Dear Shareholders - DLF

Contents 

Board of Directors 2 

Message from the Chairman 3 

Milestones 5 

Management 6 

Notice 7 

Directors’ Report 14 

Management Discussion & Analysis Report 26 

Corporate Governance Report 42 

Financial Statements 62 

Auditors’ Report 63 

Balance Sheet 66 

Profi t & Loss Account 67 

Cash Flow Statement 68 

Schedules 70 

Consolidated Accounts 116 

Details of Subsidiary Companies 176 

1

Board of Directors 

Executive Directors 

Dr. K.P. Singh 

Chairman 

Mr. Rajiv Singh 

Vice Chairman 

Mr. T.C. Goyal 

Managing Director 

Ms. Pia Singh 

Whole-time Director 

Mr. Kameshwar Swarup 

Group Executive Director - Legal 

Non-Executive Directors 

Mr. G.S. Talwar 

Dr. D.V. Kapur 

Mr. K.N. Memani 

Mr. M.M. Sabharwal 

Mr. Ravinder Narain 

Mr. B. Bhushan 

Brig. (Retd.) N.P. Singh 

Reference Information 

Registered Office 

Shopping Mall, 3rd fl oor, Arjun Marg 

Phase-I, DLF City, Gurgaon-122 002 

(Haryana) 

Corporate Office 

DLF Centre, Sansad Marg 

New Delhi-110 001 

Statutory Auditors 

M/s. Walker, Chandiok & Co 

Registrar & Share Transfer Agent 

M/s Karvy Computershare Private Ltd. 

Listed at 

Bombay Stock Exchange 

National Stock Exchange 

Company Secretary 

Mr. Subhash Setia 

2

Message from the Chairman 

Dear Shareholders, 

Hon’ble President of India conferring the ‘Padma Bhushan’ Award to Dr. K. P. Singh 

In anticipation of a gradual recovery in the global economy during 2009-10, after the very challenging 

conditions in the previous year, I had assured you in my last Message about your Company’s determination 

to not just face the challenges resolutely but also to strive to convert them into strategic opportunities to 

maintain our leadership position in the real estate business in India. 

I am happy to report to you that, as envisaged, the domestic economy staged a positive turnaround, 

especially during the second half of the year under review, thanks to the targeted stimulus packages and 

other timely initiatives taken by the Government, thereby justifying the faith in the inherent strengths and 

resilience of the Indian economy, even though the improved growth trajectory has been accompanied by 

higher levels of infl ationary outlook. 

Refl ecting the overall trends towards economic revival, the real estate sector, too, after tiding over the 

severe slowdown of the previous year, witnessed an uptrend in residential sales and stabilisation of offi ce 

lease rentals from the beginning of the current calendar year. 

Adhering to the strategy of consolidation, your Company remained focused on servicing its obligations to 

all stakeholders, exiting from non-core assets and placing strong emphasis on execution. 

3

You will be happy to know that in order to leverage the emerging opportunities in the evolving scenario 

of revival and renewed growth, and also to reinforce accountability, your Management has devised and 

implemented a dynamic organisational structure responsible for all real estate development in specifi c 

geographies with the rental business being in a separate BU. The new structure puts greater emphasis on 

robust systems, processes and risk management. 

I have every confidence that with the support of all stakeholders, your Company will be able to sustain 

the momentum of growth with consolidation, even in the face of any new challenges that may arise in the 

months ahead. It would be prudent in this context to bear in mind that the current milieu of infl ationary 

trends, liquidity constraints and potentially enhanced interest rates, could impact demand and margins in 

the near term. 

As you are aware, your Company accords high priority to its CSR agenda, in keeping with its conviction that 

fulfi lling social outreach commitments is an integral aspect of business growth aspirations and strategies. 

During the year gone by DLF Foundation, with a dedicated professional team, has been entrusted with 

the proactive role of a nodal agency to further accelerate your Company’s ongoing thrust in the areas of 

education, healthcare, training and rural development. 

I would like to share with all of you a few salient points of my “Vision of India 2020”, which I was called 

upon to outline at an ASSOCHAM function to felicitate me on being conferred the ‘Padma Bhushan’. 

In essence, my vision is that every citizen of India should have a Home to call his own within the next 

ten years. I believe that a nation of homeowners is a nation of responsible and law abiding citizens. It is 

my considered view that providing a home to every citizen and family, will lead to immense benefi ts for 

individuals, communities and the society as a whole. It is well documented that stable housing boosts 

the educational performance of children, induces higher participation in civic and volunteer activities, 

improves healthcare outcomes, lowers crime, reduces migration of populations and leads to inclusive 

and stable growth. 

The moments we cherish the most are those when we see the satisfi ed faces of our customers. I would like 

to assure all of you that your Company, DLF, will continue to build India by according over-riding priority to 

promote trust and ensure customer satisfaction while upholding our values and serving the best interests 

of all our stakeholders. 

In this we are forever guided and inspired by the visionary precepts and business practices laid down by 

our Founder, the Late Chaudhary Raghvendra Singh, whose birth centenary is being celebrated this year 

and who continues to remain an icon and role model for the entire DLF Family. 

With best wishes, 

Sincerely, 

New Delhi 

July 28, 2010 

(Dr. K.P. Singh) 

Chairman 

4

Milestones 

5

Management 

6

Notice 

Notice is hereby given that the Forty-fifth Annual 

General Meeting of DLF Limited will be held 

on Tuesday, the 28 th September, 2010 at 

10.30 A.M. at Epicentre, Apparel House, 

Sector-44, Gurgaon-122 003 (Haryana) to 

transact the following business: 

Ordinary Business 

1. To receive, consider and adopt the Audited 

Balance Sheet as at 31 st March, 2010, the 

Profi t & Loss Account for the year ended on 

that date together with the Reports of Directors 

and Auditors thereon. 

2. To declare dividend. 

3. To appoint a Director in place of Mr. Rajiv 

Singh, who retires by rotation and being 

eligible, offers himself for re-appointment. 

4. To appoint a Director in place of Brig. (Retd.) 

N.P. Singh, who retires by rotation and being 


5. To appoint a Director in place of Mr. B. 

Bhushan, who retires by rotation and being 


6. To appoint Auditors of the Company to hold 

offi ce from the conclusion of this meeting until 

the conclusion of the next Annual General 

Meeting and to fi x their remuneration. M/s. 

Walker, Chandiok & Co, the retiring Auditors 

are eligible for re-appointment. 

Special Business 

7. To consider and if thought fit, to pass with 

or without modification(s), the following 

resolution as a Special Resolution: 

“RESOLVED THAT pursuant to the provisions 

of Section 198, 309, 310 and other applicable 

provisions, if any, of the Companies Act, 1956 

(hereinafter referred to as “the Act”, which term 

shall include any statutory modification or reenactment 

thereof, for the time being in force) 

and subject to requisite consents, approvals, 

permissions, if any, from the Government 

or statutory authority(ies), the payment of 

commission of a sum not exceeding one 

percent per annum of the net profits of the 

Company computed in the manner referred 

to in Section 198, 349 and 350 of the Act, in 

addition to the fees for attending the meetings 

of the Board of Directors or Committees 

thereof, in respect of each financial year of 

the Company, or part thereof, over a period 

of five years commencing from 1 st April, 2010, 

to the Director(s) of the Company (other than 

Managing and Whole-time Directors) or some/ 

any of them including Non-resident Director(s), 

if any, in such amount(s) or proportions and 

in such manner as may be decided by the 

Board of Directors (hereinafter referred to as 

“the Board”, which term shall include any duly 

constituted Committee thereof) in its absolute 

discretion, which each such Director may be 

entitled to receive, be and is hereby approved. 

RESOLVED FURTHER THAT the Board be 

and is hereby authorised to modify, amend, 

revise, alter, substitute in any manner in its 

absolute discretion including the liberty and 

authority to decide the mode, manner and 

time of payment whether in Indian or foreign 

currency (subject to such restriction on 

remittances of foreign currency as may be 

applicable and for the time being in force) of 

such commission including the authority to do 

all such acts, deeds and things, in its absolute 

discretion, as it may consider necessary, 

expedient or desirable, for giving effect to 

the resolution or otherwise considered by the 

Board in the best interest of the Company.” 



resolution as an Ordinary Resolution: 


of Section 293(1)(e) and other applicable 


(hereinafter referred to as “the Act”, which 

term shall include any statutory modifi cation 

or re-enactment thereof, for the time being in 

force), the Board of Directors of the Company 

including any duly constituted Committee 

thereof (hereinafter referred to as “the Board”) 

be and is hereby authorised to contribute, 

from time to time, to charitable and other 

7

funds not directly related to the business of 

the Company or the welfare of its employees, 

such amount(s), as the Board may in its 

absolute discretion deem fi t, provided that the 

aggregate of which shall not exceed in any 

fi nancial year by Rs.100 Crores or fi ve percent 

(5%) of the Company’s average net profi t as 

determined in accordance with the provisions 

of Section 349 and 350 of the Act, during 

three fi nancial years immediately preceding, 

whichever is greater. 

RESOLVED FURTHER THAT the Board be 

and is hereby authorised to take all such steps 

as may be necessary, proper or expedient to 

give effect to this Resolution and to settle any 

question, diffi culty or doubt that may arise in 

this regard, on behalf of the Company.” 



resolution as an Ordinary Resolution: 

“RESOLVED THAT issue and allotment of 

9,20,00,000 equity shares of Rs. 10 each at par 

aggregating to Rs. 92 Crores on preferential 

basis in accordance with Unlisted Public 

Companies (Preferential Allotment) Rules, 

2003 by DLF Brands Limited, a wholly-owned 

subsidiary, to M/s. Ishtar Retail Private Limited 

be and is hereby approved. 

RESOLVED FURTHER THAT the Board 

of Directors of the Company (including any 

duly constituted Committee thereof) be and 

is hereby authorised to take all such steps 

as may be necessary, proper or expedient to 

give effect to this Resolution and to settle any 

question, diffi culty or doubt that may arise in 

this regard, on behalf of the Company.” 




Singh as ‘Business Head (Retail Business)’, 

DLF Commercial Developers Limited (DCDL), 

a wholly-owned subsidiary of the Company 

w.e.f. 1 st April, 2010 at a remuneration and 

terms & conditions as set out in the Explanatory 

Statement annexed to this Notice. 




is hereby authorised to take all such steps as 

may be necessary, proper or expedient to give 

effect to this Resolution.” 





of Section 314(1) and other applicable 

provisions, if any, of the Companies Act, 

1956 (including any statutory modification or 

re-enactment thereof, for the time being in 

force), the consent of the Company, be and 

is hereby accorded to the appointment of 

and remuneration payable to Ms. Anushka 

Singh as ‘Sr. Management Trainee’, DLF 

Home Developers Limited (DHDL), a whollyowned 

subsidiary of the Company, w.e.f. 

1 st October, 2009 and to her elevation 

as ‘General Manager—Development’, DHDL, 

w.e.f. 1 st April, 2010 at a remuneration and 

terms & conditions as set out in the Explanatory 

Statement attached to this Notice. 




is hereby authorised to take all such steps as 

may be necessary, proper or expedient to give 

effect to this Resolution.” 


of Section 314(1) and other applicable 


(including any statutory modification or reenactment 

thereof, for the time being in force), 

the consent of the Company, be and is hereby 

accorded to the appointment of Ms. Savitri Devi 

New Delhi 

July 28, 2010 

By Order of the Board 

for DLF LIMITED 

Subhash Setia 


8

Notes 

1. A Member entitled to attend and vote at the 

Meeting is entitled to appoint a Proxy to 

attend and vote on a poll instead of himself 

and the Proxy need not be a Member of the 

Company. The Proxies to be effective should 

be deposited at the Registered Office of the 

Company not later than 48 hours before the 

commencement of the Meeting. Blank Proxy 

Form is attached. 

2. The Explanatory Statement pursuant to Section 

173(2) of the Companies Act, 1956 in respect 

of Special Business as set out above to be 

transacted at the meeting is annexed hereto and 

forms part of this Notice. 

3. The details of Directors seeking re-appointment, 

in terms of Clause 49 of the Listing Agreement, 

are annexed hereto and form part of this Notice. 

4. M/s. Karvy Computershare Private Limited, 

Plot No. 17–24, Vittalrao Nagar, Madhapur, 

Hyderabad-500081, Phone No. 040-44655000 

Fax No. 040-23420814; E-mail: einward.ris@ 

karvy.com; Website: www.karvy.com, is the 

Registrar and Share Transfer Agent (RTA) for 

Physical Shares. Karvy is also the depository 

interface of the Company for both NSDL and 

CDSL. However, keeping in view the convenience 

of the shareholders, documents relating to 

shares will continue to be accepted at Karvy 

Computershare Private Limited, at 105-108, 1 st 

Floor, Arunachal Building, 19, Barakhamba Road, 

Connaught Place, New Delhi – 110 001, Phone 

No. 011-43509200 and at the Registered Offi ce 

of the Company as well as at its Corporate Affairs 

Department at 1-E, Jhandewalan Extension, 

Naaz Cinema Complex, New Delhi – 110 055. 

5. Corporate Members intending to send their 

authorised representatives to attend the meeting 

are requested to send a certifi ed copy of Board 

Resolution authorising their representative(s) to 

attend and vote on their behalf at the meeting. 

6. The Register of Members and Share Transfer 

Books of the Company will remain closed from 

Tuesday, 21 st September, 2010 to Tuesday, 

28 th September, 2010 (both days inclusive) for 

determining eligibility for payment of dividend, if 

declared at the meeting. 

7. The dividend, if declared at the meeting, will be 

paid on or before 27 th October, 2010 to those 

Members or their mandates: 

(a) whose names appear as Benefi cial Owners 

at the end of the business hours on Monday, 

20 th September, 2010 in the list of Benefi cial 

Owners to be furnished by Depositories 

(NSDL and CDSL) in respect of the shares 

held in dematerialised form; and 

(b) whose names appear as Members on the 

Company’s Register of Members after giving 

effect to valid transfer requests in physical 

form lodged with the Company or its RTA on 

or before Monday, 20 th September, 2010. 

8. Relevant documents referred to in the 

accompanying Notice and Explanatory Statement 

are open for inspection by the Members at the 

Registered Offi ce of the Company on all working 

days, between 1400-1600 hrs. up to the date of 

the meeting. 

9. The Auditors’ Certifi cate as required under 

Clause 14 of the SEBI (Employees Stock Options 

Scheme and Employees Stock Purchase 

Scheme) Guidelines, 1999 shall be placed at the 

Annual General Meeting. 

10. In order to provide protection against fraudulent 

encashment of dividend warrants, Members 

holding shares in physical form are requested 

to provide their Bank Account No., name and 

address of the Bank/Branch and MICR Code 

to the RTA under the signature of First/joint 

holder(s). 

11. Members who hold shares in dematerialised 

form may kindly note that their address and Bank 

Account details, as furnished by their depositories 

to the Company, shall be printed on the dividend 

warrants as per the applicable regulations of the 

depositories. The Company will not entertain any 

direct request from such members for deletion of 

or change in address or Bank account details. 

Members who wish to change their address 

and Bank Account details are requested 

to advise their Depository Participants 

about such change with complete details of 

address/Bank Account. 

12. To avoid loss of dividend warrants in transit and 

undue delay in respect of delivery of dividend 

warrants, the Company has provided a facility to 

the Members for remittance of dividend through 

the Electronic Clearing System (ECS). The ECS 

facility is available at locations specifi ed by RBI 

and covers most of the major cities and towns. 

9

Members holding shares in physical form and 

desirous of availing this facility are requested to 

approach RTA. 

13. Members desirous of obtaining any information/ 

clarifi cation(s) concerning the accounts and 

operations of the Company or intending to raise 

any query, are requested to forward the same at 

least 10 days prior to the date of meeting to the 

Company Secretary at the Registered Offi ce of 

the Company, so that the same may be attended 

appropriately. 

14. Pursuant to provisions of Section 205A(5) and 

205C of the Companies Act, 1956, the Company 

has transferred unpaid/unclaimed dividend 

for the financial year 2001-02 to the Investor 

Education and Protection Fund (the Fund) of the 

Central Government. The un-paid/un-claimed 

dividends for the financial year 2002-03 and 

thereafter, remaining unpaid or unclaimed for 

a period of 7 years from the date it became 

due for payment will be transferred by the 

Company to the Fund. Members who have not 

encashed dividend warrants may approach to 

the RTA for obtaining payment thereof. 

Please note that no claim shall lie in respect 

of unpaid or unclaimed dividend after its 

transfer to the Fund. 

15. Members are requested: 

(a) To bring their copies of Annual Report, Notice 

and Attendance Slip duly completed and 

signed at the meeting. Not to carry briefcase 

or bag inside the meeting venue for security 

reasons; 

(b) To quote their Folio No./DP Id - Client Id in all 

correspondence; and 

(c) To note that no gift or gift coupons will be 

distributed at the meeting. 

EXPLANATORY STATEMENT 

[Pursuant to Section 173(2) of the Companies Act, 1956] 

ITEM NO. 7 

At the 40 th Annual General Meeting held on 29 th 

September, 2005, the Members had approved 

payment of commission to Non-executive Directors 

of the Company as determined by the Board of 

Directors from time to time not exceeding 1% of 

the net profi ts of the Company, in aggregate, for all 

the Non-executive Directors in a fi nancial year as 

provided under Section 309(4) of the Companies Act, 

1956 for a period of 5 years commencing from the 

fi nancial year 2005-06. 

In this era of Corporate Governance, role of Nonexecutive 

Directors has increased manifold and has 

become very vital for the consistent growth of the 

Company. Accordingly, the Non-executive Directors 

are contributing more in terms of time and efforts and 

the Company is benefi ting from their rich, diverse and 

vast experience. 

It is proposed to authorise the Board of Directors or any 

Committee thereof to determine and pay commission 

to the Non-executive Directors of the Company, from 

time to time, not exceeding 1% of the net profits of 

the Company, in aggregate, or for some/any of them 

including Non-resident Director(s), if any, in a financial 

year for a further period of 5 financial years of the 

Company commencing from 1 st April, 2010. 

Your Board commends the Resolution for approval. 

All the Non-executive Directors and Dr. K. P. Singh, 

Mr. Rajiv Singh and Ms. Pia Singh being related to 

Mr. G. S. Talwar are deemed to be concerned or 

interested in the passing of the said Resolution. 

ITEM NO. 8 

Pursuant to the provisions of Section 293(1)(e) of 

the Companies Act, 1956 (the Act), the Board of 

Directors of the Company can contribute or make 

donation for charitable or other purposes, not relating 

to the business of the Company or the welfare of its 

employees, upto Rs.50,000 or 5% of its average net 

profi ts for preceding three years, as determined in 

accordance with the provisions of Section 349 and 

350 of the Act, whichever is greater. Beyond this 

limit, the approval of shareholders is required. 

As a part of its Corporate Social Responsibilities, the 

Company makes contributions/donations for charitable, 

social and philanthropic objects. Accordingly, it is 

proposed to seek authorisation from the shareholders 

to make such contributions/donations in a financial 

year upto an amount not exceeding Rs.100 Crores 

or 5% of Company’s average net profits for preceding 

three years, calculated as per Section 349 and 350 of 

the Act, whichever is greater. 


None of the Directors of the Company is concerned 

or interested in the passing of the said Resolution. 

10

ITEM NO. 9 

DLF Brands Limited (DBL) was incorporated as a 

wholly-owned subsidiary to carry on the business 

of retailing various lifestyle and luxury brands. DBL, 

since its inception, is running into losses and as on 

31 st March, 2010, its accumulated losses were to the 

tune of Rs.42.41 Crores. 

As a matter of strategic decision, the Company is 

divesting its non-core business to give more focus on 

its core business of real estate development. DBL 

has been identifi ed as non-core business having long 

gestation period and requiring huge investments. 

Since the Company is focusing on its core business, 

hence it does not wish to invest more funds in its 

non-core business. Therefore, to meet the future 

investment requirements of DBL, it was looking for a 

strategic partner. 

However, the agreements executed with various 

renowned global brand owners by DBL contains 

restrictive covenants and in view thereof, passing of 

controlling interest to a third party would not be in the 

interest of the Company as it may not only reduce 

the enterprise value of the business, but will also 

lead to destruction of business of DBL. Therefore, it 

was considered in the interest of DBL that its majority 

stake through preferential allotment be issued to a 

promoter entity. 

Being the preferential allotment to a promoter entity, 

it would tantamount to a related party transaction, 

therefore, to keep the said transaction above board 

and at arms length, the matter was comprehensively 

examined and reviewed by the Audit Committee 

which consists of majority of independent Directors. 

The Audit Committee upon examining various 

strategic options and on the basis of legal opinions 

and valuation reports received from two independent 

valuers, recommended the issue of majority stake in 

favour of M/s. Ishtar Retail Private Limited (Ishtar), 

a promoter entity, through 9.2 Crore equity shares 

of Rs.10 each amounting to Rs.92 Crores, at par. 

Further, the corporate guarantee already provided by 

the Company and collaterals provided by a subsidiary, 

DLF Utilities Limited, in connection with credit facilities 

availed by DBL, shall continue for a further period of 

2 years against lien of shares to be allotted to Ishtar 

and/or counter guarantee/indemnity by a promoter 

company, subject to regulatory compliances. 

Since, the above transaction involves a business deal 

between a listed Company and its subsidiary and a 

private entity owned and controlled by the promoters 

of the listed Company, therefore, such transaction 

should be fair, equitable, transparent, bonafi de and at 

arms length and in the interest of the listed Company 

and in any case, should not be prejudicial to the listed 

Company, its minority shareholders and public at large 

and must not militate against the public interest. 

In the opinion of the Board, the said transaction is 

not prejudicial to the interest of your Company and 

its minority shareholders or public interest. Your 

Company is recouping major portion of loans granted 

to DBL, while retaining its existing investments in the 

enhanced capital in order to avail strategic advantage 

for its Malls business. 

Considering the above factors, the Board has accepted 

the recommendations of the Audit Committee, subject 

however to your approval, hence, the proposed 

resolution. 


None of the Directors of the Company, except Ms. Pia 

Singh, being a shareholder in Ishtar and Dr. K.P. Singh, 

Mr. Rajiv Singh and Mr. G.S. Talwar being her relatives, 

is concerned or interested in the said Resolution. 

ITEM NO. 10 

Ms. Savitri Devi Singh, Vice President, DLF 

Commercial Developers Limited (DCDL), a whollyowned 

subsidiary of the Company, has been elevated 

as ‘Business Head (Retail Business)’ with effect from 

1 st April, 2010. The Board of Directors on the 

recommendation of the Remuneration Committee, in 

its meeting held on 28 th July, 2010, subject to your 

approval, has approved her elevation on the following 

terms and conditions: 

Particulars 

(Rs./month) 

1. Basic Salary : 1,05,000 

2. House Rent Allowance : 70% of Basic Salary 

3. Personal Allowance : 75,000 

4. Conveyance Allowance : 83,333 

5. SAF Allowance : 15% of Basic Salary 

6. Hard Furnishing/Hard : 8,333 

Furnishing Allowance 

7. Contribution to Provident 

Fund and Gratuity 

: As per rules of the Company 

8. Annual Performance 

Award 

: Ranging between Rs.30 lacs 

(minimum guaranteed) and 

Rs.80 lacs (maximum achievable) 

as per the policy of the 

Company. 

Ms. Savitri Devi Singh shall be entitled like any other 

employee annual increments/increase as per policy 

of the Company. 

11

Ms. Savitri Devi Singh, being related to Dr. K.P. Singh 

and Mr. Rajiv Singh, approval of the Members is being 

sought by way of Special Resolution for the above 

appointment and increase in remuneration pursuant 

to the provisions of Section 314(1) of the Companies 

Act, 1956. 


None of the Directors, except Dr. K.P. Singh and Mr. 

Rajiv Singh, being relatives of Ms. Savitri Devi Singh, 

is concerned or interested in the passing of the said 

resolution. 

ITEM NO. 11 

The Board of Directors in its meeting held on 29 th October, 2009, on the recommendation of Remuneration 

Committee, had approved the appointment of Ms. Anushka Singh as the ‘Senior Management Trainee’, DLF 

Home Developers Limited (DHDL), a wholly-owned subsidiary, w.e.f. 1 st October, 2009, on the terms and 

conditions mentioned hereinbelow. The Board, on the recommendations of Remuneration Committee, has also 

approved in its meeting held on 28 th July, 2010 her elevation as ‘General Manager - Development’, DHDL, with 

effect from 1 st April, 2010, subject to your approval, on the following terms and conditions: 

Particulars 

Sr. Management Trainee 

(w.e.f. 01/10/2009 ) 

(Rs./month) 

General Manager–Development 

(w.e.f. 01/04/2010) 

(Rs./month) 

1. Basic Salary : 17,000 44,000 

2. House Rent Allowance : 70% of Basic Salary 70% of Basic Salary 

3. Personal Allowance : 7,500 25,000 

4. Conveyance Allowance : 10,000 52,500 

5. SAF Allowance : -- 15% of Basic Salary 

6. Hard Furnishing/Hard Furnishing Allowance : -- 4,167 

7. Contribution to Provident Fund and Gratuity : As per rules of the Company As per rules of the Company 

8. Annual Performance Award : -- Ranging between Rs.5 lacs (minimum guaranteed) and Rs.15 

lacs (maximum achievable) as per the policy of the Company. 

9. Medical Reimbursement : Not exceeding one month’s 

salary per year. 

-- 

Ms. Anushka Singh shall be entitled like any other employee annual increments/increase as per policy of the 

Company. 

Ms. Anushka Singh, being related to Dr. K.P. Singh and Mr. Rajiv Singh, approval of the Members is being 

sought by way of Special Resolution for the above appointment(s) and increase pursuant to the provisions of 

Section 314(1) of the Companies Act, 1956. 


None of the Directors of the Company, except Dr. K.P. Singh and Mr. Rajiv Singh, being relatives of Ms. Anushka 

Singh, is concerned or interested in the passing of the said resolution. 


Shopping Mall, 3 rd Floor 

Arjun Marg, Phase-I, DLF City 

Gurgaon (Haryana) – 122 002 

New Delhi 

July 28, 2010 



Subhash Setia 


The Ministry of Corporate Affairs, Government of India, vide its letter No. 47/609/2010-CL-III dated 20 th August, 2010 has granted 

exemption u/s 212(8) of the Companies Act, 1956 from attaching the Balance Sheet, Profi t & Loss Account and other documents of the 

subsidiary companies with the Balance Sheet of the Company. The annual accounts of the subsidiary companies and the related detailed 

information will be made available upon request by the investors of the Company and of its subsidiary companies. These documents will 

be available for inspection by any investors at the Registered/Corporate Offi ce/Corporate Affairs Department of the Company and also 

at the Registered Offices of the subsidiary companies concerned. 

12

Details of Directors seeking Re-appointment at the Annual General Meeting 

(In pursuance of Clause 49 of the Listing Agreement) 

Name of Director Mr. Rajiv Singh Brig. (Retd.) N.P. Singh Mr. B. Bhushan 

Date of Birth/ Age 08.05.1959/ 51 years 27.07.1937/ 73 years 24.01.1933 / 77 years 

Date of Appointment 16.11.1988 14.01.1993 16.11.1988 

Qualifications 

Degree in Mechanical 

Engineering and Graduate 

from the Massachusetts 

Institute of Technology, 

U.S.A. 

Graduate from Army Staff 

College of Camberley 

(U.K.) and National 

Defence College of India. 

Master Degree in Arts 

& Science; Associate 

Member of British Institute 

of Management. Trained as 

Personnel Selection Offi cer 

from Psychological Reserch 

Wing, Ministry of Defence, 

Government of India. 

Fellow Member of the 

Institute of Chartered 

Accountants of India and 

Associate Member of the 

Institute of Cost & Works 

Accountants of India. 

Expertise in specific 

functional areas 

Presently holding the 

position of Vice Chairman 

of the Company. Has 

over 28 years of enriched 

and diverse management 

experience. 

Has served the Indian Army 

over 34 years and has 

enriched and multifarious 

experience of about 17 

years in managing the affairs 

of the bodies corporate. 

Experience of over 33 years 

in Capital Market, Finance, 

Taxation, Corporate Affairs 

and General Management. 

