Page 201 - BCML AR 2019-20

BALRAMPUR CHINI MILLS LIMITED

Notes forming part of the Standalone Financial Statements

Note No. : 36 Other disclosures
1. Contingent liabilities and commitments (to the extent not provided for)

(a) Contingent liabilities :
(H in Lacs)
Sl. Particulars As at As at
No. 31st March, 2020 31st March, 2019
(i) Claims against the Company not acknowledged as debts :
- Excise duty demand - under appeal – 167.00
- Sales tax demand- under appeal 10.23 12.98
- Others - under appeal/litigation 235.71 605.91
245.94 785.89
(ii) Claims for acquisition of 1.99 acres of land for the Distillery unit at Amount not Amount not
Balrampur and compensation there against is under dispute as ascertainable ascertainable
the matter is subjudice
Also refer Note No. 36(16) (b) for availment of remission of taxes and levies pending final decision at the Hon’ble Supreme Court on the matter.
The amounts shown in (i) above represent the best possible estimates arrived at on the basis of available information. The uncertainties
and timing of the cash flows are dependent on the outcome of different legal processes which have been invoked by the Company or the
claimants, as the case may be and, therefore, cannot be estimated accurately. The Company does not expect any reimbursement in respect
of above contingent liabilities.
In the opinion of the management, no provision is considered necessary for the disputes mentioned above on the ground that there are fair
chances of successful outcome of the appeals/litigations.

(b) Commitments :
Estimated amount of contracts remaining to be executed on capital account and not provided for
(H in Lacs)
Sl. Particulars As at As at
No. 31st March, 2020 31st March, 2019
(i) Estimated amount of contracts remaining to be executed on
capital account and not provided for 984.86 16717.77
(ii) Advance paid against above 70.26 2623.26
Other Commitment :
On 23rd June, 2020, the Board of Directors of the Company have approved the buyback of 1,00,00,000 fully paid-up equity shares of the
face value of H 1/- each of the Company at a price not exceeding H 180/- per Equity share (“Maximum Buyback Price”) and for an amount
not exceeding H 18000.00 Lacs (“Maximum Buyback Size”) through the “Tender Offer” route using the stock exchange mechanism in the
manner as prescribed in the Companies Act, 2013 and relevant rules thereunder and the Securities and Exchange Board of India (Buyback of
Securities) Regulations, 2018.

Annual Report 2019-20 | 199