From the AR ... I can see their contingent liability is of almost 210 Cr which is really worrying fact.
I. Claims/litigations made against the Company not acknowledged as debts:
a. Sales tax demand Nil (Previous Year Nil).
b. Winding up petition filed against the Company Nil (Previous Year Nil).
c. Matters under litigation:
(i) Claims against the Company by employees, vendors & customers amounting to C3,72,38,145 (Previous Year
(ii) One of the major customers of the Company has wrongfully decided not to renew / terminate the contracts
across all the business segments due to which certain assets got idle. However, in order to safeguard the interest
of the shareholders, the Company has been pursuing litigation and has sought specific performance of the
contract as well against these arbitrary and unjust acts of the multinational company. The Company has filed
various suits against the said customer amounting to C6,29,99,80,817 (Previous Year C6,29,99,80,817) and vice
versa said customer has also filed counter claims against the Company amounting to C2,06,14,52,365 (Previous
The management of the Company believes that the ultimate outcome of these proceedings will not have a material
adverse effect on the Company’s financial condition and results of operations.
Bank Guarantee issued by Bank amounting to C69,10,605 (Previous Year C69,10,605)