Directorships held in 

other Public Companies 

(excluding foreign 

companies) 

DLF India Limited Dhanvantri Laboratories 

Limited 

Eros Retail Private Limited 

Enki Retail Private Limited 

Bhoruka Financial Services 

Limited 

DLF Wind Power Private 

Limited 

Integrated Capital Services 

Limited 

DLF Wind Power Private 

Limited 

Committee Positions* 

in DLF Limited 

Nil 

Shareholders’/Investors’ 

Grievance Committee– 

Member 

Audit Committee–Member 

Committee Positions* 

in other Public Companies 

Nil Nil Nil 

Relationships between 

Directors inter-se 

Related to Dr. K.P. Singh, 

Ms. Pia Singh and 

Mr. G.S. Talwar. 

Nil 

Nil 

Number of Shares held 164,56,320 Nil Nil 

* Committee positions of only Audit and Shareholders’/Investors’ Grievance Committee included. 

13

Directors’ Report 

Your Directors have pleasure in presenting their 

45 th Annual Report on the business and operations 

of the Company together with the audited results 

for the fi nancial year ended 31 st March, 2010. 

Financial Results 

(Rs. in Crores) 

Consolidated 

2009-10 2008-09 

Gross Operating Profit 3,939.60 5,985.98 

Less: Finance Charges 1,110.04 554.84 

Less: Depreciation 324.93 238.96 

Profi t before Tax 2,504.63 5,192.18 

Less: Provision for Tax 702.25 675.36 

Profi t before minority interest 1,802.38 4516.83 

Share of Profit/(loss) in associates 0.82 (21.10) 

Minority interest 10.78 (27.54) 

Profi t after Tax and minority interest 1,813.98 4,468.19 

Your Company recorded consolidated revenues 

of Rs. 7,851 Crores in FY’10 as compared to 

Rs. 10,431 Crores in FY’09, a decrease of 24.73%. 

Consequently, the gross operating profit, on 

consolidated basis, reduced from Rs. 5,986 Crores 

to Rs. 3,940 Crores, a decrease of 34.19%. The 

net profit after tax and minority interest declined to 

Rs. 1,814 Crores as compared to Rs. 4,468 Crores 

for the previous year, a decrease of 59.41%. 

The global economic meltdown resulted in very 

thin demand for commercial spaces including SEZ 

for sale and lease. This impacted the Company’s 

operations and led to a decline in sales and 

leasing in this category and consequently the 

profi tability. The FY’10 sales of Rs. 7,851 Crores, 

were thus largely from residential real estate 

developments. In residential sales, there was an 

increase of about 20% in FY’10 as compared to 

that in FY’09. However, the EBIDTA margin for 

the year is at a healthy 50%, compared to 57% 

in the preceding year. The Company’s profi t was 

also adversely impeded due to increase in fi nance 

charges from Rs. 554.84 Crores in FY’09 to Rs. 

1,110.04 Crores in FY’10. 

Your Company continued its focus on consolidation, 

stable growth and risk management. Further, 

your Company would continue to target reducing 

its overall debt by unlocking cash in non-core 

assets, cost-optimisation, process improvements 

and effi cient management of working capital 

while focusing on various segments of real estate 

development and growth in rental business. 

Review of Operations 

The global fi nancial crisis and the resultant credit 

crunch in 2008-09 led to subdued demand for 

real estate products across all categories. The 

trend continued in the fi rst half of FY’10. However, 

during the second half, the industry showed 

signs of reversing the downward spiral as the 

country’s economy continued to show signs of 

recovery. This led to revival of demand in the 

residential developments, whereas the commercial 

developments for sale and leasing did not show 

any signifi cant signs of improvement. 

Your Company, in order to weather the tremors 

of slowdown, repositioned its product mix and 

changed its business strategies as per the changing 

macro environment. Your Company focused on 

execution of ongoing projects and chose to exit 

from non-core areas. To ensure sharper focus 

on execution with greater emphasis on robust 

systems, processes and risk management, 

your Company was reorganised around two 

distinct elements – Development Business and 

Rental Business. The Development Business 

was segmented into three business units with 

specifi c geographies with responsibilities for all 

developments in their respective geographic areas. 

The Rental Business comprising of rental streams 

from Offi ces, Malls, Facilities Management and 

Utilities ensures sharp focus on the rental income, 

thereby enhancing stable cash fl ows. 

During the year under review, the Company’s 

Board, based on the recommendation of its Special 

Committee, approved the integration of Caraf 

Builders & Constructions Private Limited (Caraf) 

(the holding Company of inter-alia, DLF Assets 

Private Limited – ‘DAL’), DLF Info City Developers 

(Chandigarh) Limited and DLF Info City Developers 

(Kolkata) Limited with DLF Cyber City Developers 

Limited (DCCDL), a 100% subsidiary of DLF. 

15

Your Company unlocked about Rs. 1,800 Crores 

by exiting from very long gestation projects and 

non-core assets. In view of better returns, your 

Company dropped its plans to exit from the 

wind-power business. Your Company met all its 

stakeholders’ commitments in time during the 

year, including its commitments towards lending 

institutions without any restructuring of debt. Your 

Company was also able to signifi cantly bring 

down the average cost of debt from 11.9% in 

December, 2008 to 10.5% in March, 2010 and 

repaid Rs. 5,600 Crores of debt during the year 

on or ahead of schedule. 

During the year under review, despite turbulent 

economic conditions, your Company launched 

approximately 8.0 m.s.f. in Delhi and Gurgaon 

and 5.2 m.s.f. in the rest of India. The customers 

demonstrated their faith in your Company as the 

projects received overwhelming response. 

A subsidiary of your Company, in a consortium 

with IL&FS, bagged a contract for construction 

of a metro rapid transport system in Cyber City, 

Gurgaon from Government of Haryana. The project 

is fi rst of its kind in the country. 

Your Company believes that there is great 

potential in the Indian real estate sector and that 

with economic stability, the demand for residential 

as well as commercial segment would further 

strengthen. Therefore, to cater the burgeoning 

demand for quality real estate, your Company 

will focus on timely execution of projects, without 

compromising on quality and compliances. To 

further strengthen its execution machinery during 

the year, your Company’s subsidiary bought out 

Laing O’Rourke’s stake in the construction joint 

venture DLF Laing O’Rourke (India) Limited and 

increased it to 100%, retaining all the expertise, 

human resources and construction equipments. 

Recognising your Company’s vision, expertise and 

contribution to the real estate sector, Euromoney 

magazine at Euromoney’s Fifth Annual Real Estate 

Awards, awarded the Best Global Developer 

Award for 2009 to your Company alongwith 

the awards for Best Developer in Asia and Best 

Developer in India. 

The performance of the Company on stand-alone 

basis for the year ended on 31 st March, 2010 is 

as under: 

(Rs. in Crores) 

Stand Alone 

2009-10 2008-09 

Turnover 3,220.43 3,839.04 

Gross Operating Profit 1,916.38 2,734.80 

Less: Finance Charges 847.24 809.86 

Less: Depreciation 126.05 114.08 

Profit before Tax 943.09 1,810.86 

Less: Provision for Tax 175.71 261.00 

Profit after Tax 767.38 1,549.86 

Earlier Year Items 

Income Tax (4.06) -- 

Prior-period expenses (net) 6.38 2.09 

Net Profit 765.06 1,547.77 

Balance as per last Balance Sheet 2,676.24 1,734.96 

Balance available for appropriation 3,441.30 3,282.73 

Appropriations 

Transfer to Debenture 

250.01 113.17 

Redemption Reserve 

Transfer to General Reserve 76.51 154.78 

Dividend on Equity Shares 

Dividend 339.48* 339.44 

Tax on Dividend 11.38 28.91 

Excess provision of previous 

-- (29.81) 

year written back 

Surplus carried to Balance Sheet 2,763.92 2,676.24 

3,441.30 3,282.73 

* Proposed 

Future Outlook 

The Indian economy has shown strong resilience 

and robustness during the global fi nancial crisis. 

Given its large domestic consumption base, there 

exists a demonstrated ability for future growth .This 

economic growth will have a cascading positive 

impact on the demand for real estate products in 

the residential and commercial segments. 

Your Company, is therefore, focused on selling 

existing inventory along with selective launching of 

new projects across all categories of real estate 

development. However, there will be a specifi c focus 

on strengthening margins across all projects. 

Having built a strong asset base of rental assets, your 

Company will continue to focus on growing the rental 

business of the Company to capture the growth in 

leasing demand to generate stable cash fl ows. 

16

Dividend 

Your Directors are pleased to recommend for 

approval of the Members a Dividend of Rs. 2 per 

Equity Share (100%) of Rs. 2 each for the FY’10 

amounting to Rs. 350.86 Crores (Rs. 339.48 

Crores towards Dividend and Rs. 11.38 Crores as 

Dividend tax). 

Corporate Sustainability 

Your Company’s aspiration of continued leadership 

in the real estate industry is embedded in its 

culture, offerings and services, whilst upholding 

its principles of doing business safely and in a 

fully compliant manner. Your Company being 

a responsible corporate citizen believes in 

sustainable business practices in all spheres 

of its activities and is committed to contribute to 

environmental protection, energy conservation 

and social initiatives while continuing to meet the 

aspirations of all stakeholders. 

Credit Rating 

During the year under review: 

● CARE assigned a rating of PR1+, which is the 

highest short term rating, for Company’s short 

term debt programme aggregating Rs. 15 bn. 

● ICRA Limited, an associate of Moody’s 

Investors Services, upgraded the rating from 

‘A2+’ to ‘A1’ for Rs. 30 bn. short term debt 

programme of the Company. 

● CRISIL, a unit of Standard & Poor’s, upgraded 

the rating from ‘A+ with negative outlook’ to 

‘A+ with stable outlook’ to the Company’s 

Rs. 92.90 bn. term loans, overdraft facilities 

and Rs. 50 bn. non-convertible debenture 

programme and reaffi rmed its ‘P1’ rating to 

the Company’s Rs. 15.99 bn. short term loan, 

bank guarantee, letter of credit and Rs. 30 bn. 

short term debt programme. 

Fixed Deposits 

The Company has not accepted/renewed any 

public deposits during the year under review. 

Subsidiary Companies and 

Consolidated Financial Statements 

The consolidated fi nancial statements of the 

Company and its subsidiaries, prepared in 

accordance with Accounting Standards AS-21, 

23 and 27, issued by the Institute of Chartered 

Accountants of India, form part of the Annual 

Report. The Company has made an application to 

the Central Government seeking exemption under 

Section 212(8) of the Companies Act, 1956 from 

attaching the Balance Sheet, Profi t & Loss Account 

and other documents of the subsidiaries to the 

Balance Sheet of the Company. The documents/ 

details will be made available upon request to any 

Member of the Company and are also available 

for inspection by any Member of the Company/ 

its subsidiaries at the Registered Offi ce of the 

Company/its subsidiaries and at the Corporate 

Offi ce of the Company during working hours up to 

the date of Annual General Meeting. 

Conservation of Energy, Technology 

Absorption and Foreign Exchange 

Earnings/Outgo etc. 

The particulars required to be disclosed under 

Section 217(1)(e) of the Companies Act, 1956 read 

with the Companies (Disclosures of Particulars in 

the Report of Board of Directors) Rules, 1988 are 

given at Annexure-A annexed hereto and form 

part of this Report. 

Particulars of Employees 

In terms of the provisions of Section 217(2A) of the 

Companies Act, 1956 read with the Companies 

(Particulars of Employees) Rules, 1975, the names 

and other particulars of the employees are set out 

in the annexure to the Directors’ Report. However, 

as per the provisions of Section 219(1)(b)(iv) of the 

said Act, the Directors’ Report and the Accounts are 

being sent to all the Members of the Company and 

others entitled thereto excluding the statement of 

particulars of employees. Any Member interested in 

obtaining such particulars may write to the Company 

Secretary at the Registered Office of the Company. 

Employees Stock Option Scheme(ESOS) 

During the year under review, your Company 

allotted 2,40,457 equity shares upon exercise of 

stock options by the eligible employees under the 

Employees Stock Options Scheme, 2007. 

Information in terms of Clause 12 of the SEBI 

(Employees’ Stock Option Scheme and Employees’ 

Stock Purchase Scheme) Guidelines, 1999 is at 

Annexure-B annexed hereto and forms part of 

this Report. 

The certificate, as required under Clause 14 of 

the said Guidelines, obtained from the Statutory 

Auditors with respect to implementation of the 

17

Company’s Employees Stock Option Scheme, 

2006, shall be placed at the Annual General 

Meeting. 

Debentures 

During the year under review, the Company has 

issued 2 series of Non-convertible Debentures 

(NCDs) of a face value of Rs. 10 Lacs each on 

private placement basis aggregating to Rs. 1,000 

Crores, as per details below: 

i) 7,000 10.50% Fully-paid Secured Redeemable 

Non-convertible Debentures (NCD’s) of face 

value of Rs. 10 Lacs each, aggregating to 

Rs. 700 Crores with semi-annual interest 

payment, redeemable after 3 years from the 

date of allotment; and 

ii) 3,000 10% Fully-paid Secured Redeemable 

Non-convertible Debentures (RNCDs) of 

face value of Rs. 10 Lacs each, aggregating 

to Rs. 300 Crores with semi-annual interest 

payment, redeemable after 2 years from the 

date of allotment. 

Listing at Stock Exchanges 

The equity shares of your Company continue to be 

listed on BSE & NSE and form part of S&P CNX 

Nifty and BSE-30 indices. The Non-convertible 

Debentures issued by your Company are also listed 

on the Wholesale Debt Market (WDM) segment of 

National Stock Exchange. The listing and custody 

fees for the year 2010-11 have been paid to the 

Stock Exchanges and NSDL/CDSL, respectively. 

Pursuant to Clause 5A of the Listing Agreement, 

the Company has opened a suspense account and 

has placed unclaimed equity shares allotted in 2007 

IPO. As on 31 st March, 2010, 6,410 equity shares 

were lying unclaimed by the rightful owners. 

Management Discussion & Analysis 

Report 

The Management Discussion and Analysis 

Report as required under Clause 49 of the Listing 

Agreement with the Stock Exchanges forms part 

of this Report. 

Corporate Governance Report 

The Report on Corporate Governance as stipulated 

under Clause 49 of the Listing Agreement forms 

part of this Report. 

The requisite certifi cate from the Statutory Auditors 

of the Company, M/s. Walker, Chandiok & Co, 

Chartered Accountants, confi rming compliance 

with the conditions of Corporate Governance 

as stipulated under the aforesaid Clause 49, is 

attached to the Corporate Governance Report. 

Directors’ Responsibility Statement 

As required under Section 217(2AA) of the 

Companies Act, 1956, your Directors confirm having: 

a) followed in the preparation of the Annual 

Accounts, the applicable accounting standards 

with proper explanation relating to material 

departures, if any; 

b) selected such accounting policies and applied 

them consistently and made judgments and 

estimates that are reasonable and prudent 

so as to give a true and fair view of the state 

of affairs of your Company at the end of 

the fi nancial year and of the profi ts of your 

Company for the period; 

c) taken proper and sufficient care for the 

maintenance of adequate accounting records 

in accordance with the provisions of the 

Companies Act, 1956 for safeguarding the 

assets of your Company and for preventing and 

detecting fraud and other irregularities; and 

d) prepared the Annual Accounts on a going 

concern basis. 

Auditors 

The Auditors, M/s. Walker, Chandiok & Co, 

Chartered Accountants, hold offi ce until the 

conclusion of the forthcoming Annual General 

Meeting and offer themselves for re-appointment. 

Certifi cate from the Auditors has been received 

to the effect that their re-appointment, if made, 

would be within the limits prescribed under Section 

224(1B) of the Companies Act, 1956. 

Auditors’ Report 

There is no qualifi cation or adverse remarks on the 

stand-alone fi nancials of the Company. Further, the 

observations given in Point No. 4 of the Auditors’ 

Report on consolidated fi nancials read with 

Note No. 16 of Schedule 24 to the consolidated 

fi nancials, are self-explanatory and do not call for 

any further comments. 

18

Directors 

Pursuant to Section 256 of the Companies Act, 

1956 read with the Clause 102 of the Articles of 

Association of your Company, Mr. Rajiv Singh, 

Brig. (Retd.) N.P. Singh and Mr. B. Bhushan, 

Directors retire by rotation at the ensuing Annual 

General Meeting and being eligible have offered 

themselves for re-appointment. 

Brief resume of the Directors proposed to be reappointed, 

nature of their experience and other 

details as stipulated under Clause 49 of the 

Listing Agreement, are provided in the Notice for 

convening the Annual General Meeting. 

Corporate Social Responsibility 

The Company has made signifi cant contributions 

in community welfare initiatives including to 

underprivileged through education, training, health, 

environment, capacity building and rural-centric 

interventions as detailed at Annexure-C. The 

Employees of the Company have also participated 

in many of such initiatives. 

Awards and Accreditations 

Your Directors are pleased to report that your 

Chairman Dr. K. P. Singh has been conferred with 

‘Padma Bhushan’, one of highest civilian awards 

of the country, in recognition and appreciation of 

his outstanding leadership role in spearheading 

India’s real estate development including creation 

of world-class infrastructure. 

Your Company has excelled in various dimensions 

of Corporate achievements, recognized through 

peer and public evaluation. The details of awards 

and recognitions to your Company are as under: 

● Your Company has won the Dun & Bradstreet 

award for Corporate Excellence. Dun & 

Bradstreet (D&B), is the world’s leading 

provider of global business information, 

knowledge and insight. The ‘Dun & Bradstreet 

– Rolta Corporate Awards 2009’ recognised 

and felicitated corporate India’s leading 

companies from various sectors. 

● Your Company has been conferred the 

Best Global Developer Award for 2009 

by Euromoney magazine at Euromoney’s 

Fifth Annual Real Estate Awards – the most 

prestigious awards in global real estate. DLF 

also won the awards for Best Developer in 

Asia and Best Developer in India for 2009. 

● The DLF Golf & Country Club retained its 

top position as ‘THE BEST’ course in the 

country for the third year running at the Asian 

Golf Monthly Awards, which were held along 

with the Asia Pacifi c Golf summit, 2009 in 

Kuala Lumpur, Malaysia. Asian Golf Monthly 

Awards are widely regarded as Asia’s golf 

course Oscars and the premier poll of golfing 

facilities across the Asia-Pacifi c region. 

● Your Company has been awarded the Golden 

Peacock Award for CSR, 2010 in recognition 

of its contributions in the fi eld of Corporate 

Social Responsibility. The award recognises 

the path breaking initiatives undertaken by 

DLF in substantially improving the lives of 

underprivileged communities in its areas of 

presence. It is also a recognition of the high 

standards of ethics and integrity upheld by the 

DLF group in all its business practices. 

Acknowledgements 

Your Directors wish to place on record their sincere 

appreciation to the employees at all levels for 

their hard work, dedication and commitment. The 

enthusiasm and unstinting efforts of the employees 

have enabled the Company to remain at the 

forefront of the industry. 

Your Company continues to occupy a place of 

respect among stakeholders, most of all our 

valuable customers. Your Directors would like to 

express their sincere appreciation for assistance 

and co-operation received from the vendors 

and stakeholders including fi nancial institutions, 

banks, Central and State Government authorities, 

customers and other business associates, who 

have extended their valuable sustained support 

and encouragement during the year under review. 

It will be the Company’s endeavour to build and 

nurture the strong links with its stakeholders. 

for and on behalf of the Board of Directors 

New Delhi 

July 28, 2010 

(Dr. K.P. Singh) 

Chairman 

19

ANNEXURE - ‘A’ 

Disclosure of particulars under Section 217(1)(e) of the Companies Act, 1956 read with the 

Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 

A. Conservation of Energy 

a) Energy conservation measures taken 1) Installed 228 MW of Green wind based power turbines in various states of India. 

2) Installed co-generation plants using gas based power generators and vapour 

absorption machines (VAMs). Presently, 5 projects have been commissioned. 

b) Additional Investment and proposals, if 

any, being implemented for reduction of 

consumption of energy 

Additional investment is being planned to install further co-generation plants. 

Use of the Solar energy in the common area lighting is being practised. 

c) Impact of the measures at (a) and (b) above 

for reduction of energy consumption and 

consequent impact in the cost of production 

of goods 

1) DLF Group consumes about 150 MW of electricity in different buildings and generates 

about 228 MW power through clean and green power sources i.e., Wind farms. 

The wind power generation by DLF reduces about 4.7 lac tonnes of CO 2 

emissions 

annually. 

2) The Company is the largest owner of gas based building co-generation power plants 

with an installed capacity of 143 MW reducing 2.4 lac tonnes of CO 2 

, emissions 

annually. 

d) Total energy consumption and energy 

consumption per unit of production 

3) The Company is earning carbon credits of about 3.0 lacs CER (Carbon Emission 

Reductions) annually from wind power projects. 

As per Form A Annexed 

B. Technology Absorption 

e) Efforts made in technology absorption DLF is the only Company who has made efforts to install gas turbines and gas engines 

based building combined heat and power (BCHP) facilities in the basement of its 

buildings. 

C. Foreign Exchange Earnings and Outgo 

f) i) Activities relating to exports The Company is engaged in developing/constructing residential and commercial properties 

in India and selling the immovable properties to customers in India and abroad. 

ii) Initiatives taken to increase exports 

iii) Development of new export markets for 

products and services 

iv) Export plans 

The Company does not have any export activities. 

The Company receives remittances of sale consideration for immovable properties located 

in India, purchased by the customers’ abroad. 

The Company has taken many initiatives to increase the sale of immovable properties to 

the customers abroad by designing premium apartments in accordance with the requirements 

and lifestyle of NRIs, by holding meetings with customers at different locations 

abroad, attending exhibitions, fairs, etc., through its Senior Executives and Directors with 

a view to have personal contacts with customers, by giving advertisements in India and 

abroad, by having continuous touch with enquiries from customers abroad through the 

Company’s liaison offi ce in London. 

g) Total Foreign Exchange earned and used (Rs. in Crores) 

2009-10 2008-09 

a) Foreign Exchange earned 198.50 99.28 

b) Foreign Exchange used 154.04 62.90 

20

FORM - A 

Form for Disclosure of Particulars with respect to Conservation of Energy 

A. Power and fuel consumption 

1. Electricity 

a) Purchased Current Year Previous Year 

Unit 24,967,349.50 37,421,772.00 

Total Amount (in Rs.) 113,601,440.20 178,127,635.00 

Rate per Unit 4.55 4.76 

b) Own Generation 

i) Through diesel generation 

Unit 72,050,010.90 109,431,014.00 

Unit per litre of diesel oil 3.81 3.82 

Cost/Unit (in Rs.) 10.30 9.81 

ii) Through gas turbine/generator 

Unit 82,080,774.00 40,503,954.00 

Unit per litre of fuel oil/gas 3.70 3.70 

Cost/Unit (in Rs.) 4.60 3.51 

2. Coal (Specify quantity and where used) 

Quantity (tonnes) NA NA 

Total Cost (in Rs.) NA NA 

Average Rate NA NA 

3. Furnace Oil 

Quantity (K. Litres) NA NA 

Total Amount (in Rs.) NA NA 

Average Rate NA NA 

4. Others/internal generation through wind energy 

Quantity (Units) 491,879,676.00 364,785,013.00 

Total Cost (in Rs.) 418,097,776.00 113,083,345.00 

Rate/Unit (in Rs.) 0.85 0.31 

B. Consumption per unit of production 

Standards (If any) Current Year Previous Year 

Products (with details) unit - NA NA 

Electricity - NA NA 

Furnace Oil - NA NA 

Coal (specify quality) - NA NA 

Others (specify) - NA NA 

21

Form for disclosure of Particulars with respect to Absorption 

FORM - B 

Research and Development (R&D) 

1. Specifi c areas in which R & D carried out by the Company The Company has initiated fi rst of its kind building co-generation 

activities. The waste heat of the fl ue gases from the gas turbines and 

gas engines is used in the vapour absorption machines ( VAMs) for 

air-conditioning of offi ce/ commercial campuses. 

2. Benefits derived as a result of the above R & D The Company commissioned a 40 MW, fi rst of its kind building 

co-generation project with a combination of gas turbines and gas 

engines in Building No. 10, DLF Cyber City, Gurgaon. The above 

project will lead to save 23% energy by chilled water production 

through waste heat recovery. This activity is expected to reduce over 

52,000 tonnes of CO 2 

emissions per year in environment. 

3. Future plan of action The Company is implementing similar co-generation projects in its 

upcoming projects at Building No. 5, DLF Cyber City, DLF Silokhera 

& DLF Phase V, Gurgaon, DLF Hyderabad and DLF Chennai. 

4. Expenditure on R & D Nil 

a. 

b. 

c. 

Capital 

Recurring 

Total 

5. Total R&D expenditure as a percentage of total turnover Nil 

Technology Absorption, Adaptation and Innovation 

1. Efforts, in brief, made towards technology absorption, 

adoption and innovation 

Co-generation technology for buildings introduced successfully. 

The Company has started wind based power generation in the States 

of Rajasthan, Gujarat, Karnataka and Tamil Nadu. 

2. Benefits derived as a result of the above efforts Based on the co-generation technology utilising VAMs, the Company 

is able to improve cycle effi ciency and save approx 23% of Electrical 

energy. 

3. In case of imported technology (imported during the last 

5 years reckoned from the beginning of the fi nancial year) 

following information may be furnished 

a) Technology imported 

b) Year of import 

c) Has technology been fully absorbed 

d) If not fully absorbed, areas where this has not 

taken place, reasons therefor and future plan of 

action. 

The wind based green power generation has been 4,918 lac units 

for the FY’09-10. 

NA 

22

ANNEXURE - ‘B’ 

Statement pursuant to Clause 12 of SEBI (Employees’ Stock Option Scheme and Employees’ 

Stock Purchase Scheme) Guidelines, 1999 as on 31 st March, 2010 

(a) Options granted 

2007 2008 2009 Total 

25,91,563 14,09,480 38,21,301 78,22,344 

(Active Options) 

(b) Pricing formula 

Intrinsic Value 

(c) Options vested 3,39,668 

(d) Options exercised 2,70,637 

(e) Total number of equity shares arising as a result of exercise of options 2,70,637 

(f) Options forfeited 13,11,546 

(g) Variation of terms of options N. A. 

(h) Money realised by exercise of options Rs. 4,80,914 

(i) Total number of options inforce at the end of the year 78,22,344 

(j) Employee-wise detail of options granted during the fi nancial year 2009-10: Mr. T. C. Goyal, Managing Director 

Total Options granted till 31.03.2010 = 5,23,810. 

(i) Senior Managerial Personnel (Directors on Board) 

(including 1,18,110 options granted in FY’09-10) 

(ii) Any other employee receiving grant in any one year of option amounting 

to 5% or more of the options granted during the year. 

(iii) Identifi ed employees who are granted options, during any one year, 

equal to or exceeding 1% of the total issued capital (excluding outstanding 

warrants and conversions) of the Company at the time of 

grant. 

(k) Diluted Earning Per Share (EPS) pursuant to issue of shares on exercise 

of option calculated in accordance with Accounting Standard (AS – 20— 

Earnings Per Share) 

(l) Where the Company has the employee compensation cost using the 

intrinsic value of the stock options, the difference between the employee 

compensation cost calculated using intrinsic value of stock options and 

the employee compensation cost recognized if the fair value of the options 

had been used and the impact of this difference on profi ts and EPS of the 

Company. 

(m) Weighted average exercise price and weighted average fair value of 

options whose exercise price equals or exceeds or is less than market price 

of the stock. 

(n) Description of method and signifi cant assumptions used during the year to 

estimate fair value of options. 

Mr. Rajeev Talwar, Group Executive Director 

Granted 2,19,552 Stock Options in FY’09-10. 

Mr.Ashok Kumar Tyagi, Group Chief Financial Offi cer 

Granted 2,90,733 Stock Options in FY’09-10. 

Nil 

Rs. 4.51 

Difference in employee compensation cost: 

Reduction Rs. 348.09 lacs. 

