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«TABLE OF CONTENTS DEFINITION, TECHNICAL GLOSSARY AND ABBREVIATIONS FORWARD-LOOKING STATEMENTS RISK FACTORS SUMMARY SUMMARY OPERATING AND FINANCIAL ...»

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3. 10 separate Appeals under section 54 of the Land Acquisition Act, 1894, have been filed by JHPL in the Shimla High Court, challenging the Award passed by the District Judge, Kinnaur, Civil Division, at Rampur Bushahr, Himachal Pradesh, enhancing the amount of compensation fixed by the Land Acquisition Collector, Kinnaur. The amount originally awarded by the District Judge, Shimla in the original cases was an aggregate of Rs. 3.10 million as per the calculation certified by the Land Acquisition Collector, Kinnaur. The aggregate enhanced amount of compensation awarded in all the 10 Land References by Land Acquisition Collector, Kinnaur amounts to Rs. 3.91 million as per the calculation certified by the Land Acquisition Collector, Kinnaur. The Shimla High Court has stayed the operation of the impugned Award, subject to the Company depositing in Court the entire amount of compensation. The Company has deposited the entire amount and thus, the stay has become operational.

Cases filed against the Company Compensation Cases

4. There is 1 case pending before the District and Sessions Judge Kinnaur at Rampur for additional compensation for the land acquired for the construction of Tower No. 112. The amount claimed is approximately Rs. 0.20 million per Bigah for 0-02-42 hectares.

5. There are 4 cases pending in the Court of District Judge, Kinnaur Division, at Rampur Bushahr, District Shimla, Himachal Pradesh, for additional compensation for the damage caused to the apple trees during the work of erection of towers for laying High Tension Lines for transmission of electricity from Karcham to Jhakri. The aggregate amount claimed is approximately Rs. 1.54 million, out of which Rs. 0.15 million has already been paid by the Company to the claimants as compensation.

6. There are 28 cases pending with the District and Sessions Judge Kinnaur at Rampur for compensation on account of fixation of higher rates for the lands acquired. The aggregate amount claimed is approximately Rs. 28.15 million, of which Rs. 0.75 million has already been paid as compensation.

7. There are 2 cases pending before the Civil Judge (Junior Division), Rampur Bushehar, Himachal Pradesh for recovery of compensation for the damage caused to apple trees and other plants and crops, during the work of erection of towers for laying High Tension Lines for transmission of electricity from Karcham to Jhakri. The aggregate amount claimed is Rs. 0.19 million, of which Rs.0.05 million has already been paid by the Company to the claimants as compensation. Both these suits have been stayed by the Shimla High Court, the details of which are disclosed in Serial No. 1 above.

8. There is 1 case pending before the Sub-Judge First Class, Rampur, Bushahr, for recovery of compensation for the damage caused to apple trees and other plants and crops, during the work of erection of towers for laying High Tension Lines for transmission of electricity from Karcham to Jhakri. The amount claimed is Rs. 0.20 million has already been paid by the Company to the claimants as compensation. This suit has been stayed by the Shimla High Court, the details of which are disclosed in Serial No. 1 above.

9. There is 1 case pending before Sub-Divisional Magistrate, Nichar at Bhaba Nagar for compensation for shifting of cowshed situated below the transmission line, which experienced alleged electrical induction.

Motor Accident Claims 10. There is 1 case filed in the Motor Accident Claim Tribunal, Panchkula for negligent driving.

Miscellaneous Claims In relation to Cow Shed - Installation of additional tower

11. There is 1 case pending before the Court of Civil Judge (Senior Division) Kinnaur at Rampur seeking a direction from the court for installation of additional tower between location 108 and 109 on account of the induction experienced in the cowshed situated below the transmission line.

A. Jaiprakash Associates Limited (JAL) Contingent Liabilities not provided for as on 31st March, 2004

–  –  –

Outstanding Litigation of JAL as on December 31, 2004:

A1. Head Office Cases filed by JAL Land Dispute Claims A1.0 There is 1 Writ Petition filed in the Delhi High Court against the Delhi Development Authority (DDA) challenging its notice of intention of demand of Rs. 21.36 million towards 50% of unearned increase in value of land in respect of JA House as on the date of amalgamation of erstwhile Jaiprakash Associates Private Limited with erstwhile Jaypee Rewa Cements Limited. JAL has filed its response stating that the amalgamation of companies under section 391/394 of the Companies Act, 1956 is a case of succession and not a case of transfer/sale/mortgage, and therefore there is no question of payment of unearned increase to DDA. The case is pending.

