Banaras Beads has informed that the Company had taken a plot under auction on November 26, 2007 Rs 16.05 Crore from HUDA (Haryana Urban Development Authority). But the HUDA failed to provide possession to the Company and Company surrender the said plot to HUDA. The HUDA made refund by deducting 10% of deposited amount without any interest. The Company has filed an appeal before Hon’ble High Court Punjab and Haryana C.W.P. No. 9181/2014 against HUDA (Haryana Urban Development Authority). The Hon’ble High Court passed its final order on September 03, 2015 by allowing refund of illegal deduction of principal amount Rs 16215038 and interest at 9% on deposited amount i.e. Rs 47652257. The HUDA has made payment of Rs 16215038 and Rs 47652257 on November 03, 2015 to the Company. Further the Company had disclosed said interest amounts as doubtful receivables in point no. 30 of Notes on Account in Annual Report of F.Y. 2014-15 due to pending of case. Now the said interest amount is part of profit during the F.Y. 2015-16.
The above information is a part of company’s filings submitted to BSE.