Impact on Profi t: 

Increase by Rs. 229.77 (net of Income Tax) 

Impact on EPS: 

Basic = + 0.01; Diluted = + 0.01 

Rs. 2 

Weighted average fair value for options granted on 1 st July, 2009: 

Rs. 292.69 

Weighted average fair value for options granted on 10 th October, 

2009: Rs. 397.83 

Weighted average information for options granted on 1 st July, 

2009: 

(i) Risk free interest rate: 6.75% 

(ii) Expected life (in years): 5.5 

(iii) Expected volatility: 86.16% 

(iv) Expected dividend yield: 0.86% 

(v) Price of the underlying share in the market at the time of option 

grant: Rs. 310.80 

Weighted average information for options granted on 10 th October, 

2009: 

(i) Risk free interest rate: 7.26% 

(ii) Expected life (in years): 5.5 

(iii) Expected volatility: 81.87% 

(iv) Expected dividend yield: 0.64% 

(v) Price of the underlying share in the market at the time of option 

grant: Rs. 416.05 

23

Corporate Social Responsibility 

DLF over the past many years has undertaken a 

number of social initiatives in sync with its vision 

of “Building India”. With the formation of the DLF 

Foundation as the nodal service organization, 

DLF has reinforced its strong commitment towards 

serving the poor and underserved communities. 

DLF Foundation, in its second year since 

incorporation has continued with its mission of 

empowering communities and initiated a number of 

charitable projects for the poor and underprivileged 

in areas of education, training, health, community 

development and environment. 

The Company’s contribution in the fi eld of Corporate 

Social Responsibility was duly recognized and DLF 

was awarded the Golden Peacock Award for 

CSR, 2010. The award recognizes the initiatives 

undertaken by DLF in substantially improving the 

lives of underprivileged communities in its areas of 

presence. The CSR activities of the DLF group are 

outlined in succeeding paragraphs. 

Education 

● 

Expanding coverage of DLF Rural Learning 

Excellence Centres. The DLF-Pratham 

Learning Enhancement Programme was 

expanded to cover Government schools in 44 

villages of Gurgaon. It enables underprivileged 

children from the rural community to enhance 

quality of learning in English, Mathematics and 

Hindi. This programme has been extended 

to cover Advanced English learning and 

establishment of rural libraries. This has now 

been further strengthened through the DLF 

Mobile Library Programme. The programme 

now covers over 5,000 children. 

● Expansion of Schools for the 

Underprivileged Programme. DLF has 

expanded its coverage in this programme by 

extending support to four non-formal schools 

for the urban underprivileged covering over 

1,200 children. All facilities including fees, 

uniforms, books and mid-day meals are being 

provided free of cost. Out of these, 30 students 

are being mainstreamed in formal schools 

under a scholarship scheme where all their 

education expenses are being supported by 

ANNEXURE - ‘C’ 

DLF Foundation. In addition, DLF has opened 

a new DLF Swapana Sarthak School - II 

for providing free education to the poor and 

underprivileged residing in village Nathupur. 

The English medium school is being run as 

a model school with assistance from Gunjan 

Foundation, an NGO committed towards 

promoting education. Free meals, uniforms, 

books and bags are provided. 

● Rural Schools for Providing Quality 

Education. DLF has partnered Bharti 

Foundation for providing free quality education 

to rural children and provide them opportunities 

to be able to compete on an equal footing 

with those from urban areas. 15 village 

based schools in the underserved districts of 

Rewari, Jhajjar and Kaithal in Haryana have 

been fi nanced for all their running expenses 

in perpetuity, which will benefi t about 3,300 

children annually. 

● SBM Senior Secondary School. DLF 

is running a CBSE affi liated SBM Senior 

Secondary School in Delhi. The school has on 

its rolls 780 students coming from low income 

group families. DLF has now constructed 

a state-of-the-art school premises with a 

completely new look at its own cost which has 

become functional from this session. 

● 

Schools in Gurgaon. In addition to the existing 

CBSE affiliated 10+2 Summerfi elds School, 

Gurgaon having 1,800 students, DLF has 

opened the Ridge Valley School. This school 

is initially catering to the primary sections and 

will expand thereafter to a 10+2 CBSE school. 

The school session commences from the 2010 

academic year. 

Health 

● DLF Rural Primary Health Centres. DLF has 

commenced a rural health care programme 

under which four Rural Primary Health Centres 

have been set-up in Haryana. A similar Centre 

has commenced operations in Dhaunaran, 

Punjab. These are bringing about a signifi cant 

change in the facilitation of medical care to the 

rural community by covering over 1,50,000 

24

● 

● 

villagers. Specialists are available at the 

Centres during clinic hours and partnerships 

have been established with leading hospitals 

for evacuation and treatment of patients for 

secondary and tertiary care. 

Eye Care camps. A number of eye care 

camps have been organized in rural areas 

around Gurgaon in association with Arunodya 

Eye Centre. In these camps diagnostics and 

surgical care is provided. 

DLF initiative in animal health care. DLF 

has taken an initiative in animal health care by 

establishing a veterinary hospital in Gurgaon. 

This state-of-the-art facility will cater to the 

animals in the urban and semi-urban areas, 

while the rural population will be covered 

through regular mobile veterinary health teams 

visiting the villages. 

Aapki Rasoi: Mid-day meals for the 

disabled 

DLF has partnered the Delhi Government’s “Hunger 

Free Delhi Campaign” – Aapki Rasoi for providing 

daily free meals at a disabled workers site at the 

India Gate Lawns in New Delhi. Over 1 lakh meals 

have been distributed in the past year. 

Vocational Training Centres 

DLF Vocational Training Centres, operating with 

the philosophy of providing end to end solutions 

for unemployed youth from underprivileged 

backgrounds has trained and placed 1,500 

trainees in their respective work fi elds. Two new 

training centres were established during the year 

in Duskal, Andhra Pradesh, in addition to the two 

existing centres functioning in Gurgaon. 

Community Outreach and Integrated Rural 

Development 

Community outreach activities for rural development 

were undertaken in association with NGOs, 

panchayats and local communities in the areas of: 

a) Medical care through organising awareness 

and health camps; 

b) Introduction of modern education tools; 

c) Enhancement of education standards 

by enlisting credible professional 

organisations; 

d) Renovation of village schools and upgradation 

of rural infrastructure; and 

e) Construction of rural roads. 

Environment 

For holistic urban and rural development, DLF 

has paid special attention to environmental 

improvements. A total of over 1.2 lakh trees have 

been planted by DLF over a period of time, in 

Gurgaon. HUDA has consistently over the last 

seven years awarded DLF with “Excellence in 

Horticulture Preservation” award. 

Donations for Social Causes 

DLF has been contributing towards a large number 

of social causes. These include education for the 

poor and marginalised sections of society, medicare 

for the deprived, construction and upkeep of places 

of worship of different religions, animal care etc. 

DLF provides the facilities and its premises for 

promotion of pressing social causes by which the 

organisations/NGOs set up stalls in the DLF Malls 

and commercial buildings to propagate their cause. 

25

Management Discussion & Analysis Report 

I. INDIAN ECONOMY & THE REAL ESTATE 

SECTOR 

Fiscal 2009-10 began as a challenging year 

as a result of the significant slowdown in the 

economy witnessed in the second-half of FY’09. 

This followed the financial crisis across the globe 

and the resultant credit meltdown. The macro 

economic scenario indicated that the growth rate 

would remain subdued or trend lower in fiscal year 

2009-10. However, the various stimuli measures 

by the Government, both on the monetary and 

fiscal front, accompanied by strong domestic 

demand paved the path for the recovery of Indian 

economy in the second-half of FY’10. 

Despite the continuing uncertainty in the global 

macro environment, the Indian economy 

reported a growth of 7.4% for the fi scal year 

2009-10. The recovery of the economy also led 

to a revival in capital infl ows which witnessed 

a progressive increase through 2009-10. The 

Reserve Bank of India estimates place the real 

GDP growth in India for the year 2010-11 at a 

robust 8.5% making India amongst the fastest 

growing economies globally. 

With this pace of growth being witnessed in 

the economy, concerns are also beginning 

to emerge due to the consistently high rate of 

infl ation being witnessed both at the wholesale 

and the consumer price index levels. Spiralling 

prices have seen a year on year growth of 10.2% 

in Whole-sale Price Index (WPI) and 13.9% in 

Customer Price Index (CPI) for May, 2010 

(Source: Labour Bureau and Economic Adviser) 

which have now begun to impact demand and 

affordability. The Government policy actions will 

have to draw a fi ne balance between growth and 

managing infl ation. 

The recovery in the Indian real estate sector 

is still in its early stages due to the lag effect. 

Within the sector, the homes segment has 

seen buoyancy in volumes and prices while the 

commercial segment lacks demand both for 

offi ces and retail malls. The industry has also 

seen developers in a signifi cant credit crunch 

and hence accelerated access to the capital 

markets, renewed borrowings from the banking 

system and non-core asset sales have also been 

undertaken aggressively by the sector. 

Residential Segment 

Subsequent to the economic crisis in 2008, there 

was a sudden and sharp fall in the demand of 

real estate products. Customers postponed their 

buying decisions on account of job uncertainties 

and concerns of regular income resulting from the 

economic slowdown. The increased uncertainty 

of business expansion led to companies slowing 

or completely freezing any new employee 

additions. This created a huge demand- supply 

gap, wherein supply exceeded demand leading 

to a signifi cant correction in prices. With the 

fi scal stimuli announced by the Government and 

the growth recovery in the economy, this trend 

gradually reversed in the second half of FY’10 

with prices stabilizing to moving up in certain 

micro markets. 

The credit crisis in 2008-09 also brought 

along with it a paradigm shift in consumer 

preferences from attaining luxury and high end 

products towards the more affordable and midincome 

products. Developers thus shifted focus 

from luxury and high end offerings towards offering 

a judicial portfolio of mid-income/affordable and 

luxury residential projects. 

While the demand drivers in the homes segment 

continue to drive longer term growth prospects, 

higher infl ationary concerns and the Governments 

initiatives to control infl ation through monetary & 

fi scal measures could result in an interest rateup 

cycle impacting affordability of customers. In 

the current environment, the steep price increase 

that has been witnessed in some micro markets, 

especially city centre locations, are seeing 

volumes tapering off as customers are holding 

back their purchase decisions in anticipation of 

a marginal price correction. Pricing discipline by 

various developers would thus hold the key to 

sustainability of volumes witnessed over the last 

12 months. 

As per Cushman & Wakefi eld research, the pan 

India cumulative residential demand is estimated 

to be over 7.5 million units by 2013 across all 

categories including the economically weaker 

sections, affordable, mid and luxury segments. 

The affordable and mid segment category is likely 

to constitute 85% of the total demand. 43% of the 

total demand is likely to be generated in the cities 

27

of Bangalore, Mumbai & NCR. The residential 

demand in the top seven cities of Bangalore, 

Chennai, Hyderabad, Kolkata, Mumbai, NCR & 

Pune is estimated to be 4.5 million units by 2013. 

The graph below depicts the year wise demand 

from 2009-13. 

Source : Cushman & Wakefi eld Research 

Commercial Segment 

The Indian offi ce market did not remain insulated 

from the global upheavals in 2008-09 and 

consequently real estate activities in the segment 

witnessed a signifi cant slowdown as compared 

to previous years. The majority impact of the 

slowdown was observed in the fi rst-half of FY’10, 

when several projects were pulled back due to 

the liquidity crisis. Lack of business confi dence 

and deferment of expansion plans by companies 

also led to a drastic fall in leasing activity. 

Various developers shelved their commercial 

projects which resulted in the reduced supply of 

commercial offi ce space across major cities. As 

per certain estimates the total commercial supply 

of office space across major cities in 2009 stood 

at between 40-50 m.s.f., with the absorption rate 

at between 20-30 m.s.f. 

SEZ projects were also under pressure during 

the year due to the STPI extension of one year. 

As a result, various SEZ projects were deferred, 

with some developers even de-notifying their 

SEZs. 

Almost all micro markets experienced rental 

corrections over the previous year. The rate of 

correction, however, eased out by the second 

half of FY’10, with many locations beginning to 

stabilize. 

2010 began on an encouraging note for India’s 

commercial real estate segment, with take-up 

improving across the majority of markets. Several 

IT/ITES occupiers started leasing, spurred on 

by vastly improved business forecasts for the 

year. The IT/ITES segment continues to be the 

dominant demand driver of commercial space. 

New and expanding sunshine sectors such as 

insurance, telecom & pharmaceuticals are also 

emerging as important demand drivers. 

Whilst the India Inc. growth prospects over the 

next many years bodes well for the commercial 

office segment, in the short to medium term the 

excess supply would need to be absorbed. The 

industry’s expansion plans and capital outlays 

may be impacted if tighter policy actions are 

seen in countries such as U.S.A. and China who 

are the major global demand drivers and form a 

significant portion of India’s export markets. 

As per Cushman & Wakefield research, the 

pan India cumulative demand for office space is 

estimated to be 196 m.s.f. by 2013 with the seven 

major cities of Bangalore, Chennai, Hyderabad, 

Kolkata, Mumbai, NCR & Pune accounting for 

approximately 80% of total demand. Hyderabad, 

Pune & Kolkata are expected to witness the highest 

compounded annual growth rate of 28% during 

2009-13, highlighting the growing prominence of 

these cities in the India growth story. Bangalore is 

likely to have the highest cumulative demand of 

34 m.s.f., followed by Chennai, owing to renewed 

interest from the corporate sector post the 

economic crisis. Cumulative demand in Mumbai, 

NCR and Bangalore will account for 42% of total 

demand, with Mumbai & NCR accounting for 24 

and 25 m.s.f. of office space demand through 

2009-13, respectively. The below graph depicts 

the year wise demand from 2009-13. 


Retail Segment 

A slowdown in demand from both consumers 

as well as brands/retailers, led to a supply lag 

in retail segment as against projections made at 

28

the beginning of 2008-09. Slowdown in demand 

triggered off by reduced footfall conversions 

led to low leasing activities and high vacancy 

rates further adding to the sector witnessing 

reduced investment interest. Rents slumped due 

to weakened demand and many projects were 

delayed, shelved or scrapped in order to avoid 

an oversupply situation. Most brands withheld 

their expansion plans and several retailers exited 

unviable outlets. Revenue sharing model amongst 

the developers and the retailers emerged as a 

new trend to mitigate cost pressures for both the 

developer and the retailer. 

The beginning of 2010 has witnessed initial signs 

of interest in the segment. Given the revival in 

the economy, growing consumer confi dence 

and the restraint in mall construction leading to a 

healthier supply demand equation, mall rentals 

have started stabilising and signs of a gradual 

increase in enquiries for leasing have begun. 

As per Cushman & Wakefi eld, cumulative retail 

demand across India is estimated to be 43 m.s.f. 

by 2013 of which, demand in the top 7 cities 

of Bangalore, Mumbai, NCR, Pune, Kolkata, 

Chennai & Hyderabad is estimated at 34.6 m.s.f. 

Mumbai, NCR & Bangalore are all expected to 

witness the highest demand, together comprising 

approximately 20 m.s.f. Highlighting the potential 

for retailers to expand pan India, the Investment 

Commission of India expects the increase in 

the share of organised retail to grow from 5% 

to 15.5% by 2016. The graph below depicts the 

year wise demand from 2009-13. 


II. 

BUSINESS AND FINANCIAL PERFORMANCE 

& OUTLOOK 

1. Strategy 

DLF, through repositioning its product mix and 

business strategies and focusing on the “right 

product & price combinations”, weathered the 

turbulent economic environment successfully. As 

in the previous year, the Company focused on its 

core areas of business and chose to exit from noncore, 

non-strategic business. It rationalized its 

land bank and further intensifi ed its concentration 

on execution of on-going projects. The debt profi le 

was well managed with all debt obligations being 

met on time. The rental business was given an 

impetus with the consolidation of CARAF/DAL 

bringing in the Company’s fold quality assets 

that added a robust rental earnings stream to the 

existing rental business. Despite the depressed 

economic scenario, the Company continued to 

emphasize on earning strong margins in order 

to enhance profi tability and provide value to its 

shareholders. 

(i) Product Pricing & Launches 

The Company’s strategy of launching 

products in a phased manner and maintaining 

a healthy volume – profi tability balance 

helped it meet its realizations and targeted 

EBIDTA margins. The Company has always 

stressed on the fact that in its long cycle 

business, launches have to be carefully 

weighed in terms of the right pricing providing 

adequate margins. The Company also gave 

added incentives to its customers in the 

form of timely payment rebates, rebates on 

move-in, initial inaugural discounts and 

enhanced value specifi cations thus providing 

customers with a compelling product offering. 

As a result the Company was able to sell out 

85% of its residential offerings during the 

year which comprised a balanced mix of both 

city centric and mid-income properties. 

(ii) Land Bank Rationalization & 

Acquisition 

In order to consolidate its land parcels 

and rationalize the existing land bank, 

the Company after due deliberation and 

consideration earmarked land parcels in 

select locations that it did not see having 

any medium term potential and the divestment 

of which would not have any bearing on the 

Company’s fi nancial performance. These 

land parcels also included options on land 

for long gestation projects. As a result the 

Company divested 19 m.s.f. of land parcels 

in locations across the country including land 

29

parcels in Bangalore, Mumbai and Gurgaon. 

In addition it also purchased a land parcel in a 

city centre location that provided it a saleable 

area of approx. 10 m.s.f. As of 31 st March, 

2010, the total land bank of the Company 

stood at 416 m.s.f. as against 425 m.s.f. at 

the beginning of the year. 

While select land bank rationalization will 

be an on-going process, the Company’s 

land acquisition strategy has become 

concentrated towards purely land parcels 

in city centre locations and those that it 

might consider strategic in nature. Reflective 

of these is the land acquisition that the 

Company did in Gurgaon; a land parcel of 

around 350 acres in city centre Gurgaon that 

it won in an auction by HSIIDC at a value of 

approximately Rs. 1,700 Crores. 

Land Bank by location as on 31 st March, 2010 

(Caraf) (the holding Company of inter-alia, DLF 

Assets Private Limited – ‘DAL’), DLF Info City 

Developers (Chandigarh) Limited and DLF Info 

City Developers (Kolkata) Limited with DLF 

Cyber City Developrs Limited (DCCDL), a 100% 

subsidiary of DLF was completed. 

The integration exercise between DCCDL and 

CARAF/DAL was done under the recommendation 

of a Special Committee of Independent Directors 

which was advised by a group of well established 

and reputed transaction/investment banks and 

independent valuers. Consequent to the above 

exercise, the Board of Directors of DLF accepted 

the recommendation of its Special Committee 

and the relative valuation of DCCDL and CARAF/ 

DAL in the ratio of 60:40. 

The above exercise achieves a substantial 

consolidation of the rental assets, enhancing 

stable cash fl ows in the form of rentals from a 

quality portfolio of assets and increases the 

proportion of strong, stable and growing rental 

income in DLF’s overall business portfolio. The 

integration also resolves the “perceived” confl ict 

of interest between the promoter entities and 

DLF and provides an opportunity to unlock value 

in an integrated Company with all legal structures 

and enablers in place. 

POST BALANCE SHEET DATE EVENT 

Super Metro’s – Delhi Metropolitan Region & Mumbai; Metro’s – 

Chennai, Bangalore, Kolkata and Hyderabad 

Tier I – Chandigarh, Goa, Pune, Nagpur, Cochin, Coimbatore and 

Bhubaneswar 

Tier II – Vadodra, Gandhinagar, Ludhiana, Amritsar, Jalandhar, 

Shimla, Sonepat, Panipat, Lucknow and Indore 

(iii) Debt Profile & De-leveraging 

The Company, against a mandatory debt 

repayment of Rs. 3,549 Crores, paid Rs. 5,633 

Crores, while improving the quality of debt vis-àvis 

lower cost and higher maturity. The average 

cost of debt as on 31 st March, 2010 stood at 

10.5%. The Company’s net debt to equity ratio 

as on 31 st March, 2010 was at 0.53. 

(iv) CARAF/DAL Consolidation 

During the year, the integration of Caraf 

Builders & Constructions Private Limited 

In April, 2010, DLF through its subsidiary CARAF 

acquired 90% of the Compulsorily Convertible 

Preference Shares (CCPS) held by DSIPL in 

DAL. The culmination of this transaction takes 

the overall stake of CARAF in DAL from 50.6% to 

91.9% hence providing the Company i.e., DLF, an 

opportunity to consolidate its shareholding in DAL. 

The total consideration paid for the CCPS was 

Rs. 3,085 Crores which was funded through a 

mix of debt, cash in hand and internal accruals. 

It is important to observe that at the time of 

integration of DAL, the investment of DSIPL was 

valued for and netted off from the valuation of 

CARAF (including its subsidiaries). 

(v) Divestment of non-core assets 

In order to bring a stronger focus on the 

core strengths of the business & stress on 

management’s time & effort to these, the 

Company at the beginning of FY’10 had 

earmarked a programme for divestment of select 

non-core assets. Non-core assets primarily 

30

comprised monies or advances to be received 

from the Government for long gestation integrated 

township projects and convention centres, hotel 

land and other land parcels with no immediate 

development plans, advance license fee refunds 

and select non-core businesses such as hotels 

and asset management. The monetization of 

these would not impact the Company’s fi nancial 

performance over the coming years. 

The Company unlocked Rs. 1,800 Crores during 

the year from divestment of non-core assets 

comprising some of the above mentioned noncore 

assets/business. It also rejected an offer 

for the wind power business of about Rs. 1,000 

Crores, since the annuity stream from this 

business provided a robust post tax yield. 

(vi) Internal Business Restructuring 

The Company was internally restructured into 

two verticals - Development Business and 

Rental Business, each imparting renewed 

focus on execution with emphasis on robust 

systems, processes and risk management. The 

restructuring exercise brings sharp focus on 

rental and development business and enhances 

stable cash fl ows. 

(a) Development Business 

The Development Business are split 

geographically into 3 subsidiaries i.e. 

Gurgaon, Super Metros and Rest of India 

and will be involved in all real estate 

development in their respective geographies. 

Each of these subsidiaries will be responsible 

for their own Profi t & Loss Account and 

Balance Sheet leading to higher accountability 

from respective management teams. 

These subsidiaries will be responsible for 

all activities across the product value chain 

from launch of a product to fi nal delivery to 

the consumer. 

(b) Rental Business 

The objective of the Rental Business is to 

further enhance the rental portfolio of assets 

and increase the rental revenue fl ows from 

these assets. The subsidiary would be 

looking at all gamut of business that lend 

themselves to an annuity model and would 

comprise of commercial offi ces, I.T. Parks, 

I.T. SEZs, Retail Malls, Utilities and Facilities 

Management. 

In recognition of the Company’s inherent strengths 

and the strategies adopted to face successfully 

a year of challenges and emerge on the top, 

the Company was conferred the Best Global 

Developer Award for 2009 by Euromoney 

magazine at Euromoney’s Fifth Annual Real 

Estate Awards – the most prestigious awards in the 

global real estate industry. Further, the Company 

also won the awards for Best Developer in Asia 

and Best Developer in India. This prestigious 

accolade further fortifies the Company’s vision to 

be a world-class real estate developer and provide 

the best quality developments to its customers. 

Outlook on Risks & Concerns 

The real estate business in India is impacted by, 

inter-alia, regulatory and monetary policies and 

investment outlook. The Company’s operations 

and its ability for future deve-lopment has to be 

viewed in light of the above and resultant factors 

such as the availability of real estate fi nancing, 

uncertainty on monetary and fi scal policy actions, 

changes in Government regulations, foreign direct 

investments, approval processes, environment 

laws, actions of government land authorities and 

legal proceedings. Other business risks could 

be fi nancial stability of commercial and retail 

tenants, replenishment of land reserves, inability 

to compete effectively in regional markets and/ 

or new business, lack of ability in identifying 

consumer requirements in a timely manner, 

over-dependence in a particular market/region, 

input price increases and various other risks that 

may be attributable to real estate. 

2. Business Review 

(a) Development Business 

Homes Segment 

The Company continued to enhance its reputation 

as one of the strongest and most established 

31

developers in the country with an enviable track 

record in developing urban housing, pioneering 

new products and offering an array of products 

across various locations. Its superior execution 

track record, exemplary design and architecture 

and strong brand name coupled with a focus 

on safety helped the Company in making 

progressive in-roads into various micro markets. 

Performance FY’10 

After the downturn in 2008, the residential segment 

witnessed healthy growth on account of economic 

stability and revived consumer confi dence. 

This was also in no small measure a result of 

select launches done by the Company, with a 

compelling “product & price” strategy that helped 

to revive the market and brought customers 

back. The Company sold approximately 12.2 

m.s.f. (net) during the year. 

Prominent Launches in FY’10 

City Centre — Capital Greens, Delhi – Phase 

I, II & III – the project comprising of more than 

2500 units on offer met with an unprecedented 

response with the fi rst two phases having 

being sold out in a matter of days with a 30% 

higher price in the second phase vis-à-vis the 

fi rst. Phase III pertaining to the luxury product 

category (as different from the earlier phases) 

and comprising 150 apartments on offer was 

recently launched at a price of Rs. 12,000 p.s.f. 

and has also met with a good initial response. 

Mid-income — DLF Valley, Panchkula, 

Chandigarh — The project was launched 

in February, 2010 and comprised 1200 

units at an average price of approximately 

Rs. 2400 p.s.f., totalling approx. 2 m.s.f. The 

product which was in the form of independent 

fl oors, met with a phenomenal response with 

sales of the entire 2 m.s.f. on offer within a 

week, as against an initial target of sales of 

approx. 1 m.s.f. 

Other key launches during the year included 

residential properties in Goa, Gurgaon and 

Bangalore. 

The table below provides a synopsis of the sales 

volumes and average prices realized for the Homes 

segment in 2009-10. 

Region/Head City Area 

Launched 

(m.s.f.) 

Area Sold 

(m.s.f.) 

Sales Value 

(Rs. Crs) 

Avgerage 

Realisation 

(p.s.f.) 

Super Metro Delhi 4.56 4.21 3,300 7,838 

Gurgaon DLF City & New Gurgaon 3.50 3.12 2,550 8,173 

Rest of India Panchkula, Banglore & Goa 5.17 3.90 950 2,439 

Existing Stock New Gurgaon, Kochi & Indore 0.00 1.32 350 2,652 

Total 13.23 12.55 7,150 21,102 

32

Outlook 

With the revival in sentiment and the latent 

demand in the housing segment the Company 

is well positioned to capitalize on the resultant 

opportunities. With a development potential of 

more than 290 m.s.f. spread across the country, 

the Company will launch projects that cater to 

different income groups and further fortify its 

position as provider of quality urban housing in 

the country. The product mix in the forthcoming 

year is expected to be a balanced mix of city 

centre and mid-income housing across locations 

such as Mumbai, Delhi, Gurgaon, Bangalore, 

Hyderabad and Chandigarh. Expected sales in 

FY’11 would be primarily from the existing stock 

i.e. stock to be released in subsequent phases of 

already launched projects. 

Given the challenges faced in getting a number 

of approvals from respective authorities in 

various cities, timing of launches would vary. The 

Company would continue to focus on launching 

projects only after ascertaining the “right 

pricing and costing” parameters and getting the 

optimum design and planning metrics for better 

value addition. This is imperative in light of the 

current high infl ationary concerns that could 

potentially lead to an input price increases and 

hence impact margins. The expectation of any 

substantial policy change to control high infl ation 

and the resultant risk of an interest rate upcycle 

which may impact demand will also have to 

be considered while taking into account future 

launches by the Company. 

Project Execution Status and Development 

Potential 

The Devco comprising primarily the homes 

segment, followed by commercial complexes 

has a combined area of 39 m.s.f. under 

construction as of 31 st March, 2010. Within this, 

the homes segment has 34 m.s.f., while the 

commercial complexes segment has 5 m.s.f. of 

area under construction. As of 31 st March, 2010, 

the area available for potential development in 

the Devco (including area under construction) 

stood at 315 m.s.f. 

Area under construction (m.s.f.) 

Development potential (m.s.f.) 

(b) Rental Business 

(i) Offices Segment 

The Company today is amongst the most 

preferred names in providing quality work 

spaces that meet global standards and 

provide modern amenities with the bestin-class 

maintenance & service standards. 

The Company offers ready to move in 

and built to suit options to its clients which 

comprise developments encompassing 

retail & recreation centres, medical services, 

business centres, ATMs, food courts and 

other amenities such as modern fi re detection 

and suppression systems. The Company’s 

building designs incorporate large effi cient 

fl oor plates, wide column span and high 

fl oor to fl oor clearance, for optimal space 

utilization and structures that are designed 

for maximum safety. 

33

A standing testimony to the Company’s 

expertise in the offi ces segment is the Cyber 

City office complex in Gurgaon, the largest 

privately built offi ce complex in the country 

which spreads across an area of more than 

20 m.s.f. (including potential developments) 

and boasts of global MNC organizations as 

its tenants. 