Tax Cases

A1.1 There are 3 Income Tax Appeals in respect of Assessment Years 1997-1998, 1998-1999, and 2000-2001, pending before the Commissioner of Income Tax (Appeals) – III, Lucknow, in relation to disallowance made in assessment under section 143(3) of the Income Tax Act, 1961 by Assistant Commissioner of Income Tax, Range I, Lucknow. Since the assessed income of JAL for the relevant assessment years is loss, there will be no recovery of dues towards tax.

A1.2 There is 1 appeal pending before the Income Tax Appellate Tribunal, Lucknow Bench, Lucknow, challenging the order of the Commissioner of Income Tax (Appeals) confirming the additions / dis-allowances made by Assessing Officer during the Assessment Year 1997-1998. Since the assessed income of JAL for the said assessment year is loss, there will be no recovery of dues towards tax.





A1.3 There is 1 appeal filed before the Commissioner of Income Tax (Appeals) – I, Kanpur, for the Assessment Year 2001-2002 challenging the disallowance made in assessment under section 143(3) of the Income Tax Act, 1961 by Assistant Commissioner of Income Tax, Central Circle-III, Lucknow. The amount involved in the case is approximately Rs. 198.17 million.

A1.4 There is 1 appeal filed before the Income Tax Appellate Tribunal, Lucknow Bench, Lucknow for the Assessment Year 1992-1993 challenging the disallowance of the claim of depreciation on Iraq assets being furniture, fixtures and motor vehicles which had not been included under the head of fixed assets and hence depreciation disallowed. The amount involved in the case is Rs. 52.26 million. The appeal is pending.

A1.5 A sales tax appeal was filed in the High Court of Karnataka, Bangalore challenging the levy of taxes on certain expenses like consumables, business promotions, royalty and insurance on vehicles. The total amount involved is approximately Rs. 1.85 million. This appeal was disposed of by the Karnataka High Court directing JAL to deposit Rs.

0.90 million and thereafter appear before the Additional Commissioner, Commercial Taxes, Zone – I, Bangalore on February 15, 2005 for a fresh hearing.

A1.6 An appeal has been filed by JAL before Joint Commissioner (Appeals) – III Trade Tax, Noida against the order passed by Deputy Commissioner, Trade Tax –IV, Noida levying trade tax on food supplied to its own employees in the sum of Rs.0.05 million. The appeal is pending.

A1.7 2 appeals are filed by JAL before Joint Commissioner (Appeals) – III Trade Tax, Noida against the order passed by Deputy Commissioner, Trade Tax –IV, Noida levying trade tax on food supplied to its own employees and levying tax on goods purchased/ transferred from outside Uttar Pradesh, under the Central Sales Tax Act. The aggregate amount involved is Rs. 9.77 million. Both the cases are pending.

Cases under Companies Act, 1956 / SEBI Act

A1.7A A case by erstwhile JIL against Twenty First Century Securities Limited and others, relating to fake shares of erstwhile JIL pledged with Twenty First Century Securities Limited, was originally filed in the Delhi High Court, and the Delhi High Court had granted interim injunction sought for by erstwhile JIL for restraining Twenty First Century Securities Limited from further dealing with the said fake shares. Subsequently, this case was transferred to the Tis Hazari Court. Thereafter, another case connected with the fake shares of erstwhile JIL has been filed in the Court of Chief Metropolitan Magistrate at Kolkata by Twenty First Century Securities Limited, making, inter alia, Mr.

Jaiprakash Gaur, Chairman, as a party. In an appeal filed by Mr. Jaiprakash Gaur in the Kolkata High Court, the proceedings against Mr. Jaiprakash Gaur were stayed. The said cases are pending.

Cases filed against erstwhile JIL / JAL

Cases concerning Shares of erstwhile JIL / JAL:

A1.8 There are in all 172 cases filed, inter alia, for reliefs of injunction restraining transfer of lost / stolen / misplaced shares and for issuance of duplicate shares. These cases are pending in various courts and forums including the City Civil Courts of Mumbai, Calcutta, Rajkot, Kanpur, Madras, Delhi, Bangalore, Patiala, Nagpur, Baroda and Visakhaptanam.

Consumer dispute cases

A1.9 There are in all 51 cases filed in relation to disputes arising out of lost and misplaced shares, non-receipt of dividend and non-receipt of bonus shares. These cases are pending in various consumer courts including the District Consumer Disputes Redressal Forum at Nellore, the District Consumer Protection Forum at Lucknow, Kanpur and Allahabad, the District Consumer Disputes Redressal Forum at Calcutta, Jaipur, Rajasthan, Rewa and Indore.

