| 1. |
The
Scheme of Arrangement between the Company and two of its
subsidiaries namely, Portside Estates Limited and DSK Real
Estates Limited, effective from 1st April 2002 has been
approved by the Hon'ble High Court at Calcutta by
passing an Order on 19th May, 2004 and the said Scheme
has taken effect on filing of the aforesaid Order on
23rd July, 2004 with the Registrar of Companies, West
Bengal. As such, profit of Rs 1087 lakhs arising out of
transfer of certain properties pursuant to the aforesaid
Scheme of Arrangement was taken into account in the
first quarter ended 30th June, 2004 and has been
included in Other Income for the nine months ended 31st
December, 2004. |
| 2. |
With regard to
the qualification by the Auditors regarding
non-provision for diminution in value of long-term
investments amounting to Rs. 8508 lakhs as on 31st
March, 2004 which has gone down to Rs 2235 lakhs as on
31st December, 2004, the Directors are of the opinion that the
carrying value of some of the quoted and unquoted
investments held as long-term investments, when compared
against their market and intrinsic values, have not suffered any permanent
diminution. |
| 3. |
The financial
results of the Company for the quarter ended 31st
December, 2004 have been prepared after considering the
prudential norms as applicable to Non-Banking Financial
Companies. |
| 4. |
The Company does
not have any other reportable segment in terms of
Accounting Standard
17 other than Non-Banking finance business. |
| 5. |
There was no
Investor's complaint pending at the beginning of the
quarter. One complaint was received
and disposed off during the quarter. |
| 6. |
Provision for
taxation will be considered at the year end. |
| 7. |
The aforesaid
results have been subjected to a limited review by the Auditors
of the Company. |
| 8. |
Previous year's
figures have been re-arranged, wherever necessary. |
| 9. |
The foregoing
statement has been approved by the Board of Directors of
the Company at its meeting held on 31st January, 2005. |