The year gone by was challenging in terms 

of leasing activity as Company’s postponed 

business expansion plans and new 

ventures were delayed or shelved due to 

the uncertainty in the environment and lack 

of business confi dence. Rentals corrected 

sharply and existing available inventory 

forced developers to stall or postpone ongoing 

constructions. 

With the revival in the economy, leasing 

enquiries gradually picked up pace and 

rentals stabilized. As clarity emerged on 

business growth prospects, the offi ce 

segment started showing signs of revival 

in the last quarter of FY’10. The offi ce 

leasing environment has been steadily 

improving with the Company having leased 

0.7 m.s.f. area in FY’10 (after accounting for 

cancellations). Deliveries of approx. half a 

m.s.f. were made during the year. 

The focus in the year was on providing value 

added services to clients, reinforcing and 

enhancing relationships. Construction of 

offi ce properties in select locations was also 

re-initiated in order to be well positioned for 

the expected demand pickup in the second 

half of FY’11. 

Outlook 

With India Inc.’s aggressive hiring plans and 

the buoyancy in the economy, demand for 

offi ce leasing is expected to improve in the 

coming years. For the Company, the fi rst 

quarter of fiscal 2011 has seen leasing of 

0.93 m.s.f., higher than the whole of last 

year. However, while volumes are expected 

to show a recovery, given the existing and 

oncoming supply of offi ce space, market 

rents are unlikely to increase in the short to 

medium term. 

The offi ce segment, though exhibiting 

signs of initial pickup, is subject to the 

continuing recovery in the economy and 

the crystallisation of the Indian industry’s 

growth and expansion plans. Given the ongoing 

pressures on the Government, the 

current macro environment may witness 

policy actions that could hamper the current 

growth momentum. Any withdrawal of the 

stimulus measures in global powerhouses 

such as U.S.A. & China along with the 

troubles in the European Union could impact 

the leasing momentum in the offi ce space. 

Another major factor that could potentially 

favour or impede growth in the offi ce leasing 

environment would be the impact of the 

proposed Direct Tax Code and its effect on 

the IT SEZ’s. Clarity on this front is yet to 

emerge. 

With its superior locations and strong client 

relationships, the Company is well positioned 

to take advantage of the India growth story 

and is expected to be amongst the biggest 

benefi ciaries as and when the leasing 

demand strengthens. The Company expects 

to lease 3-4 m.s.f. of offi ce space during 

FY’10-11 across various locations. 

(ii) Retail Segment 

In the Retail segment, the Company has the 

expertise to cater to different retail formats. 

The Company was amongst the earliest 

one’s to realize & recognize the changing 

consumer preferences of the Indian customer 

and resultant spending patterns. With higher 

disposable incomes, a global exposure to 

aspirational and luxury products and the 

increasing infl uence & desire of a premium 

lifestyle by the Indian urban youth, the retail 

industry witnessed a paradigm shift. With the 

benefi ts of an established brand name and 

strong track record coupled with a quality 

portfolio of premium locations across India, 

the Company was able to serve the needs of 

customers with different buying patterns and 

purchasing power. With pioneering the retail 

revolution in early 2000, the Company today 

has well proven expertise in providing a 

“one stop shop” shopping and entertainment 

experience by providing a discernible set 

of shopping labels and brands intermingled 

with an array of recreational & leisure options 

34

in thoughtfully conceived and aesthetically 

designed premium architectural and 

commercial landmarks. 

The Company today has approx. 1 m.s.f. 

of operational Malls located in the cities/ 

regions of NCR, Delhi, Chandigarh, Kolkata 

etc. Amongst its prominent retail malls are 

the Emporio, DLF Promenade & DLF Place, 

Saket all based in New Delhi and having an 

enviable tenant profi le comprising luxury, 

premium and semi premium brands as its 

tenants. 


The year gone by has seen the retail 

segment as the most challenging due to 

lower consumer spending and preference 

towards basic necessities rather than luxury 

offerings, hence impacting tenant business. 

Rentals corrected sharply and a host of ongoing 

developments were stopped mid-way 

due to the complete lack of leasing demand. 

Brands postponed their expansion plans 

and existing tenants exited unviable outlets. 

Revenue sharing agreements between 

developers and anchor stores emerged as a 

new trend in the industry where many such 

transactions were witnessed in the year gone 

by. 

The fi rst half of 2009-10 witnessed complete 

lack of movement in the demand for retail 

space; the second half saw the emergence 

of enquiries in select locations. The 

current focus for the Company would be to 

consolidate its position in the segment and 

increase its occupancy levels in existing 

operational malls. 

Outlook 

While still subdued, the revival in the 

economy and growing consumer confi - 

dence is expected to result in a gradual pickup 

in leasing transactions. The Governments 

FDI policy in multi-brand retail could be 

a signifi cant growth driver in the short to 

medium term. 

Project Execution Status and 

Development Potential 

The Company as on 31 st March, 2010 has 

17 m.s.f. of area under construction in the 

Rentco. The area available for potential 

development in the Rentco (including area 

under construction) stood at 90 m.s.f. 

Area under Construction (m.s.f.) 

Development potential (m.s.f.) 

Energy Centres – Green Initiatives by the 

Company 

While providing value added services to 

its tenants in the Rentco, the Company 

remains conscious of its responsibilities to 

the environment. The Company is setting up 

gas based co-generation plants for providing 

electricity and chilled water for air-conditioning 

of offi ces, commercial buildings, complexes 

and malls. These captive power plants are 

distributed co-generation plants, fully green 

and environment friendly and generate chilled 

water (for air-conditioning) by using the waste 

heat from the exhaust of the power generating 

equipments through Vapour Absorption 

Machines (VAMs) and provide air-conditioning 

to commercial buildings/complexes etc. These 

35

plants result in higher cycle effi ciencies and 

reduce emission of green house gases/ tonnes of 

CO 2 

by about 50% as compared to conventional 

power plants. In addition to above mentioned 

captive co-generation plants, as a part of the 

green initiative, the Company has installed over 

228 MW of wind power plants in the states of 

Rajasthan, Tamil Nadu, Gujarat and Karnataka. 

(c) Execution 

During the year, DLF added 21 m.s.f. 

(net) under construction in FY’10 spread 

mainly across the cities of Delhi, Gurgaon 

and Bangalore; comprising homes and 

commercial complexes. The total area under 

construction as of 31 st March, 2010 stood at 

approx. 56 m.s.f. 

The Company during the year enhanced its 

construction prowess and execution ability by 

buying out the Laing O’ Rourke stake in the 

DLF-LOR JV. This not only brings in-house the 

resources of the JV in terms of machinery & 

workforce but also supplements the Company’s 

existing technical know-how, systems and 

processes in the fi eld of construction while 

providing complete autonomy across the product 

execution life-cycle. 

Area under construction (m.s.f.) 

Segment/Regionwise 

and operates the luxurious Aman Resorts across 

the world and also has an alliance with the 

Hilton group for development and management 

of hotels in India. The hotel business is currently 

undergoing a comprehensive review by the 

Company as regards its future plans, commitment 

towards resources and the extent of scale and 

size that the Company aspires to achieve in 

this segment going forward. Select land parcels 

meant for hotel developments in India have been 

disposed off, with a few more proposed to be 

sold as a part of the non-core asset divestment 

programme. As regards the Aman Resorts, the 

Company has witnessed an improved operating 

performance during the year. Aman Resorts has 

been a recipient of many international accolades. 

In its recent accomplishments, Aman Resorts 

received the highest ranking for ‘World’s Best 

Hotel Chain & Marketing Group’ in the Zagat 

World’s Top Hotels, Resorts & Spas 2009/2010 

edition. The Company will, at an opportune time, 

explore the possibility of a strategic partnership 

for Aman Resorts in order to further strengthen 

the current business model. 

(e) Life Insurance 

DLF Pramerica Life Insurance Company Ltd. 

(DPLI), a 74:26 JV between DLF Limited and 

Prudential International Insurance Holdings 

(PIIH) commenced operations in September, 

2008 with a purpose to market and sell life 

insurance products in the country. 

The Company has completed one full year 

of commercial operations as on 31 st March, 

2010. With a consistent focus on a steady 

strategy of capital conservation, sound liquidity 

and enhancement of operational and cost 

effi ciencies, the overall fi nancial performance 

during the last year was in line with the business 

plans envisaged. 


(d) Hotels 

In order to re-focus on the core business 

operations and in line with the strategy adopted 

in 2009-10, the Company’s hotel plans across the 

leisure and business segments were substantially 

scaled down during the year. The Company owns 

i. During the year, policies issued witnessed a 

substantial growth with 19,485 policies versus 

2,778 in the previous year. Annualised premium 

from these policies was at Rs. 44.79 Crores 

as against Rs. 6.45 Crores in the previous 

year with a sum assured of Rs. 514.47 Crores 

(Previous Year Rs. 66.52 Crores). 

36

ii. The Company more than doubled its agency 

offi ces to 29 by extending its reach in National 

Capital Region, Punjab, Haryana and Gujarat 

with a team of 2115 advisors (Previous 

Year 113) and tied up with 43 partners thus 

enhancing its reach. 

iii. The Company launched/modifi ed 13 products 

during the year, in line with customer 

requirements and changes in regulations on 

ULIPs regarding capping of charges. 

Outlook 

As life insurance penetration in India continues 

to be low when viewed from the perspective 

of death protection, the Company expects an 

increasing emphasis on the protection aspects 

of life insurance, along with the need for high 

quality advice. The Company will continue 

to establish deep distribution partnerships 

with emphasis on low cost, scalable business 

models and at the same time, carefully monitor 

all opportunities and challenges that the rapidly 

changing regulatory environment in the sector 

could potentially provide. 

(f) Asset Management 

The Company exited its asset management JV 

during the year. The Company’s decision to exit 

the business was triggered due to the changes by 

SEBI in its evaluation criteria for granting approval 

to the joint venture mutual fund to commence 

business in India. This primarily involved both 

the partners to have a fi ve year track record 

in the financial services sector precluding DLF 

from partnering Prudential Financial Inc. in the 

business. 

3. Financial Review 

Revenue & Profitability 

During the fi scal 2009-10, DLF reported 

consolidated revenues of Rs. 7,851 Crores, 

lower by 25% from Rs. 10,431 Crores in FY’09. 

EBIDTA stood at Rs. 3,940 Crores, lower by 

34% as compared to Rs. 5,986 Crores in the 

previous year. Net profi t after tax and minority 

interest before prior period items was at 

Rs. 1,814 Crores, a decline of 59% from Rs. 

4,468 Crores. Net profi t after tax, minority 

interest and prior period items was at 

Rs. 1,720 Crores, a decline of 62% from Rs. 

4,470 Crores. The EPS for FY’10 stood at Rs. 

10.13 as compared to Rs. 26.24 for FY’09. 

The decline in revenues was primarily a result 

of the substantially reduced sales to DAL in 

2009-10, as a result of lack of leasing in the 

SEZ space, owing to a drop in demand and the 

continuing uncertainty in the policy environment. 

In FY’09, DLF reported sales of Rs. 10,431 

Crores, which also included a signifi cant portion 

of sales pertaining to DAL with commensurate 

profi ts. In FY’10, sales stood at Rs. 7,851 Crores 

in which DAL sales were substantially lower and 

at signifi cantly lower margins as these were 

primarily in relation to fi nishing costs incurred 

for the DAL properties. The profi tability during 

the year was mainly driven by new launches 

in the residential segment and the scale-up in 

execution of pre-sold properties. 

The revenue and profi t fi gures of the Company 

during the year were after adjusting for losses 

contributed by non-core business, like DLF 

Pramerica Life Insurance, Hotels & Retail 

Brands which combined amounted to Rs. 255 

Crores. The Life Insurance business is still in 

its gestation phase and given the attractive 

market opportunity, this business is expected to 

contribute positively once it reaches a signifi cant 

size & scale of operations. Both the Hotels and 

the Retail Brands business are undergoing 

a comprehensive review in light of further 

substantial investments needed to support 

these businesses through their early stages of 

evolution and the need for prioritising resources 

towards the Company’s core business activities. 

The rental income during the year increased 

to Rs. 725 Crores from Rs. 505 Crores in the 

previous year, due to the delivery of commercial 

pre-leased properties that added to the existing 

rental stream. 

Total expenditure before fi nance charges declined 

to Rs. 4,236 Crores from Rs. 4,684 Crores 

during last fi scal. The cost of revenues including 

cost of lands, plots, constructed properties and 

development rights was contained at Rs. 2,580 

Crores from Rs. 3,229 Crores in the previous 

year. This was in-part related to the execution 

& scale-up of existing projects and was lower 

than the previous year as a result of the delay 

in starting construction for new launches due 

to certain approvals not being in place. The 

establishment expenses increased marginally 

37

to Rs. 467 Crores from Rs. 454 Crores and 

the other expenditure rose to Rs. 865 Crores 

from Rs. 762 Crores, as a result of the scaleup 

in business activity in 2009-10. The fi nance 

charges, charged to the Profi t & Loss account 

increased to Rs. 1,110 Crores as against Rs. 

555 Crores in the previous year. 

EBIDTA margins saw a decline to 50% from 57% 

in the previous year. Margins were impacted due 

to revenues from DAL which were signifi cantly 

higher in the previous year. Excluding sales to 

DAL, EBIDTA margins are comparable to the 

previous year i.e., 2008-09 where volumes were 

lower and the product mix was biased towards 

the mid-income segment. 

Balance Sheet 

The Company’s Balance Sheet as on 31 st 

March, 2010 refl ected a healthy position with 

a net worth of Rs. 30,433 Crores and net debt 

to equity ratio of 0.53. Cash reserves stood 

at Rs. 928 Crores with investments of Rs. 

5,505 Crores, mainly in liquid instruments. The 

Balance Sheet includes the impact from the 

consolidation of CARAF / DAL that was given 

effect in the month of March, 2010. 

The Company re-paid debt of Rs. 5,633 Crores 

for 2009-10 as against mandatory payment of 

Rs. 3,549 Crores, meeting all its stakeholder’s 

commitments on time. Along with meeting 

its debt servicing commitments to banks and 

financial institutions, the Company also improved 

the quality of debt vis-à-vis lower cost and higher 

maturity period. It was able to bring down the 

average cost of debt from 11.9% in December, 

2008 to 10.5% in March, 2010. 

The shareholders’ funds improved to Rs. 30,433 

Crores from Rs. 24,154 Crores on account of 

both the CARAF / DAL consolidation and the 

addition to networth due to profi ts. The loan 

funds saw an increase to Rs. 21,677 Crores 

from Rs. 16,320 Crores, primarily as a result of 

the consolidation of CARAF/DAL. The net debtequity 

ratio stood at 0.53 as compared to 0.64 in 

the previous year. 

Net fi xed assets grew to Rs. 16,558 Crores from 

Rs. 7,912 Crores on account of capitalization of 

leased-out assets and consolidation of assets 

held by CARAF/DAL. 

Capital work-in-progress rose to Rs. 11,129 

Crores from Rs. 5,688 Crores as area under 

construction increased and was further enhanced 

with the recognition of assets under construction 

by DAL in its books. 

Investments increased to Rs. 5,505 Crores 

from Rs. 1,402 Crores, with a majority of these 

investments being in liquid instruments. 

Stocks increased to Rs. 12,481 Crores from 

Rs. 10,928 Crores. Other current assets 

declined to Rs. 4,685 Crores from Rs. 7,622 

Crores, primarily as a result of the elemination 

of assets & liabilities due to the consolidation of 

CARAF/DAL. Other current assets included the 

unbilled receivables which were recognised in 

revenues due to the percentage of completion 

method (POCM) whereas the payments by the 

customers would only be made subsequently as 

per the payment plan provided. The cash and 

bank balances reduced to Rs. 928 Crores from 

Rs. 1,196 Crores. 

The current liabilities stood at Rs. 4,637 Crores, 

up from Rs. 4,140 Crores. The increase was 

mainly on account of monies received as 

advances from customers in the leased out DAL 

portfolio properties. 

With the purchase of 90% of the CCPS held 

by DSIPL in April, 2010 i.e., post the Balance 

Sheet date, the networth of the Company will 

be adjusted to refl ect for the above mentioned 

transaction accordingly. 

III. CORPORATE FUNCTIONS 

(a) Information Technology 


The IT function focused on increasing the 

usage of already implemented technologies. 

Additional efforts were put in to conclude ongoing 

implementations and derive business 

values out of it. 

38

● Business Intelligence Tools: While the ERP 

implementation was concluded in FY’09, as a 

next step the RAMCO Business Intelligence 

reporting tool has been implemented for 

more on-line analytical reports. 

● Set-up of state-of-the-art Documentation 

Centre: Work on setting up state-of-art 

documentation centre with fl oor space of 

approx. 43,000 sq. ft. in one of the Company’s 

own buildings in Cyber City, Gurgaon has 

been completed. This centre comprises 

Technical Reference Section, Media Room, 

Scanning Stations etc. 

● 

Geographical Information System: To 

test the capability of GIS land information 

system, a pilot project with one of 

the business units of DLF was done. 

This is being tested with other business units 

as well. 

Outlook 

The IT team of the Company intends to focus on 

the following developments going forward: 

● 

● 

● 

Increased control over expenditure and 

profi tability at project level including enhanced 

use of IT based business intelligence 

packages. 

Faster processing of payables. 

Digital video surveillance systems in our 

Offi ces and Malls. 

(b) Finance and Control 

The Company’s fi nance team continues 

its strong focus to enhance and streamline 

its systems, controls and risk management 

processes in order to better manage risks, 

provide for smoother information flow 

across the organization and ensure that all 

transactions meet with fi nancial propriety 

and accurate reporting. The fi nance team 

at the corporate level is well supported 

by the independent fi nance teams of the 

various business units that operate within 

pre-defi ned delegation, responsibility and 

accountability parameters, providing for an 

effi cient system of fl exibility, control and faster 

decision making. The existing structures 

are also well supported by a compliance 

monitoring system that reports periodically 

the adherence of or deviations from required 

statutory compliances and prompts corrective 

actions in a timely manner. 

The Company has an internal audit team, 

headed by a Chief Internal Auditor reporting 

directly to the Audit Committee comprising 

a majority of independent Directors. 

The team is adequately supported by 

external Chartered Accountant fi rms which 

undertake various department-wise & 

comprehensive pre-audits in order to ensure 

that the established systems, processes and 

compliance mechanisms are being diligently 

followed and adequate checks and balances 

are in place to identify non-observance. 

Major observations made by the internal 

audit team are periodically reviewed by the 

Audit Committee of the Board and remedial 

measures, if required, are presented to the 

Committee along with their implementation 

status and resolution timelines. 

In addition to the in-house internal audit team, 

effective 1 st April, 2010, Messrs KPMG & 

Deloitte have been appointed as independent 

internal auditors who would report directly to 

the Audit Committee of the Board. 

The Company has also implemented a 

stringent external audit mechanism, as 

required by applicable statutes. 

(c) Human Resources 

Human capital has continued to be the key 

engine for our growth and aspirations. DLF 

has been constantly reviewing its HR policies 

and practices to keep abreast with the market 

changes and has embarked upon several 

initiatives to focus on creating a positive work 

environment that provides employees with 

ample growth and development opportunities 

as well as ensuring high levels of motivation 

and engagement. 

Recognizing that it is our intellectual capital 

that makes all the difference, our on-going 

efforts have been towards integrating 

different assets-skills, knowledge, talents 

and working styles into forming a responsive 

and effi cient team and an environment that is 

both inclusive and collaborative. 

39


● 

Talent Acquisition & Resource Planning 

Our leadership status can be attributed to 

the diverse and highly talented people in our 

team. The robust pool of talent has been built 

by committed efforts to attract, transform and 

retain the finest talent in the industry. 

Today the Company has a high calibre, 

multifunctional team of 3542 employees (as 

of 31 st March, 2010) up from 3008 employees 

a year earlier. The Company has built a 

young and vibrant team (average age of 36 

years) of highly qualifi ed professionals. On 

the acquisition of the 50% equity in our JV 

with Laing O’ Rourke, a sizeable number of 

competent workforce was added. 

● Learning & Development 

● 

The changing business scenario necessitates 

continuous development of employees in 

terms of skills and competencies in line with 

the business requirements. The evolving 

training structure includes the following: 

■ A structured Induction Programme for all 

levels and evangelisation to the DLF Way for 

Fresh Campus recruits. 

■ Discover yourself as a trainer: Giving a 

platform to our employees to unleash their 

hidden potential as a trainer and share 

their knowledge with their own DLF Family. 

Training with our in-house trainers covering 

topics in realm of technical & non-technical 

know-how. 

■ Express learning: An e-learning initiative 

for knowledge sharing with employees. 

■ Worker’s development: Training 

programme for Class IV employees to 

address the needs and concerns of Class IV 

employees and improve their well-being. 

Employee Engagement & Welfare 

The employees remain connected and 

updated through various communication 

channels including town halls, management 

workshops/updates from the Vice Chairman’s 

desk, the intranet (DLF Connect) and internal 

HR help lines. An in-house fortnightly HR 

newsletter SAMPARK is now a way of life for 

keeping in touch with the growing DLF family. 

Our Annual Cricket event is now looked 

forward by the DLF family. Photography, 

painting competitions, online quizzes, and 

debates on topical themes enthuse and 

involve a large number of employees. 

(d) Legal 

The Legal Department provides ‘backbone’ 

support to its business segments located 

across the country, securing and providing 

stability and sustainability to the business. 

The Company employs a dedicated team of 

legal professionals well qualifi ed in different 

legal functions. The team believes in 

corporate ethos that blends tail-end creativity, 

professionalism and dedication of purpose, 

while keeping an eye on strict Corporate 

Governance. The Company established a 

track record of achieving many a milestone 

judgments in Company’s favour delivered by 

various courts on material issues. 

The year 2009-10 witnessed stupendous 

success in implementation of compliance 

systems of all applicable laws to Company’s 

business by all rank and personnel located 

in different parts of the country. Land being 

a State subject, it was made obligatory for 

all offi cials of the Company to observe strict 

compliance of all laws as may be applicable 

to their projects depending upon the area 

and location. In discharge of their functional 

responsibilities, this has become a part of 

their day to day activity. 

The Compliance and Corporate Governance 

Committee of the Board of Directors, 

after due deliberations, rendered valuable 

guidance from time to time to keep the legal 

compliance of all the laws on top priority. 

Whistle Blower Mechanism 

In pursuit of maintaining highest ethical 

standards in the course of its business, the 

Company has put in place a mechanism for 

reporting of instances of conduct which is 

not in conformity with its code. No signifi cant 

complaints were received in Whistle Blower 

Policy during the year. 

(e) Corporate Secretarial 

The Corporate Secretarial department 

functions as a facilitator for good Corporate 

40

Governance practices in the Company. A 

dedicated team of well qualifi ed professionals 

ensure that the Company follows the high 

governance standards and guidelines laid 

down by the Board. Corporate Secretarial 

drives the implementation of robust 

compliance systems and further assists 

the Board in ensuring proper and adequate 

documentation of its meetings and that 

of its Committees. It plays a pivotal role in 

managing a large shareholder base in an 

effi cient manner. 

Cautionary Statement 

The above Management Discussion and Analysis 

Report contains certain forward looking statements 

within the meaning of applicable security laws and 

regulations. These pertain to the Company’s future 

business prospects and business profi tability, which 

are subject to a number of risks and uncertainties and 

the actual results could materially differ from those 

in such forward looking statements. The risks and 

uncertainties relating to these statements include, but 

are not limited to, risks and uncertainties, regarding 

fl uctuations in earnings, our ability to manage growth, 

competition, economic growth in India, ability to attract 

and retain highly skilled professionals, time and cost 

over runs on contracts, government policies and 

actions with respect to investments, fiscal defi cits, 

regulation etc. In accordance with the Code of 

Corporate Governance approved by the Securities and 

Exchange Board of India, shareholders and readers 

are cautioned that in the case of data and information 

external to the Company, no representation is made 

on its accuracy or comprehensiveness though the 

same are based on sources thought to be reliable. 

The Company does not undertake to make any 

announcement in case any of these forward looking 

statements become materially incorrect in future or 

any update made thereon. 

41

Corporate Governance Report 

Your Directors present the Company’s Report on 

Corporate Governance in compliance with Clause 49 

of the Listing Agreement with Stock Exchanges. 

Company’s Philosophy 

DLF fi rmly believes that maintaining the highest 

standards of Corporate Governance is imperative in 

our pursuit of industry leadership. We believe that 

Good Governance is a pre-requisite for establishing 

a relationship of trust between the Company and 

all its stakeholders. The Company further believes 

that the quest for excellence in performance rests on 

unfl inching adherence to the core values of honesty, 

transparency and accountability in all business 

transactions. 

These beliefs are based on a rich legacy of fair and 

ethical business practices, steadfast commitment 

to corporate social responsibility and adherence to 

the basic tenets of upholding professional integrity, 

maintaining human values and protecting individual 

dignity. 

The Board of Directors performs the pivotal 

role in the governance system and they are 

primarily responsible for corporate governance 

of the Company. The Board has formed several 

Committees to assist them in specifi c areas resulting 

in sharper focus on Good Governance in order to 

ensure that the endeavour to maximise value for the 

entire spectrum of its stakeholders leads to longterm 

benefi ts to society at large. 

Board of Directors 

The Board of Directors (the Board), an apex body 

formed by the shareholders, provides and evaluates 

the strategic directions of the Company; formulates 

and reviews management policies, serves and 

protects the overall interests of shareholders to 

ensure long-term value creation for stakeholders. 

The Chairman, Vice Chairman, Managing Director 

and two Whole-time Directors manage the business 

of the Company under the overall supervision and 

guidance of the Board. 

Composition 

The Board represents an optimum mix of 

professionalism, knowledge and experience. The 

present composition of the Board is as under: 

Category No. of Directors Percentage 

to Total No. 

of Directors 

Executive Directors 5 42 

Non-executive Directors 

- Independent Directors 6 50 

- Non-independent Directors 1 8 

Total 12 100 

The rich and vast professional expertise of Independent 

Directors gives immense benefits to the Company. The 

composition of the Board is in conformity with Clause 

49 of the Listing Agreement. 

Executive Directors are appointed by the shareholders 

for a maximum period of 5 years at a time or such 

shorter duration as recommended by the Board, but 

are eligible for re-appointment upon completion of 

their term. 

Non-executive Directors/Independent Directors do 

not have any specifi c term, but retire by rotation in 

accordance with the provisions of the Companies 

Act, 1956. 

Profile of Directors 

Dr. K.P. Singh (Kushal Pal Singh) was born on 

August 15, 1931 at Bulandshahar in Uttar Pradesh. 

After graduating in Science from Meerut College, 

he went to U.K. to study Aeronautical Engineering. 

While pursuing engineering in U.K., he was selected 

by the British Offi cers Services Selection Board, U.K. 

to join the Indian Army. After undergoing training 

at the Indian Military Academy at Dehradun, he 

was commissioned into The Deccan Horse cavalry 

regiment. 

In 1960, he joined American Universal Electric 

Company, a joint venture with Universal Electric 

Company of Owosso, Michigan. In 1979, he joined 

DLF Universal Limited as Managing Director and 

later became Chairman of DLF. 

During his 48 years of experience in the Real Estate 

industry, he has held several important business, 

fi nancial and diplomatic positions including as a 

Member of the International Advisory Board of 

Directors of General Electric; Member, Central Board 

of the Reserve Bank of India and was President of 

ASSOCHAM in 1999. Currently, he is Honorary Consul 

General in India of the Principality of Monaco. He is 

also on the Governing Board of several educational 

43

institutions, including Indian School of Business (ISB), 

Hyderabad; Board Member of the Governing Body 

of IIT, Rajasthan and a Trustee of a number of public 

charitable trusts. 

Dr. Singh is a recipient of one of the highest civilian 

awards in India, the ‘Padma Bhushan’, in recognition 

and appreciation of his outstanding leadership role 

in spearheading India’s economic and industrial 

development, particularly the Real Estate industry. 

Dr. Singh has also been conferred with: 

● 

● 

‘Delhi Ratna’ Award for his valuable contribution 

to the development of Delhi in 2005; 

‘Special Award’ at the Indian of the Year Award 

function held in January, 2008 by NDTV; and 

● Recognised as ‘Key Contributor’ to the 

development of Delhi by Times of India. 

