b. Terms/rights attached to the equity shares
The Company has one class of equity shares having a par value of ' 10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding.
Retirement benefit plans
As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are given below:
I) Defined Contribution Plans
a) Provident Fund
b) Superannuation Fund and Pension Scheme,1995
The Company has recognized the following amounts in the Statement of Profit and Loss which are included under Contribution to Provident, Superannuation and other fund;
1. Contingent Liabilities not provided for
a) Claims against the Company not acknowledged as debt:
b) The Company has received a demand notice of Rs. 17, 15, 65,324/- from the State Revenue Department on account of permission required for transfer of flats built out of FSI relating to Leasehold land in project "Planet Godrej". The Company filed a writ petition against the demand in the Honb’.le High Court of Bombay ("the Court'') and the Court has stayed the demand order until a formal policy applicable to all leasehold lands is framed by the State. Further, the Court has ordered that as and when the policy is framed by the State, thereafter, the State shall approach the Honb'le High Court of Bombay for amending the present order.
2. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.
3. The lease of the land at Mumbai has expired and it is yet to be renewed by the Collector of Mumbai ("the Collector"). Pending renewal of the lease, the previously agreed lease rent continues to be paid by the Company on the basis of the expired lease agreement. The demands previously raised by the Collector have been set aside by the Honb'le High Court of Bombay ("the Court''), and the Court has directed the Collector to re-assess the lease rent. As of the Balance Sheet date, no revised demand is received.
4. During the year, the Company has recognized Rs. 9,17,18,515/- as revenue from the on-going project "Simplex Khushaangan". The aggregate amount of cost incurred and the profit/(loss) recognized to date is Rs. 87,99,79,534/- and Rs. (15,35,59,496/-) respectively.
5. Earnings per share - EPS is calculated by dividing the profit / (loss) attributable to the equity share holders by weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net profit / (loss) for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares, except when the results would be anti-dilutive.
6. The Company's main business activity constitutes developing real estate, which is the only reporting segment. The Company does not have any reportable geographical segment.
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31. Related party disclosure
(i) Related party relationship during the year
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(a)
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Associates
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Simplex Papers Ltd. Simplex Mills Company Ltd.
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(b)
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Key Management Personnel
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Mr. Nandan Damani - Managing Director Mr. Surendra Kabra - Chief Financial Officer Mr. Shekhar R Singh - Company Secretary
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(c)
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Relative of Key Management Personnel
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Mr. Sanjay N Damani Mrs. Shashi Patodia Mrs. Shivani Jatia
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(d)
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Where persons mentioned in (b) or (c) exercise significant influence
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The Nav Bharat Refrigeration and Industries Ltd Lucky Vyapaar and Holdings Pvt. Ltd.
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7. During the year, the Company has written off Rs. 5, 97, 59,760/- out of advances given towards land acquisition after adjusting the amount realized and value of property acquired. The Company had given advances to a party towards land acquisition at Bangalore, but the title to the land was not clear and marketable and there are so many claimants on the same land parcels. Hence, the Company had entered into agreement with an intending buyer who was interested in acquiring the land parcels in that area and agreed to buy our rights on those land parcels against part payment and in exchange of 4 villas at Goa. The Company has acquired 4 villas at Goa from the buyer and after adjusting the amount realized and value of the property acquired at Goa, the balance amount of Rs. 5,97,59,760/- has been written off during the year and the same has been shown as an extraordinary item.
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