Page 37 - GlaxoSmithKline Pharmaceuticals AR 2012

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Name of the statute Nature of dues Amount*
Rs. in lakhs
Period to which the amount
relates
Forum where the dispute is
pending
3,16.51 Several demands
pertaining to the period
1990-1991, 1998-1999,
1999-2000 and 2001-2002
to 2005-2006
Tribunal
92.06 Several demands pertaining
to the period 1990-1991,
1994-1996, 1999-2000 and
2001-2002
The High Court of Judicature
at Allahabad, Lucknow,
Punjab and Haryana
and Kerala
The Finance
Act, 1994
Service tax 1,29.20 January 2001 to
December 2002
Customs, Excise and
Service Tax Appellate
Tribunal (CESTAT)
The Central
Excise Act, 1944
Excise duty
including interest
and penalty,
as applicable
2,63.82 Several demands
pertaining to the period
March 1992 to November
1998, July 2007 to
November 2007
and January 2011 to
December 2011
Appellate Authority
– up to
Commissioner’s level
2,89.17 Several demands pertaining
to the period October 1994
to January 1995, September
1996 to September 2002
and November 2003 to
January 2007
Customs, Excise and Service
Tax Appellate Tribunal
(CESTAT)
30.12 1977 to 1980 The High Court of Judicature
at Bombay
*Net of amounts paid including under protest.
10. The Company has no accumulated losses as at the end of the financial year and it has not incurred any cash losses in the
financial year ended on that date or in the immediately preceding financial year.
11. According to the records of the Company examined by us and the information and explanation given to us, the Company has
not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date.
12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and
other securities. Therefore, the provisions of clause 4(xii) of the Order are not applicable to the Company.
13. As the provisions of any special statute applicable to chit fund / nidhi/mutual benefit fund / societies are not applicable to the
Company, the provisions of clause 4(xiii) of the Order are not applicable to the Company.
14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable to the Company.
15. In our opinion, and according to the information and explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions during the year. Accordingly, the provisions of clause 4(xv) of the Order
are not applicable to the Company.
16. The Company has not raised any term loans. Accordingly, the provisions of Clause 4(xvi) of the Order are not applicable to the
Company.
17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company,
we report that the no funds raised on short-term basis have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained
under Section 301 of the Act during the year. Accordingly, the provisions of clause 4(xviii) of the Order are not applicable to the
Company.
19. The Company has not issued any debentures during the year and does not have any debentures outstanding as at the beginning
of the year and at the year end. Accordingly, the provisions of clause 4(xix) of the Order are not applicable to the Company.
20. The Company has not raised any money by public issues during the year. Accordingly, the provisions of clause 4(xx) of the Order
are not applicable to the Company.
21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally
accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across
any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any
such case by the Management.
For Price Waterhouse & Co., Bangalore
Firm Registration Number: 007567S
Chartered Accountants
Asha Ramanathan
Partner
Mumbai, 19 th February, 2013 Membership Number: 202660