In recognition of his invaluable contribution in the 

fi eld of Business Administration, the prestigious 

G.B. Pant University of Agriculture & Technology, 

Pantnagar, conferred on him ‘Doctorate in Science’ 

in April, 2008. 

Mr. Rajiv Singh is the Vice Chairman of the 

Company. He is a graduate from the Massachusetts 

Institute of Technology, U.S.A. and holds a degree 

in Mechanical Engineering. Mr. Singh has over 28 

years of professional experience. Mr. Singh directs 

the strategy and oversees the operations of our 

Company. 

Mr. Singh is the Chairman of DLF India Limited and 

on the Board of several Private Limited Companies. 

He is the Chairman of Finance Committee of the 

Company. 

Mr. T. C. Goyal has an honours degree in Commerce 

from Shri Ram College of Commerce, University 

of Delhi and is a Fellow Member of the Institute of 

Chartered Accountants of India. 

He is holding the position of Managing Director of 

the Company since 1 st March, 1998. He has over 

43 years of varied experience in fi nance, real estate 

development and project counselling. Prior to joining 

the Company in 1981, he worked with Birlas. 

Mr. Goyal has been a Member of the Management 

Committee of PHD Chamber of Commerce & Industry 

for over a decade. He is also Managing Trustee of a 

number of charitable trusts engaged in education and 

welfare activities. 

He is the Chairman of DLF Universal Limited and DLF 

Home Developers Limited and Members of several 

other Public/Private Limited Companies. 

He is Member of Audit, Corporate Governance and 

Finance Committees of the Company. 

Ms. Pia Singh is a graduate from the Wharton School 

of Business, University of Pennsylvania, U.S.A. with 

a degree in Finance. She has worked for the riskundertaking 

department of GE Capital, the investment 

division of General Electric. 

Having over 15 years of experience, Ms. Singh 

is actively engaged in developing the Company’s 

luxury and super-luxury retail destinations across the 

country. 

Ms. Singh is a Director on the Board of DLF Brands 

Limited and several Private Limited Companies. 

Mr. K. Swarup is a post graduate in Commerce 

and Law from University of Lucknow and a Fellow 

Member of the Institute of Company Secretaries of 

India. He joined the DLF Board on 1 st January, 2006. 

Mr. Swarup has an experience of over four decades 

in a number of corporate positions. 

Prior to joining the Company, he has worked as 

the Senior General Manager of the Delhi Stock 

Exchange Association Limited and represented the 

Exchange on the Committees formed by SEBI, on 

listing agreements and a uniform code numbering 

system for securities. 

Mr. Swarup is on the Board of several Public/Private 

Limited Companies including DLF Commercial 

Developers Limited, DLF Home Developers Limited, 

DLF India Limited and DLF Universal Limited. He 

is Member of Audit Committee of DLF Universal 

Limited. 

Also Member of Shareholders’/Investors’ Grievance, 

Finance and Corporate Governance Committees of 

the Company. 

Mr. G.S. Talwar is the founding Chairman and 

Managing Partner of Sabre Capital worldwide, a 

private equity and investment company focused on 

fi nancial services. He holds Bachelor of Arts (Hons.) 

degree in Economics from St. Stephen’s College, 

44

University of Delhi. He was previously Chairman 

of Centurion Bank of Punjab Limited (merged with 

HDFC Bank Limited) and Non-executive Director 

of Fortis Group (Belgium and Netherlands), 

Schlumberger Limited and Pearson PLC. 

He is a Founding Member of the Governing Board 

of Indian School of Business, Hyderabad and is a 

former Governor of the London Business School. 

Mr. Talwar is the patron of the Stop Organised Abuse 

Board of the National Society for Prevention of 

Cruelty to Children. Prior to joining the Company, he 

has worked for Standard Chartered PLC as Group 

Chief Executive and for Citigroup in various positions 

including as its Executive Vice President. 

Mr. Talwar is on the Board of Great Eastern Energy 

Corporation Limited and several Private Limited 

Companies. 

He is a Member of Corporate Governance Committee 


Dr. Dharam Vir Kapur is a Director of the Company 

since 21 st April, 2006. He is an honours Graduate in 

Electrical Engineering with wide experience in Power, 

Capital Goods, Chemicals and Petrochemicals 

Industries. 

He had an illustrious career in the Government sector 

with a successful track record of building vibrant 

organizations and successful project implementation. 

He served Bharat Heavy Electricals Limited (BHEL) 

in various positions with distinction. Most remarkable 

achievement of his career was establishment of a 

fast growing systems oriented National Thermal 

Power Corporation (NTPC) of which he was the 

founder ‘Chairman-cum-Managing Director’. For his 

contribution to success and leadership of the fl edgling 

organization, he was described as a ‘Model Manager’ 

by the Board of Executive Directors of World Bank. 

Dr. Kapur served as Secretary to the Government of 

India in the Ministries of Power, Heavy Industries and 

Chemicals & Petrochemicals during 1980-86. He was 

also associated with a number of national institutions 

as Member, Atomic Energy Commission; Member, 

Advisory Committee of the Cabinet for Science & 

Technology; Chairman, Board of Governors, IIT 

Bombay; Member, Board of Governors, IIM, Lucknow 

and Chairman, National Productivity Council. 

In recognition of his services and signifi cant 

contributions in the fi elds of Technology, Management 

and Industrial Development, Jawaharlal Nehru 

Technological University, Hyderabad conferred on 

him the degree of D.Sc. 

He is Chairman (Emeritus) of Jacobs H&G (P) 

Limited and Chairman, GKN Driveline (India) 

Limited. He is also Director on the Boards of Reliance 

Industries, Honda Seil Power Products and Zenith 

Birla. Earlier he had been a Director on the Boards 

of Tata Chemicals, L&T and Ashok Leyland. He is 

Chairman of Audit Committee of Honda Seil Power 

Products and GKN Driveline (India), Shareholders’/ 

Investors’ Relations Committee of Honda Seil Power 

Products and Chairman’s Executive Committee of 

GKN Driveline (India). He is a Member of Nomination, 

Corporate Governance and Stakeholders’ Interface, 

Remuneration and Health, Safety & Environment 

Committees of Reliance Industries Limited and Audit 

Committee of Zenith Birla. 

Dr. Kapur is the Chairman of Corporate Governance 

and Shareholders’/Investors’ Committees and a 

Member of Audit Committee of the Company. 

Mr. M. M. Sabharwal a Graduate in Arts (Economics) 

has held various corporate positions including those 

of Chairman of Dunlop India Limited, Bata India 

Limited, Britannia Limited, Indian Oxygen Limited, 

Needle Industries India (Private) Limited, Precision 

Electronics Limited; Director of Oil India Limited, 

National Aluminum Company Limited, Fibre Glass 

Pilkington Limited, Avery India Limited and Ranbaxy 

Laboratories Limited. 

Mr. Sabharwal, President (Emeritus) of Helpage 

India, is a Director of Nutrition Foundation of India 

and was President of PHD Chamber of Commerce & 

Industry; Director, Institute of Management, Kolkata 

and Vice Chairman of International Management 

Institute, New Delhi. 

In recognition of his meritorious social services, the 

Government of India has conferred ‘Padma Shri’ 

Award on him. 

He has also been conferred with: 

● 

● 

Honorary ‘OBE’ in 1998 by the Government 

of U.K. for his role in promoting Indo-British 

partnership in Social Welfare; 

‘Life Time Achievement Award’ for outstanding 

contribution towards the cause of elderly; 

45

● 

‘The Chirayushya Samman Award’ by the Union 

Minister of Social Justice and Empowerment, 

Government of India for being a pioneer in 

building ‘Helpage India’. 

Currently, Mr. Sabharwal is a Member of three 

Government Committees in the Ministry of Social 

Justice and Empowerment. 

He is a Member of Audit, Remuneration and Corporate 

Governance Committees of the Company. 

Mr. K.N. Memani, a Fellow Member of the Institute of 

Chartered Accountants of India is a former Chairman 

and Country Managing Partner of Ernst & Young, 

India. He was also Member of the Ernst & Young 

Global Council. 

He specialises in business and corporate advisory, 

foreign taxation, fi nancial consultancy etc. and 

is consulted on the corporate matters by several 

domestic and foreign companies. 

Mr. Memani headed Quality Review Board – an 

oversight board to review the quality of auditors setup 

by the Government of India. He was associated 

with National Advisory Committee on Accounting 

Standards (NACAS) and an expert committee 

for amendments in the Companies Act, 1956 

constituted by the Government of India. He was 

also associated with the External Audit Committee 

of International Monetary Fund (IMF). 

He held the positions of Chairman, American 

Chambers of Commerce in India, President of PHD 

Chamber of Commerce & Industry and Chairman, 

Federation of Indian Export Organisations. 

Currently, he is on the managing committee/ governing 

boards of various industry chambers, educational 

institutions and social organisations. 

He is on the Board of several Public/Private Limited 

Companies including Aegon Religare Life Insurance 

Company Limited, Chambal Fertilisers and Chemicals 

Limited, Emami Limited, Great Eastern Energy 

Corporation Limited, HEG Limited, HT Media Limited, 

ICICI Venture Funds Management Company Limited, 

JK Lakshmi Cement Limited, National Engineering 

Industries Limited, Spice Digital Limited and Spice 

Mobility Limited. 

Mr. Memani is Chairman of Audit Committees 

of Great Eastern Energy Corporation Limited, 

HT Media Limited and ICICI Venture Funds 

Management Company Limited. He is also Member 

of Compensation/Remuneration Committee of 

Great Eastern Energy Corporation Limited and 

HT Media Limited; Compensation Committee, ICICI 

Venture Funds Management Company Limited; 

Audit Committee, National Engineering Industries 

Limited and Chambal Fertilisers and Chemicals 

Limited. 

He is also Chairman of Audit Committee and a 

Member of Corporate Governance Committee of the 

Company. 

Mr. Ravinder Narain is an active practitioner in 

Supreme Court and High Courts having experience 

of over four decades. 

He has been actively associated with leading 

constitutional, taxation and commercial matters. 

His expertise in the fi eld of Indirect Taxes and 

MRTP cases is well recognised. He was a Member 

of High Level Committee set up by the Ministry of 

Finance, Government of India to review and suggest 

simplifi cation of Central Excise and Customs Laws. 

Mr. Narain is on the Board of Nestle India Limited, 

Shree Rajasthan Syntex Limited, DCM Shriram 

Industries Limited and Shriram Pistons & Rings 

Limited. 

He is Chairman of Investors’ Grievance Committee 

and a Member of Audit Committee of Nestle India 

Limited, Shareholders’ & Remuneration Committee 

of DCM Shriram Industries Limited, Nomination 

Committee of Shriram Pistons & Rings Limited. 

Mr. Narain is also a Member of Corporate Governance 

and Shareholders’/Investors’ Grievance Committees 


Mr. B. Bhushan, a Fellow Member of the Institute 

of Chartered Accountants of India and an Associate 

Member of the Institute of Cost and Works 

Accountants of India, has 33 years of experience in 

fi nance, capital market, taxation, corporate affairs 

and general management. 

He is Chairman of Integrated Capital Services Limited 

46

and Director on the Board of several companies. He 

is Chairman of Markets & Investment Committee of 

Integrated Capital Services Limited. 

Mr. Bhushan is a Member of Audit and Remuneration 

Committees of the Company. 

Brig. (Retd.) N.P. Singh a Graduate of Army Staff 

College of Camberley (U.K.) and National Defence 

College of India, holds a Master degree in Arts and 

Science and is an Associate Member of the British 

Institute of Management. He served the Indian Army 

for over 34 years, prior to the joining of Company’s 

Board of Director in 1993. 

He is a trained Personnel Selection Offi cer from 

Psychological Research Wing, Ministry of Defence, 

Government of India. 

Brig. Singh is on the Board of several Public/Private 

Limited Companies including Dhanvantri Laboratories 

Limited. He is Chairman of Remuneration Committee 

and member of Shareholders’/Investors’ Grievance 

Committee of the Company. 

Board Meetings 

The meetings of the Board are mostly held at the 

Corporate Offi ce of the Company at DLF Centre, 

Sansad Marg, New Delhi. 

Meetings: During the year 2009-10, 9 Board 

meetings were held on 6th, 9th and 30th April, 

30th July, 27th August, 15th and 29th October, 

15th December, 2009 and 27th January, 2010. The 

maximum interval between any two Board meetings 

was of 91 days. The Board meets at least once in 

every quarter to review the quarterly results and 

other items on the agenda. Additional meetings are 

held, as and when necessary. 

Review: The Board regularly reviews industry 

environment, annual business plans, project 

implementation, fi nance and operations, sales & 

marketing, HR, major business segments, business 

opportunities, material legal issues, strategy, risk 

management practices, adoption of quarterly/halfyearly/annual 

results and compliance reports on all 

laws applicable. Senior executives are invited to 

provide additional inputs at the Board meetings for 

the items being discussed by the Board of Directors, 

as and when necessary. 

Minutes: The draft minutes of the proceedings of the 

Board of Directors are circulated in advance and the 

comments, if any, received from the Directors are 

incorporated in the minutes in consultation with the 

Chairman and submitted for confi rmation and signing 

at the subsequent meeting. 

Follow-up: The Company has an effective post meeting 

follow-up, review and reporting process mechanism 

for the decisions taken by the Board. The signifi cant 

decisions of the Board are promptly communicated 

to the concerned departments/business units. Action 

taken report on decisions of the previous meeting(s) 

is placed at the immediately succeeding meeting for 

noting/review by the Board. 

Compliance: DLF has implemented a robust and 

comprehensive compliance management system 

covering the Company and its subsidiaries. All 

project and functional heads submit compliance 

certificates confirming compliance with the 

provisions of statutes applicable to their areas of 

operations. In addition, the Managing Director and 

Group Chief Financial Officer certify the authenticity 

and accuracy of the financial results/statements. 

The Company Secretary ensures compliance 

with SEBI regulations and the provisions of the 

Listing Agreement. The Company Secretary, 

as Compliance Officer submits a composite 

compliance certificate confirming compliance of 

all laws, rules, regulations, guidelines, bye-laws 

applicable to the Company for review of the Board, 

periodically. 

DLF deploys a robust system of internal controls 

to allow optimum use and protection of assets, 

facilitate accurate and timely compilation of fi nancial 

statements and management reports and ensure 

compliance with statutory laws, regulations and 

Company policies including identifi cation, review and 

management of risks. 

A dedicated internal audit cell ensures that the 

Company conducts its business with high standards 

of legal, statutory and regulatory compliances. The 

Company has instituted internal audit programme in 

conformity with the best practices prevalent in the 

industry. 

47

Attendance 

Name & Designation Financial Year 2009-10 

Attendance 

Board 

Meeting 

No. of Directorships in other 

public limited companies* 

No. of Committee positions 

held in public companies 

including DLF** 

Last AGM Listed Others Chairman Member 

(a) Executive Directors 

Dr. K.P. Singh, Chairman 8 Yes Nil Nil Nil Nil 

Mr. Rajiv Singh, Vice Chairman 9 Yes Nil 1 Nil Nil 

Mr. T.C. Goyal, Managing Director 9 Yes Nil 4 Nil 1 

Ms. Pia Singh, Whole Time Director 8 Yes Nil 2 Nil Nil 

Mr. K. Swarup, Sr. Executive Director – Legal 7 Yes Nil 8 Nil 2 

(b) Non-executive Directors 

Mr. G.S. Talwar, Non-independent 5 Yes Nil 1 Nil Nil 

Dr. D.V. Kapur, Independent 7 Yes 3 2 4 2 

Mr. M.M. Sabharwal, Independent 9 Yes Nil Nil Nil 1 

Mr. K.N. Memani, Independent 8 Yes 6 5 4 2 

Mr. Ravinder Narain, Independent 9 Yes 4 Nil 1 3 

Mr. B. Bhushan, Independent 9 Yes 1 1 Nil 1 

Brig. (Retd.) N.P. Singh, Independent 8 Yes 1 4 Nil 1 

* Excludes private, foreign, unlimited liability companies, Government bodies and Companies registered under Section 25 of the Companies Act,1956. 

** Indicates Membership of Audit and Shareholders’/Investors’ Grievance Committees only. 

Notes 

1. The Directorship/Committee Membership is based on the latest disclosures received from Directors. 

2. None of the Directors is a Member of the Board of more than 15 companies in terms of Section 275 of the Companies Act, 1956; 

Member of more than 10 Committees and Chairman of more than 5 Committees, across all companies in which he/she is a Director. 

3. Dr. K. P. Singh, Mr. Rajiv Singh, Ms. Pia Singh and Mr. G. S. Talwar are related inter-se. 

Resume of Directors proposed to be Reappointed 

The brief resume of Directors retiring by rotation and 

seeking re-appointment is appended herein above in 

the notice for calling Annual General Meeting. 

Committees of the Board 

The Board has constituted the following standing 

Committees: 

1. Audit Committee 

2. Shareholders’/Investors’ Grievance Committee 

3. Finance Committee 

4. Corporate Governance Committee 

5. Remuneration Committee 

In addition, the Board also constitutes functional 

Committees, from time to time, depending on the 

business needs. 

The terms of reference of the Committees are reviewed 

and modifi ed by the Board from time to time. The 

Committee meetings facilitates the decision making 

process at the meetings of the Board in an informed 

and effi cient manner. Meetings of each Committee 

are convened by the respective Committee Chairman. 

The Company Secretary prepares the Agenda and 

Explanatory notes, in consultation with the respective 

Committee Chairman and circulates the same in 

advance to all the members. Every member is 

free to suggest inclusion of items on the agenda. 

Minutes of the Committee meetings are approved by 

the respective Committee and thereafter noted and 

confi rmed by the Board. 

The Company has an effective post meeting followup, 

review and reporting process mechanism 

for the decisions taken by the Committees. The 

signifi cant decisions are promptly communicated 

to the concerned departments/business units. Action 

taken report on decisions of the previous meeting(s) 

is placed at the immediately succeeding meeting for 

noting/review by the respective Committee. 

(i) Audit Committee 

Composition 

The Audit Committee comprises of 5 Directors including 

4 Independent Directors. Mr. K. N. Memani, a Fellow 

Member of the Institute of Chartered Accountants of 

48

India, an Independent Non-executive Director is the 

Chairman of the Committee. Dr. D. V. Kapur, Mr. M. 

M. Sabharwal, Mr. B. Bhushan, Independent Nonexecutive 

Directors and Mr. T. C. Goyal, Managing 

Director are the other members. All the members 

possess fi nancial, management and accounting 

knowledge expertise/exposure and/or have held or 

hold senior positions in other reputed organisations. 

The Composition of the Audit Committee meets the 

requirements of Section 292A of the Companies Act, 

1956 read with Clause 49 of the Listing Agreement. 

The Company Secretary acts as Secretary to the 

Committee. 

Group Chief Financial Offi cer, Group Chief Internal 

Auditor and representatives of Statutory Auditors 

are permanent invitees to the Committee meetings. 

Other executives of the Company are invited on need 

basis. 

Objective 

The Audit Committee monitors and provides reassurance 

to the Board on the existence of an 

effective internal control environment by supervising 

the fi nancial reporting process with a view to 

ensure accurate, timely and proper disclosures 

and transparency, integrity and quality of fi nancial 

reporting. 

Terms of Reference 

In compliance with Section 292A of the Companies Act, 

1956 read with Clause 49 of the Listing Agreement, 

the terms of reference of the Audit Committee are as 

under: 

1. Overseeing fi nancial reporting process and 

disclosure of fi nancial information, to ensure that 

the fi nancial statements are correct, suffi cient 

and credible; 

2. Recommending appointment and removal of 

the statutory auditors, fi xation of audit fee and 

approval for payment of any other services; 

3. Reviewing with the management, the periodical 

fi nancial statements including of subsidiaries/ 

associates, in particular the investments made by 

the unlisted subsidiaries of the Company, before 

submission to the Board for approval; 

4. Reviewing with the management and the 

statutory and internal auditors, the adequacy 

of internal control systems and recommending 

improvements to the management; 

5. Reviewing the adequacy of internal audit 

functions, approving internal audit plans and 

effi cacy of the functions including the structure of 

the internal audit department, staffi ng, reporting 

structure, coverage and frequency of internal 

audit; 

6. Discussion with internal auditor on any signifi cant 

fi ndings and follow-up thereon; 

7. Reviewing the fi ndings of any internal 

investigations by internal auditors into matters 

where there is suspected fraud or irregularity or 

failure of internal control systems of a material 

nature and reporting the matter to the Board; 

8. Discussion with statutory auditors before the 

audit commences, about the nature and scope 

of audit, as well as post-audit discussions to 

ascertain any area of concern; 

9. Reviewing with the management discussion 

and analysis of fi nancial condition and results 

of operations, statement of signifi cant related 

party transactions, management letters/letter of 

internal control weakness issued by statutory 

auditors, internal audit reports etc.; 

10. Reviewing the Company’s fi nancial and risk 

management policies; 

11. Reviewing the uses/applications of funds raised 

through public offerings; and 

12. Such other functions as may be delegated by the 

Board from time to time. 

Meetings and Attendance 

During the year 2009-10, 10 meetings of the Audit 

Committee were held on 30 th April, 8 th June, 30 th 

July, 12 th & 26 th August, 29 th October, 15 th December, 

2009, 18 th & 27 th January and 18 th February, 2010. 

The maximum gap between any two meetings was 

of 64 days. 

Member 

No. of 

Meetings 

held 

Meetings 

attended 

Mr. K.N. Memani, Chairman 10 10 

Dr. D.V. Kapur 10 9 

Mr. M.M. Sabharwal 10 10 

Mr. B. Bhushan 10 10 

Mr. T.C. Goyal 10 10 

The Chairman of Audit Committee, Mr. K.N.Memani 

was present at the last Annual General Meeting held 

on 30 th September, 2009. 

49

(ii) Shareholders’/Investors’ Grievance 

Committee 

Composition 

The Committee comprises of four Directors, namely 

Dr. D.V. Kapur (Chairman), Brig. (Retd.) N. P. Singh, 

Mr. Ravinder Narain, Independent Non-executive 

Directors and Mr. K. Swarup, as Members. The 

Company Secretary acts as Secretary to the 

Committee. 


The Committee inter-alia, oversees and reviews all 

matters connected with transfer of securities, approve 

issue of duplicate and split of share certifi cates, 

redressal of Shareholders’/Investors’ complaints/ 

grievances including transfer of shares, non-receipt 

of Annual Report and the declared dividend. The 

Committee also reviews performance of the Registrar 

and Share Transfer Agent and recommends measures 

for overall improvement in the quality of investor 

services. With a view to expediting the process of 

share transfer etc., on fast track basis, the Board 

has delegated the powers of approving transfer 

etc. to Senior Executive Director (Legal) and/or the 

Company Secretary. 


During the year 2009-10, the Committee held 4 

meetings on 28 th April, 21 st July & 26 th October, 2009 

and 25 th January, 2010. 

Member 

No. of 

Meetings 

held 

Meetings 

attended 

Dr. D.V. Kapur, Chairman 4 4 

Brig. (Retd.) N.P. Singh 4 4 

Mr. Ravinder Narain 4 4 

Mr. K. Swarup 4 3 

Compliance Officer 

Mr. Subhash Setia, Company Secretary is the 

Compliance Offi cer of the Company. 

Redressal of Investor Grievances 

The Company addresses all complaints, suggestions 

and grievances expeditiously and replies are sent 

usually within 7-10 days except in case of dispute 

over facts or other legal impediments. The Company 

endeavours to implement suggestions as and when 

received from the investors. 

During the year under review, a total of 164 investors’ 

complaints were received and resolved. Except 

disputed cases, there were no pending complaints 

and/or requests for share transfer, dematerialisation 

etc. as on 31 st March, 2010. 

(iii) Finance Committee 

Composition 

The Finance Committee comprises of three Directors, 

namely Mr. Rajiv Singh (Chairman), Mr. T.C. Goyal 

and Mr. K. Swarup, as Members. The Company 

Secretary acts as Secretary to the Committee. The 

Group Chief Financial Offi cer is the permanent invitee 

to the Committee. 


1. Reviewing Company’s financial policies, strategies 

and capital structure, working capital, cash flow 

management, banking and cash management 

including authorisation for operations; 

2. Reviewing credit facilities and to exercise all 

powers to borrow monies (otherwise than by 

issue of debentures) and take necessary actions 

connected therewith including refi nancing for 

optimisation of borrowing costs and assignment 

of assets, both immovable or movable; 

3. Authorising exercise of all powers for investment, 

loan and providing corporate guarantees/ 

securities/letter of comforts etc. within the limits 

specifi ed by the Board; 

4. Borrowing of monies by way of loan and/ or 

issuing and allotting Bonds/Notes denominated in 

one or more foreign currency(ies) in international 

markets and possible strategic investments within 

the limits approved by the Board; 

5. Approve opening and operation of Investment 

Management accounts with foreign Banks 

and appoint them as agents, establishment of 

representative/sales offi ces in or outside India 

etc.; 

50

6. Approve contributions to Statutory or other 

entities, Funds established by Central/State 

Government for national importance, institutions, 

trusts, bodies corporate and other entities etc.; 

7. Authorising executives of the Company/subsidiaries/associate 

companies for acquisition of land 

including bidding and tenders, sell/ dispose off 

or transfer any of the properties and to delegate 

authorities from time to time to deal with various 

statutory, judicial authorities, local bodies etc. to 

implement the decision of the Committee; and 

8. Reviewing and make recommendations about 

changes in the Charter of the Committee. 


During the year 2009-10, 18 meetings of Finance 

Committee were held and the attendance thereat 

was as under: 

Member No. of Meetings held Meetings attended 

Mr. Rajiv Singh, 

Chairman 

18 14 



(iv) Corporate Governance Committee 

During the year under review, the Compliance 

Committee was integrated with the Corporate 

Governance Committee and accordingly, the 

Committee was renamed as ‘Corporate Governance 

Committee’. 

Composition 

The reconstituted Committee comprises of 

Dr. D.V. Kapur (Chairman), Mr. M.M. Sabharwal, 

Mr. K.N. Memani, Mr. Ravinder Narain, Nonexecutive 

Independent Directors, Mr. G.S. Talwar, 

Non-executive Director, Mr. T.C. Goyal, Managing 

Director and Mr. K. Swarup, Senior Executive Director 

— Legal as Members. The Company Secretary acts 

as Secretary to the Committee. 


1. Overseeing implementation of mandatory and 

non-mandatory requirements of Clause 49 of the 

Listing Agreement; 

2. Suggesting the best available Corporate 

Governance practices prevailing in the world for 

adoption; 

3. Reviewing Corporate Governance practices, 

Audit Reports and to recommend improvements 

thereto; 

4. Reviewing Code of Conduct for Directors, Senior 

Management Personnel and other executives, 

functioning of Whistle Blower mechanism and 

Policy for Prevention of Insider Trading; 

5. Reviewing compliance mechanism, 

compliance and audit reports and to 

recommend improvements thereto and to review 

mitigation mechanism for non-observance; 

6. Suggesting to the Board, the changes required 

in the compliance system in consonance with 

the changes in legal environment affecting the 

business of the Company; 

7. Recommending to the Board, the changes 

required for charging of offi cials pursuant to 

changes in the offi cials charged and/or structural 

changes in the organisation; and 

8. Performing such other functions as may be 

delegated by the Board from time to time. 


During the year 2009-10, 4 meetings of Committee 

were held on 29 th July, 19 th August & 27 th October, 

2009 and 25 th January, 2010. The attendance of 

members was as follows: 

Member 

No. of Meetings 

held 

Meetings 

attended 

Dr. D.V. Kapur, Chairman 4 4 


Mr. K.N. Memani 4 4 

Mr. Ravinder Narain 4 4 



Mr. G. S. Talwar* — — 

* w.e.f 27.01.2010 

(v) Remuneration Committee 

Composition 

The Remuneration Committee comprises of three 

Independent Directors namely, Brig. (Retd.) N.P. 

Singh (Chairman), Mr. M.M. Sabharwal and Mr. B. 

Bhushan, as Members. The Company Secretary acts 

as Secretary to the Committee. 