Income Tax Cases

A1.10 The Assessing Officeer, Lucknow has fled 9 appeals against JAL in the Income Tax Appellate Tribunal, Lucknow Bench, Lucknow challenging the reliefs granted in favour of JAL by the Commissioner of Income Tax (Appeals), Lucknow/Kanpur in relation to allowing of deduction of Foreign Currency Translation Difference, disallowance of depreciation by restricting 100% depreciation to 5% depreciation on Purely Temporary Erections on Work Sites and certain other items. These 9 appeals pertain to diiferent Assessment Years between 1993-1994 and 2000-2001. 2 appeals out of 9 appeals involve an aggregate amount of approximately Rs. 311.63 million. For the balance appeals, since the assessed income of JAL for the relevant assessment years is loss, and thus, there will be no recovery of dues towards tax.

A1.11 There is 1 Income Tax Reference Application filed by the Income Tax Department before the Allahabad High Court challenging the order of the Income Tax Appellate Tribunal, Allahabad Bench, upholding the disallowance of Rs.

8.15 million under section 40 (a) (iii) of the Income Tax Act, 1961. This reference pertains to the Assessment Year 1987-1988, and the total amount involved is approximately Rs. 5.00 million. If the Income Tax Department succeeds in this Application, then there will be a tax demand of Rs. 5.00 million approximately payable by JAL.

MRTP Cases

A1.12 There are 2 cases filed in the MRTP Commission, New Delhi against Cement Manufacturers Association and others, where JAL is one of the respondents. The allegation in these cases is that cement companies have unreasonably increased the prices of cement through cartelisation between the period February, 1990 to August, 1990 (in the first case) and between the period July, 2000 to December, 2000 (in the second case). Both the cases are pending.

Cases under Companies Act, 1956 / SEBI Act

A1.13 An appeal has been filed by one of the shareholders before the Division Bench of Allahabad High Court seeking stay of the order dated February 27, 2001, by which the said order Allahabad High Court sanctioned the Scheme of Arrangement for hiving off the Cement Division of erstwhile JIL to its wholly owned subsidiary. No stay order has been granted by the Allahabad High Court till date. The appeal is pending final disposal. In the meantime, the Scheme of Arrangement has been fully implemented and the erstwhile JIL has already been amalgamated with JAL.

A1.14 An appeal has been filed by one of the shareholders before the Allahabad High Court against order of Company Law Board rejecting the prayer seeking supply of a copy of Register of Members (comprising of Members holding shares both in physical and demat segment in print as well as in the magnetic media) from erstwhile JIL. The said appeal is pending.

A1.15 A suit was filed by one of the shareholders in the Delhi High Court for restraining erstwhile JIL from holding its 18th Annual General Meeting. An ex-parte injunction, which was earlier granted by the Court, restraining erstwhile JIL from implementing certain resolutions, was subsequently vacated, and erstwhile JIL was allowed to continue with its day to day business. There have been various interim applications and interim orders passed in the said suit. This suit was subsequently transferred to Tis Hazari Court, and the same is pending.

A1.16 A suit was filed by one of the shareholders in the Delhi High Court restraining erstwhile JIL from holding its 19th Annual General Meeting, but no orders of stay was granted. This suit has also been transferred to the Tis Hazari Court and the same is pending.

A1.17 A civil suit was filed before Civil Judge (Senior Division), Lucknow, by a shareholder challenging the holding of, and decisions taken in, the Extra Ordinary General Meeting of the shareholders of JIL held on March 21, 2002. No interim relief was granted. The meeting had been duly convened and decisions implemented. The matter is pending.

A1.18 SEBI had raised certain objections to the scheme of amalgamation between erstwhile JIL and JCL, to which objections the Allahabad High Court had made adverse observations, while sanctioning the said scheme. SEBI has filed an appeal before the Division Bench of Allahabad High Court praying to expunge certain portions of the judgment dated March 10, 2004 containing the said observations. This appeal is pending.

A1.19 Twenty First Century Securities Limited had filed an application for recall of the order dated March 10, 2004, sanctioning the Scheme of Amalgamation of erstwhile JIL with JCL (now JAL) primarily on the ground that they were not served the notice of amalgamation. Since the name of the said company did not appear in the Register of Members of JIL, there was no question of serving the notice of amalgamation on the said company. The matter is pending before the Allahabad High Court.



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