Ltd at its meeting held on December 05, 2014. The Company had submitted the Modified Draft Rehabilitation Scheme (‘Merger Scheme’) to the BIFR through OA on March 31, 2016, for obtaining their approval. The Central Government has, vide notification dated November 28, 2016, notified ‘The Sick Industrial Companies (Special Provisions) Repeal Act, 2003’ effective from December 01, 2016, as a result, the BIFR | AAIFR have been abolished and the Sick Industrial Companies (Special Provisions) Act 1985 is repealed. Pursuant to the same, all proceedings or appeals of whatever nature pending before BIFR | AAIFR have been abated. However, any scheme of revival, which has already been sanctioned by the BIFR in the past and is under implementation, will continue to be in force. Accordingly, the MS-13 approved by BIFR in its meeting held on July 01, 2013 continues to be in place. In view of the above, books of account have been prepared on going concern basis. The merger scheme pending approval of BIFR, stands abated. Subsequently, the Board of Directors in its meeting held on March 24, 2017 decided not to proceed with merger scheme. Note 28 Micro and small enterprise dues The Company has certain dues to suppliers (trade and capital) registered under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act). The disclosures pursuant to the said MSMED Act are as follows: ( ` 000) Particulars As at March 31, 2019 As at March 31, 2018 Principal amount due to suppliers registered under the MSMED Act and remaining unpaid as at year end 30 56 Interest due to suppliers registered under the MSMED Act and remaining unpaid as at year end - - Principal amounts paid to suppliers registered under the MSMED Act, beyond the appointed day during the year - - Interest paid, other than under Section 16 of MSMED Act, to suppliers registered under the MSMED Act, beyond the appointed day during the year - - Interest paid, under Section 16 of MSMED Act, to suppliers registered under the MSMED Act, beyond the appointed day during the year - - Interest due and payable towards suppliers under MSMED Act, for payments already made - - Interest due and payable towards suppliers registered under MSMED Act, for payments already made - - Further interest remaining due and payable for earlier 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, 2019. The auditors have relied upon in respect of this matter. Notes to the Financial Statements