1. Determining Remuneration Policy of the 

Company; 

2. Recommending remuneration including periodic 

revision, performance bonus, incentives, 

commission, stock options, and perquisites; 

3. Framing policies and fi xation of compensation 

51

including salaries, incentives, bonuses, promotion, 

benefi ts, stock options and performance targets 

for executives of the Company; 

4. Formulation of the detailed terms and conditions 

of stock options; granting of administration and 

superintendence thereof. 


During the year 2009-10, 3 meetings of Remuneration 

Committee were held on 30 th July, 27 th August and 

28 th October, 2009. The attendance of members was 

as follows: 

Member 

No. of 

Meetings held 

Meetings 

attended 

Brig. (Retd.) N.P. Singh, Chairman 3 2 


Mr. B. Bhushan 3 3 

The Chairman of the Committee, Brig. (Retd.) N.P. 

Singh was present at the last Annual General Meeting 

held on 30 th September, 2009. 

Remuneration Policy 

The Remuneration Policy of the Company is driven 

by the success and performance of the individual 

employee and the Company. Through its compensation 

programme, the Company endeavours to attract, 

retain, develop and motivate a high performance 

workforce. 

The key tenets of the remuneration policy are: 

● Industry benchmarks 

● Performance track record 

● Company performance 

● Transparency 

● Legal and tax compliant. 

The Company pays remuneration by way of salary, 

perquisites, allowances, retiral benefi ts that are fi xed 

and a variable component. 

Individual performance pay is determined by business 

performance and performance of the individuals 

measured through Annual Appraisal process. 

Directors’ Remuneration 

i) Executive Directors 

The Company pays remuneration by way of salary, 

perquisites and allowances (fi xed component) and 

commission (variable component) to its Executive 

Directors based on the recommendations of the 

Remuneration Committee as per remuneration 

policy of the Company, within the limits prescribed 

under the Companies Act, 1956 and approved by the 

shareholders. The performance based commission 

paid to the Executive Directors is based on 

qualitative and quantitative assessment of Company 

performance. 

ii) Non-executive Directors 

The Non-executive Directors are entitled to a sitting 

fee of Rs.20,000 per meeting for attending Board and 

Committee meetings. In addition, the Non-executive 

Directors are paid commission as prescribed under 

the Companies Act, 1956, i.e. within the limit of 1% 

of the net profits of the Company, as determined 

by the Board based, inter-alia, on the Company’s 

performance, subject to the approval of Members/ 

Central Government. Such commission is payable on 

a uniform basis to reinforce the principle of collective 

responsibility of Directors. 

The Company also reimburses out-of-pocket expenses 

incurred by the Directors for attending the meetings. 

The service contract, notice period, severance fee 

are not applicable to the Non-executive Directors. 

The Company has also obtained a Directors’ & 

Offi cers’ Liability Insurance Policy. 

The remuneration paid for the year 2009-10 was as 

follows: 

(a) Executive Directors 

Name Salary Benefits, perks 

and allowances 

Commission 

Contribution to 

Provident Fund 

Stock Options* 

granted 

(Rs. in lacs) 

Term up to 

Dr. K.P. Singh 85.29 7.81 400.00 7.56 Nil 30.09.2013 

Mr. Rajiv Singh 76.22 49.96 400.00 16.99 Nil 08.04.2014 

Mr. T.C. Goyal 265.20 142.03 400.00 24.48 5,23,810 28.02.2013 

Ms. Pia Singh 137.90 36.96 125.00 22.68 Nil 17.02.2013 

Mr. K. Swarup** 30.90 358.58 175.00# 3.71 Nil 31.12.2011 

* Each vested option is exercisable into one equity share against payment of Rs.2 per share. The options granted are exercisable upon the expiry of three 

years from the date of vesting. 10%, 30% and 60% of the options shall be vested at the end of 2, 4 and 6 years, respectively from the date of grant. 

** Entitled to benefi ts equivalent to the value of 32,000 equity shares to be paid in two equal tranches , the 2 nd tranch is payable on 30.06.2011 or date of 

superannuation, whichever is earlier. 

# Performance Bonus. 

52

(b) 

Name 

Non-executive Directors 

Sitting 

Fees 

Commission 

(Rs. In lacs) 

Total 

Mr. G.S. Talwar 1.00 20.00 21.00 

Dr. D.V. Kapur 5.80 20.00 25.80 

Mr. M.M. Sabharwal 6.20 20.00 26.20 

Mr. K.N. Memani 5.40 20.00 25.40 

Mr. Ravinder Narain 4.20 20.00 24.20 

Mr. B. Bhushan 4.40 20.00 24.40 

Brig. (Retd.) N.P. Singh 2.80 20.00 22.80 

There were no other pecuniary relationships or 

transactions between the Company and its Nonexecutive 

Directors. 

The Company has not granted any stock options to 

any of its Non-executive Directors. 

(c) Directors’ Shareholding 

The details of shareholding of Directors in the 

Company as on 31 st March, 2010 was as under: 

Name of Director 

No. of Equity Shares 

Dr. K.P. Singh 1,04,61,000 

Mr. Rajiv Singh 1,64,56,320 

Mr. T.C. Goyal 2,98,570 

Ms. Pia Singh 3,87,76,000 

Mr. K. Swarup 9,150 

Mr. G.S. Talwar 1,00,000 

Dr. D.V. Kapur 10,000 

Mr. K.N. Memani 14,950 

Mr. M.M. Sabharwal 5,500 

Mr. Ravinder Narain 10,000 

Mr. B. Bhushan 

Nil 

Brig. (Retd.) N.P. Singh 

Nil 

Annual General Meetings 

Location, date and time of last three Annual General Meetings (AGMs) and Special Resolutions passed 

thereat: 

Year Location Date &Time Special Resolutions passed 

2006-07 High School Site, Near Summer Field Nursery 

School, E-Block, Phase-I, DLF City, 

Gurgaon – 122 002 

2007-08 High School Site, Near Summer Field Nursery 

School, E-Block, Phase-I, DLF City, 

Gurgaon – 122 002 

2008-09 Epicentre, Apparel House, 

Sector 44, Gurgaon – 122 003 

29.09.2007 

10.00 A.M. 

30.09.2008 

10.00 A.M. 

30.09.2009 

10.00 A.M. 

1. For ratification of Employees Stock Option Scheme 

– 2006 for the employees of the Company. 

2. For ratifi cation of Employees Stock Option Scheme – 

2006 for the employees of Company’s subsidiaries. 

1. For raising of funds by issue of securities. 

2. For appointment of Mrs. Kavita Singh as an ‘Advisor’ 

to DLF Commercial Developers Limited (DCDL), a 

wholly-owned subsidiary. 

3. For appointment of Ms. Savitri Devi Singh as 

General Manager in DLF Commercial Developers 

Limited, a wholly-owned subsidiary. 

4. For appointment of Dr. K.P. Singh as Chairman of 

the Company 

For appointment of Ms. Savitri Devi Singh as Vice 

President in DLF Commercial Developers Limited, a 

wholly-owned subsidiary. 

Disclosures 

a) Material Related Party Transaction 

None of the transactions with any of the related 

parties was in confl ict with the interest of the 

Company. Details of transactions with related parties 

are disclosed at Note No. 11 of Schedule 25 to the 

Accounts in the Annual Report. 

b) Compliances 

No penalties or strictures have been imposed on 

the Company during the past three years by Stock 

Exchanges or SEBI or any statutory authorities, on 

any matter related to capital market. The Company 

has complied with applicable rules and regulations 

prescribed by Stock Exchanges, SEBI or any other 

statutory authority relating to the capital market. 

All Returns/Reports were fi led within stipulated time 

with Stock Exchanges/other authorities. 

53

c) Code of Conduct 

The Code of Conduct (the Code) is applicable to all 

Directors and employees of the Company including 

its subsidiaries. The Code is a compre-hensive Code 

to ensure good governance and to provide for ethical 

standards of conduct on matters including confl ict 

of interest, acceptance of positions of responsibility, 

treatment of business opportunities and the like. 

A copy of the Code of Conduct is posted on the 

Company’s website www.dlf.in. 

All the Board Members and Senior Management 

Personnel have affi rmed compliance to the Code for 

the year ended on 31 st March, 2010. A declaration, 

in terms of Clause 49 of the Listing Agreement, 

duly signed by the Managing Director is stated 

hereunder: 

‘I hereby confi rm that: 

The compliance to DLF’s Code of Conduct for the 

Financial Year 2009-10 has been affi rmed by all 

the Members of the Board and Senior Management 

Personnel of the Company.’ 

Sd/- 

New Delhi 

T. C. Goyal 

28 th July, 2010 Managing Director 

d) Whistle Blower Mechanism 

In pursuit to maintain the highest ethical standards 

in the course of its business, the Company has put 

in place a mechanism for reporting of instances of 

conduct which is not in conformity with its Code. 

Directors, employees, vendors, customers or any 

person having dealings with the Company may report 

non-compliance of the Code to the notifi ed person. The 

report received from the notifi ed person is reviewed 

by Audit Committee. The Directors and management 

personnel are obliged to maintain confi dentiality of 

such reporting and ensure that the whistle blowers 

are not subjected to any discrimination. 

No person has been denied access to the Audit 

Committee. A copy of the Whistle Blower Policy is 

posted on the website of the Company,www.dlf.in. 

e) Policy for Prevention of Insider Trading 

With a view to prevent trading of shares of the 

Company by an Insider on the basis of unpublished 

price sensitive information, the Board has approved 

“Policy for Prevention of Insider Trading” (the Policy) 

in pursuance of the SEBI (Prohibition of Insider 

Trading) Regulations, 1992. Under the Policy, 

insiders are prohibited to deal in the Company’s 

shares while in possession of unpublished price 

sensitive information. A copy of the Policy has also 

been posted on the website of the Company, www. 

dlf.in. 

Subsidiary Monitoring Framework 

All subsidiaries of the Company are Board managed 

with their respective Boards having rights and 

obligations to manage such companies in the 

best interest of their stakeholders. As a majority 

shareholder, the Company monitors and reviews the 

performance of such companies inter-alia, by the 

following means: 

a) Financial Statements, in particular, the 

investments made by the unlisted subsidiary 

companies, are reviewed periodically by the 

Audit Committee; 

b) Minutes of the meetings of the unlisted subsidiary 

companies are placed before the Company’s 

Board, periodically; and 

c) Statements containing signifi cant transactions 

and arrangements entered into by the unlisted 

subsidiary companies are periodically placed 

before the Board of Directors. 

DLF Home Developers Limited (DHDL), a whollyowned 

subsidiary, has become a material subsidiary 

in terms of Clause 49 of the Listing Agreement. The 

Company shall comply with the requirements of 

Clause 49(III) in due course. 

Means of Communication 

The Company regularly intimates information like 

quarterly fi nancial results and media releases on 

signifi cant developments in the Company as also 

presentations that have been made from time to time 

to the media, institutional investors, analysts are 

posted on the Company’s website www.dlf.in and 

have also been submitted to the stock exchanges 

on which the Company’s equity shares are listed, to 

enable them to put them on their own websites. 

54

The fi nancial results are normally published in 

‘The Economic Times’ (English) and ‘Navbharat 

Times’/‘Jansatta’ (Hindi) and other national dailies 

including ‘Economic Times’ (Gujarati) and ‘Gujarat 

Samachar’. 

Annual Report containing inter-alia, Audited Accounts, 

Consolidated Financial Statements, Directors’ Report, 

Auditors’ Report, Management Discussion & Analysis 

Report and Corporate Governance Report including 

information for the shareholders and other important 

information is circulated to the Members and others 

entitled thereto. 

Printed copy of the Chairman’s Speech is distributed 

to all the shareholders at the Annual General Meeting. 

The same is also placed on the Company’s website 

www.dlf.in. 

Reminders for claiming unpaid dividend are being 

sent to the shareholders as per record. 

Exclusive Designated e-mail id 

The Company has designated a dedicated email id: 

investor-relations@dlf.in exclusively for investors’ 

services for faster registration of their queries and/or 

grievances. All investors are requested to avail this 

facility. 

General Shareholders’ Information 

a) Annual General Meeting 

Date : Tuesday, 28 th September, 2010 

Time : 10.30 A.M. 

Venue : Epicentre, Apparel House, Sector 44, 

Gurgaon - 122 003 (Haryana). 

No special resolution is proposed to be conducted by 

postal ballot. 

b) Financial Calendar (tentative) 

Financial Year April 01, 2010 to March 31, 

2011 

Adoption of Quarterly Results for the quarter 

ending: 

June 30, 2010 3 rd /4 th week of July, 2010 

September 30, 2010 3 rd /4 th week of October, 2010 

December 31, 2010 3 rd /4 th week of January, 2011 

March 31, 2011 3 rd /4 th week of April, 2011* 

* Instead of publishing quarterly fi nancial results, the Company may 

also opt to publish Audited Annual Accounts by June, 2011. 

c) Book Closure Dates 

From Tuesday, the 21 st September, 2010 to 

Tuesday, the 28 th September, 2010 (both days 

inclusive) for payment of dividend. 

d) Dividend Payment Date 

On or before 27 th October, 2010. 

e) Liquidity 

i) Equity Shares 

The equity shares of the Company are listed 

on the Bombay Stock Exchange Limited 

(BSE), P.J. Tower, Dalal Street, Mumbai- 

400 001 and National Stock Exchange 

Limited (NSE), Exchange Plaza, Bandra 

Kurla Complex, Bandra (E), Mumbai- 

400 051. 

DLF’s shares form part of BSE-30 Indices 

and S&P CNX Nifty. 

The Company has paid the listing fees to 

BSE & NSE for 2010-11. The Company has 

also paid annual custody fee for 2010-11 

to National Securities Depository Limited 

(NSDL) & Central Depository Services (India) 

Limited (CDSL). 

(i) ISIN Demat No.: INE271C01023 

(ii) Stock Code: 

Bombay Stock Exchange (BSE): 532868 

National Stock Exchange (NSE): DLF 

(ii) Debt Instruments 

Non-convertible Debentures issued by the 

Company on private placement basis are 

listed at National Stock Exchange at its 

Wholesale Debt Market (WDM) segment. 

ISIN Nos. 

i) INE271C07012; ii) INE271C07038; 

iii) INE271C07046; iv) INE271C07053; 

v) INE271C07079; vi) INE271C07061; 

vii) INE271C07087 

Debenture Trustees 

i) IL&FS Trustee Company Limited; and 

ii) Axis Trustee Services Limited. 

55

f) Stock Market Data 

Month National Stock Exchange (NSE) Bombay Stock Exchange (BSE) 

High (Rs.) Low (Rs.) Volume High (Rs.) Low (Rs.) Volume 

April, 2009 276.80 165.05 295844799 277.50 165.40 93633136 

May, 2009 421.70 190.55 447646434 423.00 220.00 316522418 

June, 2009 426.80 304.10 346615411 426.80 304.00 99822848 

July, 2009 433.70 259.30 362871099 433.50 259.20 118831355 

August, 2009 427.00 350.50 237094278 426.80 350.50 70403259 

September, 2009 447.30 387.05 241361317 446.90 350.00 69155974 

October, 2009 519.90 367.05 222795462 490.80 366.70 64732391 

November, 2009 397.70 325.45 243080340 396.90 326.00 67846911 

December, 2009 396.00 349.55 195752406 394.40 348.70 55245722 

January, 2010 403.50 311.90 161294435 403.00 312.15 41134596 

February, 2010 342.90 281.60 176579358 342.35 281.00 44285955 

March, 2010 325.80 287.20 177916856 325.35 287.55 40085829 

(Source: NSE & BSE websites) 

g) Performance in comparison to BSE Sensex and NSE S&P CNX Nifty 

h) Registrar and Share Transfer Agents (RTA) 

M/s. Karvy Computershare Private Limited, Plot 

No. 17–24, Vittalrao Nagar, Madhapur, Hyderabad- 

500081, Phone No. 040-44655000 Fax No. 040- 

23420814; E-mail: einward.ris@karvy.com; 

Contact Persons: Shri V.K.Jayaraman, GM (RIS)/ 

Ms. Varalakshmi, Senior Manager(RIS); Website: 

www.karvy.com is the Registrar and Share 

Transfer Agent (RTA) for Physical Shares. Karvy 

is also the depository interface of the Company 

for both National Securities Depository Limited 

(NSDL) and Central Depository Services (India) 

Limited (CDSL). 

i) Share Transfer Mechanism 

The share transfers received in physical form are 

processed through Registrar and Share Transfer 

Agent, within seven days from the date of 

receipt, subject to the documents being valid and 

complete in all respects. The share certifi cates 

duly endorsed are returned immediately to the 

shareholders by RTA. The Board has delegated 

the authority for approving transfer, transmission 

etc. to Senior Executive Director - Legal and/ 

or Company Secretary. The details of transfers/ 

transmission so approved, is placed before the 

Shareholders’/Investors’ Grievances Committee 

for noting and confi rmation. 

Pursuant to Clause 47(c) of the Listing Agreement 

with the Stock Exchanges, Certifi cate on halfyearly 

basis confi rming due compliance of share 

transfer formalities by the Company, certifi cates 

for timely dematerialisation of the shares as 

per SEBI (Depositories and Participants) 

Regulations, 1996 and a Secretarial Audit Report 

for reconciliation of the share capital of the 

Company obtained from a practising Company 

Secretary are submitted to stock exchanges 

within stipulated time. 

j) Investors’ Relations 

In line with global practice of valuing customer 

56

elationships, the Company has set-up an 

Investor Relations Department to maintain the 

highest standards of Corporate Governance. 

This department acts as a communication 

interface between the Company and investors. 

The Investor Relations Department communicates 

fi nancial information and corporate developments 

to the fi nancial community, obtains investor 

opinion/feedback, analyse Company’s perception 

outside and provides appropriate feedback to the 

management. It assists institutional investors, 

analysts, brokers and the general public 

appreciates Company’s business strategy and 

helps them to understand Company’s fi nancial 

statements in appropriate context. The existing 

and potential investors can also interact with 

the department to get any information on the 

Company regarding its business, operations, 

performance and vision. 

A core team comprising of senior and experienced 

professionals, headed by Executive Director 

(Finance), has been set-up with roles and 

responsibilities clearly defi ned to achieve the set 

goals to provide the best in class investor relations 

services. The team is instrumental in maintaining 

close liaison with analysts and investors and 

represents the Company in investor-related 

events, road shows and investor conferences on 

a global platform. 

k) Share Ownership Pattern as on 31.03.2010 

Sl. No. Category No. of Shares held %age 

1. Promoters and Promoter Group 1,33,48,03,120 78.64 

2. Directors & their Relatives 6,35,519 0.04 

3. Foreign Institutional Investors 25,07,02,383 14.77 

4. NRIs & Foreign Nationals 25,48,727 0.15 

5. Mutual Funds & UTI 46,79,336 0.28 

6. Banks, FIs & Insurance Companies 62,60,667 0.37 

7. Bodies Corporate 2,72,40,332 1.60 

8. Public 7,05,20,806 4.15 

TOTAL 1,69,73,90,890 100.00 

57

l) Distribution of Shareholding by Size as on 31.03.2010 

Sl. No. Category (Shares) Holders % of Total Holders Shares % of Total Shares 

1 1-500 5,88,293 98.12 3,80,23,148 2.24 

2 501-1000 5,823 0.97 44,25,665 0.26 

3 1001-2000 2,407 0.40 35,85,320 0.21 

4 2001-3000 699 0.12 17,85,491 0.10 

5 3001-4000 408 0.07 14,80,492 0.09 

6 4001-5000 301 0.05 14,11,588 0.08 

7 5001-10000 564 0.09 42,02,662 0.25 

8 10001-20000 373 0.06 54,17,126 0.32 

9 Above 20000 704 0.12 1,63,70,59,398 96.45 

TOTAL 5,99,572 100.00 1,69,73,90,890 100.00 

m) Geographical Distribution of Shareholders as on 31.03.2010 

n) Dematerialisation of Shares 

The equity shares of the Company are tradable 

in compulsory dematerialised segment of the 

Stock Exchanges and are available in depository 

system of National Securities Depository Limited 

and Central Depository Services (India) Limited. 

As on 31st March, 2010, 1,68,99,91,092 

equity shares (constituting 99.56%) were in 

dematerialised form. 

o) Corporate Benefits 

Dividend History 

(Rs. in million) 

Year Rate(%) Amount 

2005-06 40 14.00 

2006-07 100 3410.00 

2007-08 200 6820.00 

2008-09 100 3394.38 

2009-10 (Proposed) 100 3394.80 

Transfer of Unpaid/Unclaimed Dividend Amount to 

Investor Education and Protection Fund (IEPF) 

During the year under review, an amount of 

Rs.1,50,988 pertaining to unpaid dividend for the 

fi nancial year 2001-02 has been transferred to IEPF 

on 23 rd January, 2010. 

As per provision of the Section 205A read with 

Section 205C of the Companies Act, 1956, the 

Company is required to transfer unpaid dividends 

remaining unclaimed and unpaid for a period of 7 

years from the due date(s) to the Investor Education 

and Protection Fund (IEPF) set-up by the Central 

Government. 

All Shareholders, whose dividend is unpaid, are 

requested to lodge their claim with RTA/Company by 

submitting an application supported by an indemnity 

on or before 30 th November, 2010. Kindly note that no 

claim will lie against the Company or the IEPF once 

the dividend amount is deposited in IEPF. 

Reminder letters are being sent by RTA to all such 

58

shareholders whose dividend is unpaid/ unclaimed 

for the year 2002-03. 

Members who have not encashed their dividend 

warrants within their validity period may write to 

the Company at its Registered Offi ce or M/s. Karvy 

Computershare Private Limited, Registrar & Transfer 

Agent of the Company, for revalidating the warrants 

or for obtaining duplicate warrants/or payments in lieu 

of such warrants in the form of the demand draft. 

Given below are the dates when the unclaimed 

dividend is due for transfer to IEPF by the Company: 

Financial Year Date of Declaration Due Date of 

Transfer of IEPF* 

2002-03 28.11.2003 26.12.2010 

2003-04 29.09.2004 27.10.2011 

2004-05 29.09.2005 29.10.2012 

2005-06 29.09.2006 28.10.2013 

2006-07 29.09.2007 28.10.2014 

2007-08 30.10.2007 05.12.2014 

30.09.2008 05.11.2015 

2008-09 30.09.2009 05.11.2016 

*Indicative dates, actual dates may vary. 

p) Equity Shares in Suspense Account 

As per Clause 5A of the Listing Agreement, the 

Company reports that 6,410 equity shares are 

lying in the suspense account as on 31 st March, 

2010. 

q) Outstanding GDRs/ADRs/Warrants or any 

Convertible instruments 

The Company has not issued any ADRs/GDRs/ 

Warrants or any other convertible instruments 

except the stock options to its employees. 

r) Plant Locations 

The Company does not have any manufacturing 

or processing plants. The Registered Offi ce 

of the Company is situated at DLF Shopping 

Mall, 3rd Floor, Arjun Marg, DLF City, Phase-I, 

Gurgaon- 122 002, Haryana. 

The Corporate Office of the Company is located at 

DLF Centre, Sansad Marg, New Delhi- 110 001. 

s) Address for Correspondence 

(i) Investor Correspondence 

For transfer/dematerialisation of equity 

shares, non-payment of dividend and any 

other queries relating to the equity shares, 

Investors may contact: 

For Shares held in Physical Form 

Karvy Computershare Private Limited 

Unit: DLF Limited 

Plot No.17 - 24, Vittalrao Nagar 

Madhapur, Hyderabad - 500 081 

Phone No. 040-44655000 

Fax No. 040-23420814 

E-mail: einward.ris@karvy.com 

Contact Persons: 

Shri V.K.Jayaraman,GM (RIS)/ 

Ms. Varalakshmi, Sr.Manager(RIS) 

Website: www.karvy.com 

For Shares held in Dematerialised Form 

The investors shall get in touch with their 

respective depository participant(s). 

(ii) Any query on Annual Report 

The Company Secretary 

DLF Limited 

1-E, Jhandewalan Extension 

Naaz Cinema Complex 

New Delhi – 110 055 

Risk Management 

DLF has evolved an integrated approach aligned with 

the organisational structure and strategic objectives 

for managing risks inherent in our business. The 

details of Risk Management are forming part of 

Management Discussion and Analysis (MDA) Report, 

appended to the Annual Report. 

Utilisation of IPO Proceeds 

The statement on utilisation of IPO proceeds, duly 

certifi ed by Statutory Auditors and Monitoring Report 

issued by IDBI Limited, the Monitoring Agency, duly 

reviewed by the Audit Committee and noted by the 

Board, was furnished to the Stock Exchanges. 

Compliance Certificate from the Auditors 

Certifi cate from the Auditors of the Company, M/s. 

Walker, Chandiok & Co, Chartered Accountants, 

confi rming compliance with the conditions of 

Corporate Governance as stipulated under Clause 

49 of the Listing Agreement, is annexed to this Report 

forming part of the Annual Report. 

59

Adoption of Mandatory and 

Non-Mandatory Requirements 

Apart from complying with all the mandatory 

requirements, the Company has adopted nonmandatory 

requirements of Clause 49 as under: 

(a) Remuneration Committee: The Remuneration 

Committee was constituted to 

approve and review compensation policies 

for executive members of the Board. The 

composition of the Committee and the details 

of meetings held and attendance of members 

thereat are given elsewhere in this Report. 

(b) Financial Statements: The fi nancial 

statements of the Company, on stand-alone 

basis, are unqualifi ed. 

(c) Whistle Blower Policy: The Company has 

adopted a Whistle Blower Policy, the detail of 

which are given elsewhere in this Report. 

Certificate from CEO and CFO 

The Managing Director and Group Chief Financial 

Offi cer of the Company give Annual certifi cation on the 

fi nancial reporting and internal controls to the Board 

in terms of Clause 49 of the Listing Agreement. 

The Managing Director and Group Chief Financial 

Offi cer also give quarterly certifi cation on the fi nancial 

results while placing the same before the Board in 

terms of Clause 41 of the Listing Agreement. 

Capital Integrity Audit 

The Company’s Secretarial Audit Report, confi rming 

that the total issued capital of the Company is in 

agreement with the total number of shares in physical 

form and the total number of dematerialised shares 

held with NSDL and CDSL, is placed before the 

Board on quarterly basis and also submitted to the 

Stock Exchanges. 

Secretarial Audit 

Secretarial Audit pertaining to areas covered 

under the Companies Act, 1956, Depositories Act, 

1996, SEBI Act, 1992, Listing Agreement and the 

rules, regulations, guidelines and bye-laws made 

thereunder, including the following, is carried out as 

a part of the Internal Audit process by a Company 

Secretary in practice: 

● 

● 

● 

● 

SEBI (Substantial Acquisition and Takeover) 

Regulations, 1997; 

SEBI (Prohibition of Insider Trading) Regulations, 

1992; 

SEBI (Employees Stock Options Scheme and 

Employees Stock Purchase Scheme) Guidelines, 

1999; 

SEBI (Buy-Back of Securities) Regulations, 

1998. 

Fees to Statutory Auditors 

The fee paid to the Statutory Auditors for the 

FY’09-10 was Rs. 215.79 lacs (previous year 

Rs. 107.41 lacs) including other certification fee. 

Investors 

The website of the Company www.dlf.in carries 

information on Financial Results, Corporate 

Announcements, Presentations, Credit Rating and 

Institutional Investors/Analysts Query, in addition to 

other relevant information for investors. 

60

Auditors’ Certificate on compliance with the conditions of Corporate Governance 

under Clause 49 of the Listing Agreement 

To the Members 

DLF Limited 

We have examined the compliance of conditions of Corporate Governance by DLF Limited (“the Company”) for 

the year ended on March 31, 2010, as stipulated in Clause 49 of the Listing Agreement of the Company with 

the Stock Exchanges. 

The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination 

was limited to procedures and implementation thereof, adopted by the Company, for ensuring the compliance of 

the conditions of Corporate Governance as stipulated in said clause. It is neither an audit nor an expression of 

opinion on the fi nancial statements of the Company. 

In our opinion and to the best of our information and according to the explanations given to us, and as per 

representations made by Directors and the Management, we certify that the Company has complied with the 

conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement. 

