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• Annual Report 2018-19
Shaping the future of software driven business
o) Advance to Persistent Telecom Solutions Inc
• Balance as at March 31, 2019
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4.56 million (Previous year: Nil)
• Maximum amount outstanding during the year
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4.56 million (Previous year: Nil)
• There is no repayment schedule in respect of this advance. It is repayable on demand. This amount is utilized for meeting
business requirements.
p) Advance to Valista Limited Ireland
• Balance as at March 31, 2019: Nil (Previous year: Nil)
• Maximum amount outstanding during the year
`
0.03 million (Previous year: Nil)
• There is no repayment schedule in respect of this advance. It is repayable on demand. This amount is utilized for meeting
business requirements.
44.
As reported in the previous quarters, the Company has deposits of
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430 million with the financial institutions viz.
Infrastructure Leasing & Financial Services Ltd. (IL&FS) and IL&FS Financial Services Ltd. (referred to as “IL&FS Group”) as
on the balance sheet date. These are due for maturity from January 2019 to June 2019, of which
`
345 million are overdue
as on March 31, 2019.The Company has not accrued any interest on these deposits since April 1, 2018. The amount due till
March 31, 2019 and interest due have not been received as on date. In view of the uncertainty prevailing with respect to
recovery of outstanding balances from IL&FS Group, Management of the Company has provided an amount of
`
182.50
million for impairment in value of deposits as of March 31, 2019. The provision currently reflects the exposure that may
arise given the uncertainty. With the resolution plan in progress, the Management is hopeful of recovery though with a
time lag. The Company continues to monitor developments in the matter and is committed to take steps including legal
action that may be necessary to ensure full recovery of the said deposits.
45.
The financial statements are presented in
`
million and decimal thereof except for per share information or as otherwise
stated.
Notes forming part of financial statements (Contd.)
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