We further state that such compliance is neither an assurance as to the future viability of the Company nor the 

effi ciency or effectiveness with which the management has conducted the affairs of the Company. 

for Walker, Chandiok & Co 

Chartered Accountants 

by David Jones 

New Delhi 

Partner 

July 28, 2010 Membership No. 98113 

61


To 

The Members of DLF Limited 

1. We have audited the attached Balance 

Sheet of DLF Limited, (the ‘Company’) as 

at March 31, 2010, and also the Profi t & 

Loss Account and the Cash Flow Statement 

for the year ended on that date annexed 

thereto (collectively referred as the ‘Financial 

Statements’). These Financial Statements 

are the responsibility of the Company’s 

management. Our responsibility is to express 

an opinion on these Financial Statements 

based on our audit. 

2. We conducted our audit in accordance with 

the auditing standards generally accepted in 

India. Those Standards require that we plan 

and perform the audit to obtain reasonable 

assurance about whether the Financial 

Statements are free of material misstatement. 

An audit includes examining, on a test basis, 

evidence supporting the amounts and 

disclosures in the Financial Statements. An 

audit also includes assessing the accounting 

principles used and signifi cant estimates 

made by management, as well as evaluating 

the overall Financial Statement presentation. 

We believe that our audit provides a 

reasonable basis for our opinion. 

3. As required by the Companies (Auditor’s 

Report) Order, 2003 (the ‘Order’) (as 

amended), issued by the Central Government 

of India in terms of sub-section (4A) of 

Section 227 of the Companies Act, 1956 

(the ‘Act’), we enclose in the Annexure 

a statement on the matters specified in 

paragraphs 4 and 5 of the Order. 

4. Further to our comments in the Annexure 

referred to above, we report that: 

a. We have obtained all the information and 

explanations, which to the best of our 

knowledge and belief were necessary for 

the purposes of our audit; 

b. In our opinion, proper books of account 

as required by law have been kept by 

the Company so far as appears from our 

examination of those books; 

c. The Financial Statements dealt with by 

this report are in agreement with the 

books of account; 

d. On the basis of written representations 

received from the Directors, as on March 

31, 2010 and taken on record by the Board 

of Directors, we report that none of the 

Directors is disqualifi ed as on March 31, 

2010 from being appointed as a Director 

in terms of clause (g) of sub-section (1) of 

Section 274 of the Act; 

e. In our opinion and to the best of our 

information and according to the 

explanations given to us, the Financial 

Statements dealt with by this report 

comply with the accounting standards 

referred to in sub-section (3C) of Section 

211 of the Act and the Rules framed there 

under and give the information required 

by the Act, in the manner so required and 

give a true and fair view in conformity 

with the accounting principles generally 

accepted in India, in the case of: 

i) the Balance Sheet, of the state of 

affairs of the Company as at March 

31, 2010; 

ii) the Profit & Loss Account, of the 

profi t for the year ended on that 

date; and 

iii) the Cash Flow Statement, of the 

cash fl ows for the year ended on 

that date. 



Firm Registration No: 001076N 


New Delhi 

Partner 


63

Annexure to the Auditors’ Report of even date to the members of DLF Limited, 

on the financial statements for the year ended March 31, 2010 

Based on the audit procedures performed for the purpose of 

reporting a true and fair view on the Financial Statements of 

the Company and taking into consideration the information 

and explanations given to us and the books of account and 

other records examined by us in the normal course of audit, 

we report that: 

(i) (a) The Company has maintained proper records 

showing full particulars, including quantitative 

details and situation of fi xed assets. 

(b) A major portion of the fixed assets has been 

physically verifi ed by the management during the 

year. In our opinion, the frequency of verifi cation 

of the fixed assets is reasonable having regards 

to the size of the Company and nature of its 

assets. No material discrepancies were noticed 

on such verifi cation. 

(c) In our opinion, a substantial part of fi xed assets 

(ii) 

has not been disposed off during the year. 

(a) The inventory includes land, completed buildings, 

construction work-in-progress, construction and 

development material and development rights in 

identifi ed land. Physical verifi cation of inventory 

(except stocks represented by development 

rights, confi rmations for which have been 

obtained) have been conducted at reasonable 

intervals by the management. 

(b) The procedures of physical verifi cation of 

inventory followed by the management are 

reasonable and adequate in relation to the size 

of the Company and the nature of its business. 

(c) The Company is maintaining proper records of 

inventory and no material discrepancies were 

noticed on physical verifi cation. 

(iii) (a) There are fourteen companies, including 

subsidiaries and associate of DLF Limited, 

covered in the register maintained under Section 

301 of the Act to which the Company has granted 

secured/ unsecured loans. The maximum 

amount outstanding during the year was Rs. 

741,030.23 lacs and the year-end balance was 

Rs. 370,186.30 lacs. 

(b) In our opinion, the rate of interest and other terms 

and conditions of such loans are not, prima facie, 

prejudicial to the interest of the Company. 

(c) In respect of loans granted, the principal amount 

is repayable on demand in accordance with the 

terms and conditions, and payment of interest 

has been regular in accordance with such terms 

and conditions. 

(d) There is no amount overdue in respect of loans 

granted to companies, fi rms or other parties 

listed in the register maintained under Section 

301 of the Act. 

(e) During the year, the Company has not taken any 

loans, secured or unsecured from companies, 

(iv) 

(v) 

(vi) 

(vii) 

(viii) 

(ix) 

fi rms or other parties covered in the register 

maintained under Section 301 of the Act. The 

maximum amount outstanding during the year 

and the year end balance was Rs. 3,036.99 

lacs in respect of business advance taken in 

the previous year by the Company from one 

company covered in the register maintained 

under Section 301 of the Act. 

(f) In our opinion, the rate of interest and other terms 

and conditions for such loans are not, prima 

facie, prejudicial to the interest of the Company. 

(g) In respect of loans taken, the principal amount 

is repayble on demand in accordance with the 

terms and conditions, and payment of interest 

has been regular in accordance with such terms 

and conditions. 

In our opinion, there is an adequate internal 

control system commensurate with the size of 

the Company and the nature of its business for 

the purchase of inventory and fi xed assets and 

for the sale of goods and services. 

(a) In our opinion, the particulars of all contracts or 

arrangements that need to be entered into the 

register maintained under Section 301 of the Act 

have been so entered. 

(b) In our opinion, the transactions made in pursuance 

of such contracts or arrangements and exceeding 

the value of rupees five lakhs in respect of any 

party during the year have been made at prices 

which are reasonable having regard to prevailing 

market prices at the relevant time. 

Based on an independent legal opinion obtained 

by the Company and relied upon by the auditors, 

the debentures issued by the Company to a private 

company are not covered under the provisions 

of Section 58A and 58AA of the Act and the rules 

framed thereunder. Accordingly, the provisions of 

clause 4(vi) of the Order are not applicable. 

In our opinion, the Company has an internal audit 

system commensurate with its size and the nature of 

its business. 

We have broadly reviewed the books of account 

maintained by the Company pursuant to the 

Rules made by the Central Government under 

Section 209(1)(d) of the Act for the maintenance 

of cost records in respect of generation and sale 

of electricity from the Company’s wind power 

operations and are of the opinion that, prima facie, 

the prescribed accounts and records have been 

made and maintained. However, we have not 

made a detailed examination of the records with 

a view to determine whether they are accurate or 

complete. 

(a) Undisputed statutory dues including provident 

fund, investor education and protection fund, 

64

employees’ state insurance, income-tax, salestax, 

wealth-tax, service-tax, custom duty, excise 

duty, cess and other material statutory dues, 

as applicable, have generally been regularly 

deposited with the appropriate authorities, 

though there has been a slight delay in a few 

cases. No undisputed amounts payable in 

respect thereof were outstanding at the year end 

for a period of more than six months from the 

date they became payable. 

(b) There are no amounts in respect of sales tax, 

income tax, customs duty, wealth tax, service 

tax, excise duty and cess that have not been 

deposited with the appropriate authorities on 

account of any dispute except for the amounts 

mentioned below: 

Name of the statute Nature of dues Amount 

(Rs. in lacs) 

Period to which the amount 

relates 

Forum where dispute is 

pending 

Income-tax Act, 1961 Demand under Section 143(3) 53.89 Assessment year 1997-98 Income-tax Appellate 

Tribunal (‘ITAT’) 





Income-tax Act, 1961 Demand under Section 144 34,174.16 Assessment year 2006-07 CIT (Appeals) 

The Finance Act, 2004 

and Service-tax rules 

Demand of Service-tax on 

import of service 

34.90 2003-04 till 2005-06 Additional Commissioner- 

Service-tax 











Demand of Service-tax on property 

transfer charges received 

from customers 

Denial of Service-tax input 

credit 

Demand of Service-tax on 

sponsorship fee paid 


credit 


credit 

143.18 2003-04 till December, 2008 Commissioner-Service-tax 

1,592.08 2007-08 Commissioner-Service-tax 

494.40 2008-09 Commissioner-Service-tax 

1,523.93 2008-2009 Commissioner-Service-tax 

323.95 April, 2009 till September, 2009 Commissioner-Service-tax 

(x) 

(xi) 

In our opinion, the Company has no accumulated 

losses at the end of the fi nancial year and it has 

not incurred cash losses in the current and the 

immediately preceding fi nancial year. 

In our opinion, the Company has not defaulted in 

repayment of dues to a fi nancial institution or a bank 

or debenture holders during the year. 

(xii) The Company has not granted any loans and 

advances on the basis of security by way of pledge of 

shares, debentures and other securities. Accordingly, 

the provisions of clause 4(xii) of the Order are not 

applicable. 

(xiii) In our opinion, the Company is not a chit fund or 

a nidhi/ mutual benefi t fund/ society. Accordingly, 

the provisions of clause 4(xiii) of the Order are not 

applicable. 

(xiv) 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. 

(xv) 

In our opinion, the terms and conditions on which 

the Company has given guarantee for loans taken 

by others from banks or fi nancial institutions are 

not, prima facie, prejudicial to the interest of the 

Company. 

(xvi) In our opinion, the term loans were applied for the 

purpose for which the loans were obtained, though 

idle/ surplus funds which were not required for 

immediate utilization have been invested in liquid 

investments, payable on demand. 

(xvii) In our opinion, no funds raised on short-term basis 

have been used for long-term investment. 

(xviii) The Company has not made any preferential 

allotment of shares to parties or companies covered 

in the register maintained under Section 301 of the 

Act. Accordingly, the provisions of clause 4(xviii) of 

the Order are not applicable. 

(xix) The Company has created security in respect of 

debentures issued during the year. 

(xx) 

The Company has not raised any money by public 

issues during the year. The management of the 

Company has disclosed the end use of monies during 

the year, raised through a public issue in the year 

2007 (refer Note 34 of Schedule 25 to the fi nancial 

statements) and the same has been verifi ed by us. 

(xxi) No fraud on or by the Company has been noticed or 

reported during the period covered by our audit. 





New Delhi 

Partner 


65

Balance Sheet as at March 31, 2010 

(Rs. in lacs) 

Schedule 2010 2009 

SOURCES OF FUNDS 

Shareholders’ funds 

Share capital 1 33,947.82 33,943.74 

Reserves and surplus 2 1,249,052.98 1,203,538.63 

1,283,000.80 1,237,482.37 

Loan funds 

Secured loans 3 1,159,018.59 797,996.90 

Unsecured loans 4 104,766.73 163,500.00 

1,263,785.32 961,496.90 

Deferred tax liability (net) 5 6,054.06 5,832.90 

2,552,840.18 2,204,812.17 

APPLICATION OF FUNDS 

Fixed assets 6 

Gross block 200,285.40 196,839.51 

Less: Accumulated depreciation and amortisation 27,383.54 15,287.03 

Net block 172,901.86 181,552.48 

Capital work-in-progress (including capital advances) 171,850.75 165,773.28 

344,752.61 347,325.76 

Investments 7 655,888.07 295,631.50 

Current assets, loans and advances 

Stocks 8 653,369.23 662,743.20 

Sundry debtors 9 60,796.07 21,289.05 

Cash and bank balances 10 17,142.86 76,120.04 

Other current assets 11 151,132.76 66,329.61 

Loans and advances 12 1,009,860.23 1,044,695.79 

1,892,301.15 1,871,177.69 

Less : Current liabilities and provisions 

Current liabilities 13 196,535.68 163,458.38 

Provisions 14 143,565.97 145,864.40 

340,101.65 309,322.78 

Net current assets 1,552,199.50 1,561,854.91 

2,552,840.18 2,204,812.17 

Signifi cant accounting policies 24 

Notes to the financial statements 25 

The schedules referred to above form an integral part of the Financial Statements 

On behalf of the Board of Directors 

Ashok Kumar Tyagi Subhash Setia T.C. Goyal Rajiv Singh 

Group Chief Financial Offi cer Company Secretary Managing Director Vice Chairman 

This is the Balance Sheet referred to in our report of even date 



New Delhi 

July 28, 2010 

per David Jones 

Partner 

66

Profit & Loss Account for the year ended March 31, 2010 

(Rs.in lacs) 


INCOME 

Sales and other income 15 322,043.15 383,904.46 

EXPENDITURE 

Cost of land, plots, constructed properties and development rights 16 88,925.27 77,834.17 

Establishment expenses 17 13,057.24 10,758.36 

Finance charges 18 84,723.69 80,985.79 

Other expenses 19 28,423.02 21,831.70 

Depreciation and amortisation 20 12,605.25 11,407.62 

227,734.47 202,817.64 

Profi t before tax 94,308.68 181,086.82 

Tax expense 21 17,571.16 26,100.42 

Profi t after tax 76,737.52 154,986.40 

Earlier year items : 

Tax - earlier years (406.01) - 

Prior period expenses (net) 22 637.65 209.37 

Net profi t 76,505.88 154,777.03 

Balance as per last balance sheet 267,623.91 173,496.08 

Balance available for appropriation 344,129.79 328,273.11 

APPROPRIATION 

Debenture redemption reserve 25,001.16 11,316.95 

Transfer to general reserve 7,650.59 15,477.70 

Dividend on equity shares 

Proposed 33,947.82 33,943.88 

Excess provision of previous year written back (0.06) - 

Tax on dividend 

Proposed 1,137.91 2,891.21 

Excess provision of previous year written back - (2,980.54) 

Balance carried to balance sheet 276,392.37 267,623.91 

344,129.79 328,273.11 

EARNING PER SHARE 23 

Basic earning per share (Rs.) 4.51 9.09 

Diluted earning per share (Rs.) 4.50 9.09 


Notes to the financial statements 25 

The schedules referred to above form an integral part of the Financial Statements 




This is the Profi t & Loss Account referred to in our report of even date 



New Delhi 

July 28, 2010 


Partner 

67

Cash Flow Statement for the year ended March 31, 2010 

(Rs. in lacs) 

2010 2009 

A. CASH FLOW FROM OPERATING ACTIVITIES 

Net profit before tax 94,308.68 181,086.82 

Adjustment for: 

Depreciation 12,605.25 11,407.62 

(Profit)/Loss on sale of fi xed assets, net (301.55) 59.00 

(Profit)/Loss on sale of investments, net (45.07) 0.58 

Assets written off/ discarded 14.97 63.17 

Amounts written off 155.37 59.77 

Interest expense 84,723.69 80,985.79 

Interest income (49,338.48) (96,851.14) 

Loss from partnership fi rms, net 527.56 530.65 

Exchange (gain)/loss (848.49) 92.65 

Dividend income (28,040.97) (792.76) 

Amount forfeited on properties (733.80) (129.43) 

Amortisation of deferred employee compensation 4,147.20 3,786.35 

Unclaimed balances written back (432.92) (533.58) 

Prior period items (466.91) (209.37) 

Provision for doubtful debts/ advances 4,114.27 328.31 

Provision for employee benefi ts 689.87 804.30 

Operating profit before working capital changes 121,078.67 180,688.73 

Adjustment for: 

Trade and other receivables (135,653.50) 114,272.19 

Stocks 14,438.65 (64,450.28) 

Trade and other payables (7,474.72) (16,429.28) 

Earnest monies (paid)/ refunded to 

subsidiaries/ partnership fi rms 21,706.73 36,979.29 

Others 27.02 (75.61) 

Payables to subsidiary companies / fi rms 16,087.69 (9,608.16) 

Realisation under agreement to sell 33,163.03 (74,632.01) 

Cash from operations 63,373.57 166,744.87 

Direct taxes paid (net of refunds) (23,849.13) (30,158.45) 

Net cash flow from operating activities 39,524.44 136,586.42 

B. CASH FLOW FROM INVESTING ACTIVITIES 

Acquisition of fi xed assets (including capital work-in-progress) (7,654.52) (18,688.71) 

Purchase of investments 

Subsidiary companies/ partnership fi rms (14,676.70) (129,113.64) 

Others (349,448.40) (741,996.92) 

Proceeds from disposal of: 

Fixed assets 828.26 746.49 

Investments: 

In subsidiary companies/ partnership fi rms 2,456.25 34,981.39 

Others 3,175.47 741,068.81 

Interest received 45,142.24 94,924.58 

Dividend received 1,593.02 792.76 

Loans and advances to subsidiary companies/ partnership fi rms, net 76,584.68 (97,831.70) 

Net cash used in investing activities (241,999.70) (115,116.94) 

68

(Rs. in lacs) 

2010 2009 

C. CASH FLOW FROM FINANCING ACTIVITIES 

Proceeds from issue of debentures, net 100,000.00 132,000.00 

Proceeds from issue of share capital including securities premium 4.81 94.55 

Buyback of shares (77.80) (14,235.65) 

Proceeds from long term borrowings 648,623.00 463,662.00 

Repayment of long term borrowings (262,089.00) (413,970.00) 

Repayment of debentures (10,000.00) - 

(Repayment)/ proceeds from short term borrowings, net (173,395.15) (58,926.37) 

Interest paid (122,735.87) (115,467.77) 

Dividend paid (33,943.82) (34,096.65) 

Dividend tax paid (2,891.21) (2,814.18) 

Net cash flow from / (used in) financing activities 143,494.96 (43,754.07) 

Net (decrease)/ increase in cash and cash equivalents (58,980.30) (22,284.59) 

Cash and cash equivalents at the beginning 75,940.27 98,224.86 

Cash and cash equivalents at the close 16,959.97 75,940.27 

(58,980.30) (22,284.59) 

Notes 

Cash and bank balance (as per Schedule 10 to the fi nancial statements) 17,142.86 76,120.04 

Less: Fixed deposit (Pledged/ under lien/ earmarked) 24.47 73.37 

Uncashed dividend 160.37 110.03 

Exchange (loss)/gain (1.94) (3.63) 

16,959.97 75,940.27 




This is the Cash Flow Statement referred to in our report of even date 



New Delhi 

July 28, 2010 


Partner 

69

Schedules forming part of the Financial Statements for the year ended March 31, 2010 

(Rs. in lacs) 

2010 2009 

SCHEDULE : 1 SHARE CAPITAL 

Authorised 

2,497,500,000 (previous year 2,497,500,000) equity shares of Rs. 2 each 49,950.00 49,950.00 

50,000 (previous year 50,000) cumulative redeemable preference shares of Rs. 100 each 50.00 50.00 

50,000.00 50,000.00 

Issued and Subscribed 


Paid-up 


Add : New issue under exercise of ESOP 240,457 (previous year nil) equity shares of Rs. 2 each 4.81 - 

Less : Calls in arrears - 0.44 

Less : Forfeited 43,680 (previous year nil) equity shares of Rs. 2 each 0.87 - 

Less : Buy back of 7,638,567 (previous year 7,623,567) equity shares of Rs. 2 each 152.77 152.47 

Net paid up 1,697,390,890 (previous year 1,697,209,113) equity shares of Rs. 2 each 33,947.82 33,943.74 

Refer note no. 1 of Schedule 25 

SCHEDULE : 2 

Reserves 

RESERVES AND SURPLUS 

(Rs. in lacs) 

Capital reserve 

As per last balance sheet 250.08 250.08 

Capital redemption reserve 

As per last balance sheet 176.82 24.35 

Transfer from general reserve * 0.30 152.47 

177.12 176.82 

Securities premium account 

As per last balance sheet 876,535.72 876,535.72 

Add: Adjustment towards issue of shares under employees stock option scheme 1,330.46 - 

877,866.18 876,535.72 

Less: Calls in arrears unpaid ** - 163.29 

Less : Forfeiture of shares 228.45 - 

877,637.73 876,372.43 

** Net of Rs. nil (previous year Rs. 94.29 lacs) received during the year 

Forfeiture of shares 66.55 - 

Debenture redemption reserve 


Transfer from profit & loss account 25,001.16 - 

36,318.11 11,316.95 

General reserve 


Transfer from profit & loss account 7,650.59 15,477.70 

Transfer to capital redemption reserve* (0.30) (152.47) 

Buyback of equity shares (premium paid) (77.50) (14,083.17) 

47,405.42 39,832.63 

70

(Rs. in lacs) 

SCHEDULE : 2 RESERVES AND SURPLUS (Contd.) 2010 2009 

Employees’ stock options outstanding 28,396.61 23,795.94 

Less: Deferred employees compensation 17,591.01 15,830.13 

10,805.60 7,965.81 

Surplus 

As per profi t & loss account 276,392.37 267,623.91 

1,249,052.98 1,203,538.63 

* Refer note no. 2 of Schedule 25 

** Refer note no. 1 of Schedule 25 

(Rs. in lacs) 

SCHEDULE : 3 SECURED LOANS 

From banks 

Term loans 678,636.37 408,919.05 

Overdraft facilities 11,629.22 76,577.32 

690,265.59 485,496.37 

From others 

Term loans 

GE Capital Services India 3,528.07 4,613.63 

Infrastructure Development Finance Company Limited 15,000.00 15,000.00 

Axis Bank Limited -Trust Series 8,000.00 120,186.90 

Housing Development Finance Corporation Limited 215,800.00 40,700.00 

GE Money Financial Services Limited 4,424.93 - 

Secured, redeemable, non-convertible debentures 

5,000 (previous year 5,000) 13.70% Non-convertible redeemable debentures 

face value Rs. 1,000,000 each, redeemable on August 18, 2013 50,000.00 50,000.00 

7,200 (previous year 7,200) 14.00% Non-convertible redeemable debentures 

face value Rs. 1,000,000 each, redeemable on February 24, 2014 72,000.00 72,000.00 

3,000 (previous year nil) 10.00% Non-convertible redeemable debentures 

face value Rs. 1,000,000 each, redeemable on February 17, 2012 30,000.00 - 

7,000 (previous year nil) 10.50% Non-convertible redeemable debentures 

face value Rs. 1,000,000 each, redeemable on February 17, 2013 70,000.00 - 

Nil (previous year 1,000) 14.00% Non-convertible redeemable debentures 

face value Rs. 1,000,000 each, redeemable on January 03, 2010 - 10,000.00 

468,753.00 312,500.53 

1,159,018.59 797,996.90 


(Rs. in lacs) 

SCHEDULE: 4 UNSECURED LOANS 

Short term loans and advances 

Subsidiary companies 4,766.73 - 

From banks 

Standard Chartered Bank - 6,000.00 

4,766.73 6,000.00 

From others 

Axis Bank Limited (“Trustees”) - 50,000.00 

Commercial paper* 100,000.00 77,500.00 

ICICI Home Finance Company Limited - 15,000.00 

Indian Loan Receivable Trust - 15,000.00 

100,000.00 157,500.00 

104,766.73 163,500.00 


*Maximum amount outstanding at any time during the year Rs. 100,000 lacs (previous year Rs. 205,000 lacs) 

71

Schedules forming part of the Financial Statements (Contd.) 

(Rs. in lacs) 

2010 2009 

SCHEDULE : 5 DEFERRED TAX LIABILITY (NET) 

Deferred tax liability arising on account of : 

Depreciation 7,199.62 5,848.61 

Deduction claimed under Section 24(b) of the Income-tax Act, 1961 1,001.35 668.27 

8,200.97 6,516.88 

Less : 

Deferred tax asset arising on account of : 

Provision for : 

Diminution in value of investment 18.28 27.42 

Discarding of assets - 3.74 

Doubtful advances 1,524.36 125.92 

Employee benefi ts 604.27 526.90 

2,146.91 683.98 

6,054.06 5,832.90 

(Rs. in lacs) 

SCHEDULE : 6 FIXED ASSETS 

Gross block 2009 Additions Disposals/ 

2010 

adjustments 

Intangible assets 

Software 2,826.52 745.87 7.94 3,564.45 

Tangible assets 

Land 

Lease hold 25,436.90 843.52 3,689.96 22,590.46 

Free hold 28,450.78 1,555.18 - 30,005.96 

Buildings and related equipments 28,815.16 6,566.99 11,086.93 24,295.22 

Air conditioners and coolers 184.26 31.33 11.65 203.94 

Aircraft & helicopter 11,895.80 8,628.47 - 20,524.27 

Plant and machinery 96,247.75 60.37 262.37 96,045.75 

Furniture and fi xtures 839.41 61.55 70.86 830.10 

Vehicles 2,142.93 166.95 84.63 2,225.25 

Total - Current year 196,839.51 18,660.23 15,214.34 200,285.40 

- Previous year 153,371.52 46,266.94 2,798.95 196,839.51 

Depreciation/ amortisation 


Software 297.62 627.11 1.57 923.16 


Land - lease hold 100.57 110.37 - 210.94 

Buildings and related equipments 586.39 630.76 101.20 1,115.95 

Air conditioners and coolers 71.76 9.66 6.64 74.78 

Aircraft and helicopter 1,750.77 915.04 - 2,665.81 

Plant and machinery 11,539.38 9,956.13 203.46 21,292.05 

Furniture and fi xtures 368.60 52.88 36.32 385.16 

Vehicles 571.94 207.68 63.93 715.69 

Total - Current year 15,287.03 12,509.63 413.12 27,383.54 

- Previous year 5,934.32 11,203.84 1,851.13 15,287.03 

72

(Rs. in lacs) 

SCHEDULE : 6 FIXED ASSETS (Contd.) 

Net block 2009 2010 


Software 2,528.90 2,641.29 


Land 

Lease hold 25,336.33 22,379.52 

Free hold 28,450.78 30,005.96 

Buildings and related equipments 28,228.77 23,179.27 

Air conditioners and coolers 112.50 129.16 

Aircraft and helicopter 10,145.03 17,858.46 

Plant and machinery 84,708.37 74,753.70 

Furniture and fi xtures 470.81 444.94 

Vehicles 1,570.99 1,509.56 

Total - Current year 181,552.48 172,901.86 

- Previous year 147,437.20 181,552.48 

(Rs. in lacs) 

2010 2009 

SCHEDULE : 7 INVESTMENTS 

Long term investments (In shares) Class * Share (No.) Book value Share (No.) Book value 

Trade investment (unquoted) 

In subsidiary companies 

DLF Ackruti Info Parks (Pune) Limited 

Equity 1,339,993 134.00 1,339,993 134.00 

(formerly DLF Akruti Info Parks (Pune) Limited) 

DLF Wind Power Private Limited (formerly Bestvalue Equity 990,000 99.00 - - 

Housing and Construction Private Limited) 

DLF Cyber City Developers Limited Equity 75,025,000 2.50 75,025,000 2.50 

DLF Commercial Developers Limited Equity 400,000 40.05 400,000 40.05 

DLF Estate Developers Limited Equity 5,102 0.51 5,102 0.51 

Preference 4,500 4.50 4,500 4.50 

DLF Financial Services Limited Equity 240,000 24.00 240,000 24.00 

DLF Golf Resorts Limited Equity 400,000 40.00 400,000 40.00 

DLF Home Developers Limited Equity 17,489,190 3,271.51 17,489,190 3,271.51 

DLF Housing and Construction Limited Equity 27,355 76.52 27,355 76.52 

Preference 2,265 2.27 2,265 2.27 

DLF Finvest Limited Equity 3,000,000 300.00 3,000,000 300.00 

DLF New Delhi Convention Centre Limited Equity 70,000 7.00 70,000 7.00 

DLF Phase-IV Commercial Developers Limited Equity 400,000 40.06 400,000 40.06 

Eastern India Powertech Limited Equity 69,320,037 6,932.00 69,320,037 6,932.00 

DLF Pramerica Life Insurance Company Limited Equity 163,765,000 16,376.50 101,420,000 10,142.00 

DLF Retail Developers Limited Equity 44,000,000 2,319.09 44,000,000 2,319.09 

DT Cinemas Limited Equity 7,803,570 508.01 7,803,570 508.01 

DLF Projects Limited Equity 50,000 5.00 50,000 5.00 

DLF SEZ Developers Limited Equity 50,000 5.00 50,000 5.00 

73


(Rs. in lacs) 

SCHEDULE : 7 INVESTMENTS (Contd.) Share (No.) 2010 Share (No.) 2009 

DLF Haryana SEZ (Gurgaon) Limited Equity 45,000 4.50 45,000 4.50 

DLF Haryana SEZ (Ambala) Limited Equity 45,000 4.50 45,000 4.50 

DLF Hotel Holdings Limited Equity 1,259,680,000 125,968.00 1,176,600,000 117,660.00 

DLF Brands Limited Equity 8,000,000 800.00 8,000,000 800.00 

DLF Telecom Limited Equity 11,150,000 1,115.00 11,150,000 1,115.00 

DLF City Centre Limited Equity 100,000 10.00 100,000 10.00 

DLF Real Estate Builders Limited Equity 100,000 10.00 100,000 10.00 

DLF Property Developers Limited Equity 100,000 10.00 100,000 10.00 

DLF Residential Developers Limited Equity 100,000 10.00 100,000 10.00 

DLF Residential Partners Limited Equity 100,000 10.00 100,000 10.00 

DLF Residential Builders Limited Equity 100,000 10.00 100,000 10.00 

DLF Info Park Developers (Chennai) Limited Equity 320,000,000 32,000.00 320,000,000 32,000.00 

Beverly Park Maintenance Services Limited Equity 9,000 0.91 9,000 0.91 

Preference 4,100 4.10 4,100 4.10 

Breeze Constructions Private Limited Equity 10,000 1.00 10,000 1.00 

Dankuni World City Limited Equity 50,000 5.00 50,000 5.00 

Caressa Builders & Constructions Private Limited Equity 60,000 6.00 60,000 6.00 

Cyrilla Builders & Constructions Limited Equity 50,000 5.00 50,000 5.00 

Dalmia Promoters and Developers Private Limited Equity 100,000 10.00 100,000 10.00 

Edward Keventer (Successors) Private Limited Equity 961,500 43,892.06 961,500 43,892.06 

DLF Developers Limited Equity 50,000 5.00 50,000 5.00 

Jai Luxmi Real Estate Private Limited Equity 22,500 2.25 22,500 2.25 

Kairav Real Estate Private Limited Equity 50,000 5.00 50,000 5.00 

Lawanda Builders and Developers Private Limited Equity 10,000 1.00 10,000 1.00 

NewGen Medworld Hospitals Limited Equity 50,000 5.00 50,000 5.00 

DLF Utilities Limited Equity - - 14,908,050 1,451.05 

Paliwal Developers Limited Equity 10,000 1.00 10,000 1.00 

Preference 4,000 4.00 4,000 4.00 

Paliwal Real Estate Private Limited Equity 1,000,000 100.00 1,000,000 100.00 

Valini Builders and Developers Private Limited Equity 6,500 0.65 6,500 0.65 

VSK Investment and Finance Limited Equity 6,520 0.65 6,520 0.65 

Preference 4,348 4.35 4,348 4.35 

234,192.49 221,002.04 

In other companies 

DLF Gurgaon Developers Limited 

Equity - - 25,000 2.50 

(formerly DLF SEZ Holdings Limited) 

DLF Limitless Developers Private Limited Equity 201,255,000 20,125.50 201,255,000 20,125.50 

Alankrit Estates Limited Equity 3 -** 3 -** 

Anuroop Builders and Developers Private Limited Equity 10,000 1.00 10,000 1.00 

Digital Talkies Private Limited Preference 80,680 80.68 80,680 80.68 

Delanco Real Estate Private Limited Equity 5,000,000 1,500.00 5,000,000 1,500.00 

Garv Developers Private Limited Equity 10,000 1.00 10,000 1.00 

Garv Promoters Private Limited Equity 10,000 1.00 10,000 1.00 

Garv Realtors Private Limited Equity 10,000 1.00 10,000 1.00 

Grism Builders and Developers Private Limited Equity 10,000 1.00 10,000 1.00 

74

(Rs. in lacs) 

SCHEDULE : 7 INVESTMENTS (Contd.) Share (No.) 2010 Share (No.) 2009 

Kirtimaan Builders Limited Equity 2 -** 2 -** 

Luvkush Builders Private Limited Equity 10,000 1.00 10,000 1.00 

Joyous Housing Limited (Rs. 100 each) Equity 37,500 37.50 37,500 37.50 

Nadish Real Estate Private Limited (Rs. 10 each) Equity 10,000 1.00 10,000 1.00 

Northern India Theatres Private Limited Equity 90 0.09 90 0.09 

Peace Buildcon Private Limited Equity 10,000 1.00 10,000 1.00 

Realest Builders and Services Private Limited Equity 50,012 5.03 50,012 5.03 

Skyrise Home Developers Private Limited Equity 10,000 1.00 10,000 1.00 

Ujagar Estates Limited Equity 2 -** 2 -** 

Vibodh Developers Private Limited Equity 10,000 1.00 10,000 1.00 

Vinesh Home Developers Private Limited Equity 10,000 1.00 10,000 1.00 

Vismay Builders and Developers Private Limited Equity 10,000 1.00 10,000 1.00 

21,760.80 21,763.30 

255,953.29 242,765.34 

Less : Provision for diminution in value 80.68 80.68 

255,872.61 242,684.66 

* Equity shares of Rs. 10 each, Preference shares of Rs. 100 each - fully paid, unless otherwise stated. 

** Rounded off to Rs. ‘Nil’ 

Long Term (Trade) 

Debenture 

(No) 

Book value 

Debenture 

(No) 

Book value 

Jawala Real Estate Private Limited 387,450 38,745.00 387,450 38,745.00 

38,745.00 38,745.00 

In Partnership Firms 

DLF Commercial Projects Corporation 365.00 365.00 

DLF Offi ce Developers 1,654.82 2,643.09 

DLF South Point 2,152.78 2,366.00 

DLF GK Residency 50.00 50.00 

Kavicon Partners 223.63 112.44 

Saket Courtyard Hospitality 400.00 - 

Rational Builders and Developers 32.00 32.00 

4,878.23 5,568.53 

In Belaire receivables trust 6,943.81 8,633.31 

Current investments Mutual funds Mutual funds 

In mutual funds (Quoted) (Units) (Units) 

Kotak Mahindra Mutual Fund 398,257,200 40,143.53 - - 

Reliance Mutual Fund 3,208,519 32,131.00 - - 

DSP BlackRock Mutual Fund 2,911,426 29,130.14 - - 

UTI Mutual Fund 423,616,556 77,205.40 - - 

Axis Mutual Fund 4,286,598 42,865.98 - - 

ICICI Prudential Mutual Fund 650,007,013 65,137.20 - - 

Birla Sun Life Mutual Fund 628,006,333 62,835.17 - - 

349,448.42 - 

655,888.07 295,631.50 

Current Investment - Purchased and sold during the year 


NAV as on March 31, 2010: Rs. 349,448.42 lacs (previous year nil) 

75


(Rs. in lacs) 

2010 2009 

SCHEDULE : 8 STOCKS 

Land, plots and development cost thereon 163.91 368.43 

Constructed properties 

Land and construction work-in-progress 102,478.28 115,077.05 

Development/construction materials 226.05 57.85 

Development rights: payments made under agreements to purchase land/ development rights/ 

constructed properties 

To subsidiary companies 7,442.17 7,836.95 

To fi rms in which the Company and/or its subsidiary companies are/is a partners 528,944.46 526,484.87 

To others 235.44 262.46 

536,622.07 534,584.28 

Rented buildings (including land and related equipments) 

on lease hold land 3,054.27 3,054.27 

on free hold land 12,345.09 10,785.05 

15,399.36 13,839.32 

Less: Depreciation on rented buildings and related equipments 1,520.44 1,183.73 

13,878.92 12,655.59 

653,369.23 662,743.20 

(Rs. in lacs) 

SCHEDULE : 9 SUNDRY DEBTORS 

(Considered good unless otherwise stated) 

Debts over six months 

Unsecured 

Subsidiary companies 11,908.26 2,383.54 

Others [inlcuding Rs. nil (previous year Rs. 64.30 lacs) doubtful] 12,493.96 7,571.04 

24,402.22 9,954.58 

Less: Doubtful and provided for - 64.30 

24,402.22 9,890.28 

Other debts 

Unsecured 


Others 1,875.43 10,098.05 

36,393.85 11,398.77 

60,796.07 21,289.05 

(Rs. in lacs) 

SCHEDULE : 10 CASH AND BANK BALANCES 

Cash in hand 16.03 6.50 

Cheques in hand 1.85 - 

Bank balances : 

With scheduled banks in : 

Current accounts* 13,350.84 5,113.47 

Fixed deposit accounts 

Pledged/under lien/earmarked 24.47 73.37 

Others 3,740.00 70,920.75 

With HSBC Bank plc, London, UK, in current account, a non - scheduled bank 

(maximum amount outstanding during the year Rs. 73.53 lacs, previous year Rs. 40.16 lacs) 9.67 5.95 

17,142.86 76,120.04 

*Includes unutilised monies from public issue - Rs. nil (previous year Rs. 6.96 lacs) 

76

(Rs. in lacs) 

2010 2009 

SCHEDULE : 11 OTHER CURRENT ASSETS 

Unbilled receivables 

DLF Assets Private Limited 64,931.38 18,763.13 

Others 79,399.20 44,983.60 

144,330.58 63,746.73 

Interest accrued 

On investments in debentures 2,806.03 600.92 

From customers 3,570.01 1,960.73 

From others 426.14 21.23 

151,132.76 66,329.61 

(Rs. in lacs) 

SCHEDULE:12 LOANS AND ADVANCES 

(Unsecured, considered good unless otherwise stated) 

Advances recoverable in cash or in kind or for value to be received 

Secured 426.45 484.65 

Unsecured [including Rs. 4,484.74 lacs (previous year Rs. 306.17 lacs) doubtful] 132,479.03 116,207.96 

132,905.48 116,692.61 

Due from subsidiary companies 

Secured 18,304.25 18,304.25 

Unsecured 714,165.82 776,281.17 

732,470.07 794,585.42 

Due from fi rms in which the Company and/or its subsidiary companies are partners - 

current accounts 

14,008.12 2,680.21 

Due from Niharika Shopping Mall - a joint venture (under jointly controlled operations) - 500.00 

Security deposits 705.13 481.71 

Taxes paid 134,256.17 130,062.01 

1,014,344.97 1,045,001.96 

Less: Doubtful and provided for 4,484.74 306.17 

1,009,860.23 1,044,695.79 

(Rs. in lacs) 

SCHEDULE : 13 CURRENT LIABILITIES 

Sundry creditors 


Others 30,057.64 27,256.65 

45,888.10 29,267.17 

Due to firms in which the Company and/or its subsidiary companies are partners - current account 2,379.24 1,591.55 

Realisation under agreements to sell 


Others 28,085.66 3,910.05 

Uncashed dividend* 160.37 110.03 

Other liabilities 


Others 20,552.69 32,327.35 

Interest accrued but not due on loans 10,488.44 18,599.68 

196,535.68 163,458.38 

*Not due for credit to “Investor Education and Protection Fund”. 

77


(Rs. in lacs) 

2010 2009 

SCHEDULE : 14 PROVISIONS 

Provision for tax 105,861.06 107,100.00 

Proposed dividend 33,947.82 33,943.88 

Tax on dividend 1,137.91 2,891.21 

Employee benefi ts 2,619.18 1,929.31 

143,565.97 145,864.40 

(Rs. in lacs) 

SCHEDULE: 15 SALES AND OTHER INCOME 

a) Sales and other receipts 

Sale of land and plots 561.88 4,205.39 

Revenue from constructed properties 179,655.82 151,046.70 

Revenue from development charges 23,831.37 101,235.83 

Sale of development rights 3,651.97 8,297.38 

Royalty income 2,377.57 - 

Revenue from windmills power generation 11,047.26 11,209.62 

Service receipts 800.07 908.68 

Amounts forfeited on properties 733.80 129.43 

Rental income 8,048.17 5,756.93 

Sale of gas 706.54 268.18 

Sale of construction material 10,506.36 478.06 

241,920.81 283,536.20 

b) Income from investments 

Current (other than trade) 

Dividend from mutual funds 3,031.43 792.76 

Profit on sale of mutual fund investments 10.00 - 

Profit on sale of shares 39.76 - 

Income from investment in trust 358.54 - 

Long - term (trade investments) 

Interest (gross #) on debentures 3,099.60 776.43 

Dividend from shares 25,009.54 - 

Profit/(loss) from partnership fi rms 

DLF City Centre - (0.12) 

DLF Commercial Project Corporation (353.93) (1,009.79) 

DLF Offi ce Developers 265.06 379.98 

DLF Property Developers - (0.05) 

DLF Residential Builders - (0.05) 

DLF Residential Developers - (0.05) 

DLF Residential Partners - (0.05) 

DLF South Point (3.72) 1.28 

Saket Courtyard Hospitality (52.41) - 


Rational Builders and Developers (453.33) (2.87) 

Real Estate Builders - (0.06) 

DLF GK Residency (38.93) 0.03 

(527.56) (530.65) 

31,021.31 1,038.54 

# Tax deducted at source on interest 309.96 175.51 

78

(Rs. in lacs) 

SCHEDULE: 15 SALES AND OTHER INCOME (Contd.) 2010 2009 

c) Other income 

Interest (gross*) from : 

Bank deposits 57.62 447.66 

Customers 2,618.13 1,829.03 

Loans and deposits 42,212.08 95,388.81 

Income-tax refunds 1,319.52 - 

Others 31.53 238.24 

46,238.88 97,903.74 

Exchange gain/(loss) 848.49 (92.65) 

Profi t on disposal of fi xed assets 327.66 1.21 

Unclaimed balances and excess provisions written back 432.92 533.58 

Miscellaneous income 1,253.08 983.84 

49,101.03 99,329.72 

322,043.15 383,904.46 

* Tax deducted at source on interest 4,197.38 21,740.73 

(Rs. in lacs) 

SCHEDULE : 16 COST OF LAND, PLOTS, CONSTRUCTED PROPERTIES AND DEVELOPMENT RIGHTS 

Land and Plots (including development cost) 

Opening stock 368.43 646.48 

Purchases during the year 218.67 199.73 

Less: Closing stock (163.91) (368.43) 

423.19 477.78 

Constructed properties 

Cost of land, development and construction 72,113.84 45,976.75 

Cost of development charges 5,947.61 23,954.45 

Cost of development rights sold 98.28 6,936.95 

Cost of construction material sold 10,342.35 488.24 

88,925.27 77,834.17 

(Rs. in lacs) 

SCHEDULE : 17 ESTABLISHMENT EXPENSES 

Salaries, wages and bonus 7,234.35 5,681.80 

Contribution to provident and other funds 204.85 289.23 

Employee benefi ts 1,372.25 901.89 

Amortisation of deferred employee compensation (net) 4,147.20 3,786.35 

Staff welfare 98.59 99.09 

13,057.24 10,758.36 

79


(Rs. in lacs) 

2010 2009 

SCHEDULE : 18 FINANCE CHARGES 

Interest 

Fixed periods loans 

Debentures 19,211.84 5,757.07 

Other fi xed term loans 70,474.80 94,208.48 

89,686.64 99,965.55 

Other loans 12,724.09 25,105.50 

Guarantee, fi nance and bank charges 12,213.89 6,712.98 

114,624.62 131,784.03 

Less: Transferred to work-in-progress (27,079.52) (40,159.73) 

Less: Transferred to capital work-in-progress (2,821.41) (10,638.51) 

84,723.69 80,985.79 

(Rs. in lacs) 

SCHEDULE : 19 OTHER EXPENSES 

Rent 172.08 217.58 

Rates and taxes 1,387.69 566.32 

Electricity, fuel and water 89.45 97.62 

Repair and maintenance 

Buildings 247.78 283.40 

Constructed properties/ colonies 612.94 243.16 

Computers 841.33 655.53 

Others 174.68 124.86 

Insurance 356.51 237.69 

Commission and brokerage 1,425.94 1,509.13 

Advertisement and publicity 3,638.67 3,941.55 

TraveIling and conveyance 778.85 736.88 

Vehicles running and maintenance 214.32 203.43 

Aircraft & helicopter running and maintenance 1,222.73 2,956.44 

Operating and maintenance charge of windmill 1,684.06 78.68 

Printing and stationery 216.27 257.72 

Directors’ fee 29.80 30.00 

Commission to non-executive directors 140.00 140.00 

Sales promotion 627.80 477.59 

Communication 363.05 330.06 

Legal and professional 5,716.12 5,924.23 

Donation and charity 3,417.63 295.53 

Claim and compensation 412.09 898.93 

Loss on disposal of fi xed assets 26.11 60.21 

Loss on sale of mutual fund investments 4.69 0.58 

Assets written off/ discarded 14.97 63.17 

Amounts written off 155.37 59.77 

Provision for doubtful debts and advances 4,114.27 328.31 

Miscellaneous expenses 337.82 1,113.33 

28,423.02 21,831.70 

80

(Rs. in lacs) 

2010 2009 

SCHEDULE : 20 DEPRECIATION AND AMORTISATION * 

On fi xed assets 12,268.54 11,139.30 

On current assets 336.71 268.32 

12,605.25 11,407.62 

* Net of capitalisation 

(Rs. in lacs) 

SCHEDULE : 21 TAX EXPENSE 

Income tax 17,350.00 22,600.00 

Deferred tax 221.16 2,937.91 

Fringe benefi t tax (net) - 562.51 

17,571.16 26,100.42 

(Rs. in lacs) 

SCHEDULE : 22 PRIOR PERIOD EXPENSES (NET) 

Prior period expenses 


Buildings 29.22 44.70 

Constructed properties/ colonies - 90.52 

Computers - 40.62 

Legal and professional 214.52 22.17 

Commission and brokerage 75.77 - 

Advertisement and Publicity - 30.60 

Depreciation 170.74 - 

Operating and maintenance charges of windmill 147.40 18.62 

Insurance - 6.77 

637.65 254.00 

Prior period incomes 

Depreciation claimed, now written back - (19.44) 

Miscellaneous income - (25.19) 

- (44.63) 

637.65 209.37 

(Rs. in lacs) 

SCHEDULE : 23 EARNING PER SHARE 

Net profit attributable to equity shareholders 

Profi t after tax 76,737.52 154,986.40 

Earlier year items 

Income tax 406.01 - 

Prior period expenses (net) (637.65) (209.37) 

76,505.88 154,777.03 

Nominal value of equity share (Rs.) 2.00 2.00 

Total number of equity shares outstanding at the beginning of the year 1,697,209,113 1,704,832,680 

Total number of equity shares outstanding at the end of the year 1,697,390,890 1,697,209,113 

Weighted average number of equity shares 1,697,243,145 1,703,074,486 



Weighted average number of equity shares used to compute diluted 

earning per share 1,700,592,070 1,703,615,271 


81

SCHEDULE : 24 SIGNIFICANT ACCOUNTING POLICIES 

1. Basis of accounting 

The Financial Statements are prepared under 

historical cost convention, on accrual basis, 

in accordance with the generally accepted 

accounting principles in India and to comply 

with the Accounting standards prescribed in 

the Companies (Accounting Standards) Rules, 

2006 issued by the Central Government in 

exercise of the power conferred under subsection 

(I) (a) of Section 642 and the relevant 

provisions of the Companies Act, 1956 

(the “Act”). 

2. Use of estimates 

The preparation of fi nancial statements 

in conformity with generally accepted 

accounting principles requires the 

management to make estimates and 

assumptions that affect the reported 

amounts of assets and liabilities and the 

disclosure of contingent liabilities on the date 

of the fi nancial statements and the results 

of operations during the reporting periods. 

Although these estimates are based upon 

management’s knowledge of current events 

and actions, actual results could differ from 

those estimates and revisions, if any, are 

recognised in the current and future periods. 

3. Intangible assets and amortisation 

Softwares which are not integral part of the 

hardware are classifi ed as intangibles and is 

stated at cost less accumulated amortisation. 

Softwares are being amortised over the 

estimated useful life of 5 years as determined 

by the management. 

4. Fixed assets and depreciation/ 

amortisation 

a) Fixed assets (gross block) are stated 

at historical cost less accumulated 

depreciation and impairment. Cost 

comprises the purchase price and any 

attributable cost of bringing the asset to its 

working condition for its intended use. 

Building / specifi c identifi able portion of 

building, including related equipments 

are capitalised when the construction is 

substantially complete or upon receipt of 

the occupancy certifi cate, whichever is 

earlier. 

Depreciation on assets (including 

buildings and related equipments rented 

out and included under current assets 

as stocks) is provided on straight-line 

method at the rates and in the manner 

prescribed in schedule XIV to the 

Companies Act, 1956. 

b) Capital work-in-progress represents 

expenditure incurred in respect of capital 

projects under development and are 

carried at cost. Cost includes land, related 

acquisition expenses, development / 

construction costs, borrowing costs 

and other direct expenditure including 

advances to contractors and others. 

c) Leasehold land, under perpetual lease, 

are not amortised. Leasehold lands, 

other than on perpetual lease, are being 

amortised on time proportion basis over 

their respective lease periods. 

5. Investments 

Investments are classifi ed as long term or 

current, based on management’s intention 

at the time of purchase. Investments that are 

readily realisable and intended to be held 

for not more than a year are classifi ed as 

current investments. All other investments 

are classifi ed as long-term investments. 

Trade investments are the investments made 

for or to enhance the Company’s business 

interests. 

Current investments are stated at lower of 

cost and fair value determined on an individual 

investment basis. Long-term investments are 

stated at cost and provision for diminution in 

their value, other than temporary, is made in 

the fi nancial statements. 

Profi t/loss on sale of investments is computed 

with reference to the average cost of the 

investment. 

82

6. Stocks 

Stocks are valued as under: 

a) Land and plots other than area 

transferred to constructed properties at 

the commencement of construction are 

valued at lower of cost/ approximate 

average cost/ as revalued on conversion 

to stock and net realisable value. Cost 

includes land (including development 

rights and land under agreements to 

purchase) acquisition cost, borrowing 

cost, estimated internal development 

costs and external development charges. 

b) Constructed properties other than Special 

Economic Zone (SEZ) projects includes 

the cost of land (including development 

rights and land under agreements 

to purchase), internal development 

costs, external development charges, 

construction costs, overheads, borrowing 

cost, development/ construction materials 

and is valued at lower of cost/ estimated 

cost and net realisable value. 

c) In case of SEZ projects, constructed 

properties include internal development 



cost, development/ construction 

materials, and is valued at lower of cost/ 

estimated cost, and net realisable value. 

d) Development rights represent amount 

paid under agreement to purchase land/ 

development rights and borrowing cost 

incurred by the Company to acquire 

irrevocable and exclusive licenses/ 

development rights in identifi ed land and 

constructed properties, the acquisition of 

which is at an advanced stage. 

e) Cost of construction/ development 

material is valued at lower of cost and 

net realisable value. 

f) Rented buildings and related equipments 

are valued at lower of cost (less 

accumulated depreciation) and net 

realisable value. 

7. Revenue recognition 

a) Revenue from constructed properties: 

(i) Revenue from constructed 

properties, other than SEZ projects, 

is recognised on the “percentage 

of completion method”. Total sale 

consideration as per the duly 

executed, agreements to sell / 

application forms (containing salient 

terms of agreement to sell), is 

recognised as revenue based on the 

percentage of actual project costs 

incurred thereon to total estimated 

project cost, subject to such actual 

cost incurred being 30 per cent 

or more of the total estimated 

project cost. Estimated project cost 

includes cost of land/ development 

rights, borrowing costs, overheads, 

estimated construction and 

development cost of such properties. 

The estimates of the saleable area 

and costs are reviewed periodically 

and effect of any changes in such 

estimates is recognised in the 

period in which such changes are 

determined. However, when the total 

project cost is estimated to exceed 

total revenues from the project, loss 

is recognised immediately. 

(ii) For SEZ projects, revenue from 

development charges is recognised 

on the percentage of completion 

method in accordance with the terms 

of the Co-developer Agreements / 

Memorandum of Understanding 

(‘MOU’), read with addendum, if 

any. The total development charges 

is recognised as Revenue on 

the percentage of actual project 

cost incurred thereon to total 

estimated project cost subject to 

such actual cost incurred being 

30% or more of the total estimated 

project cost. The estimated project 

cost includes construction cost, 

development and construction 

material, internal development cost, 

external development charges, 

borrowing cost and overheads of 

such project. Revenue from Lease 

of land pertaining to such projects 

is recognised in accordance with 

the terms of the Co-developer 

Agreements/ MOU on accrual basis. 

83


b) Sale of land and plots (including 

development rights) is recognised in the 

fi nancial year in which the agreement 

to sell/ application forms (containing 

salient terms of agreement to sell) is 

executed. Where the Company has 

any remaining substantial obligations 

as per the agreements, revenue is 

recognised on the percentage of 

completion method of accounting, as 

per a) (i) above. 

c) Revenue from wind power generation is 

recognised on the basis of actual power 

sold (net of reactive energy consumed), 

as per the terms of the power purchase 

agreements entered into with the 

respective purchasers. 

d) Income from interest is accounted for 

on time proportion basis taking into 

account the amount outstanding and the 

applicable rate of interest. 

e) Dividend income is recognised when the 

right to receive is established. 

f) Share of profi t/ loss from firms in which 

the Company is a partner is accounted 

for in the financial year ending on (or 

immediately before) the date of the 

balance sheet. 

g) Rent, service receipts and interest from 

customers under agreement to sell is 

accounted for on accrual basis except 

in cases where ultimate collection is 

considered doubtful. 

h) Sale of Certified Emission Reductions 

(CERs) and Voluntary Emission 

Reductions (VERs) is recognised as 

income on the delivery of the CERs/VERs 

to the customer’s account and receipt of 

payment. 

8. Unbilled receivables 

Unbilled receivables disclosed under Schedule 

11 - “Other Current Assets” represents 

revenue recognised based on Percentage of 

completion method (as per para no. 7a and 

7b above), over and above the amount due 

as per the payment plans agreed with the 

customers. 

9. Cost of revenue 

a) Cost of constructed properties other 

than SEZ projects, includes cost of land 

(including cost of development rights/ 

land under agreements to purchase), 

estimated internal development costs, 

external development charges, borrowing 

costs, overheads, construction costs and 

development/ construction materials, 

which is charged to the profi t & loss 

account based on the percentage of 

revenue recognised as per accounting 

policy no. - 7 above, in consonance 

with the concept of matching costs and 

revenue. Final adjustment is made upon 

completion of the specifi c project. 

For SEZ projects, cost of constructed 

properties includes estimated 

internal development costs, external 

development charges, borrowing costs, 

overheads, construction costs and 

development/ construction materials, 


account based on the percentage of 

revenue recognised as per accounting 

policy no. - 7 above, in consonance 

with the concept of matching costs and 


completion of the specifi c project. 

b) Cost of land and plots includes land 

(including development rights) acquisition 

cost, estimated internal development 

costs and external development charges, 

which is charged to profit & loss account 

based on the percentage of land/ plotted 

area in respect of which revenue is 

recognised as per accounting policy no.- 

7 above to the saleable total land/ plotted 

area of the scheme, in consonance 

with the concept of matching cost and 


completion of the specific project. 

10. Borrowing costs 

Borrowing costs that are attributable to the 

acquisition and/or construction of qualifying 

assets are capitalised as part of the cost 

of such assets, in accordance with notifi ed 

84

Accounting Standard 16 “Borrowing Costs”. 

A qualifying asset is one that necessarily 

takes a substantial period of time to get ready 

for its intended use. Capitalisation of borrowing 

costs is suspended in the period during which 

the active development is delayed due to, 

other than temporary interruption. All other 

borrowing costs are charged to the profi t & 

loss account as incurred. 

11. Taxation 

Tax expense for the year comprises current 

income tax and deferred tax . Current income 

tax is determined in respect of taxable income 

with deferred tax being determined as the 

tax effect of timing differences representing 

the difference between taxable income and 

accounting income that originate in one period, 

and are capable of reversal in one or more 

subsequent period(s). Such deferred tax is 

quantified using rates and laws enacted or 

substantively enacted as at the end of the 

financial year. 

12. Foreign currency transactions 

Transactions in foreign currency are 

accounted for at the exchange rate prevailing 

on the date of the transaction. All monetary 

items denominated in foreign currency are 

converted into Indian rupees at the year-end 

exchange rate. Income and expenditure of 

the overseas liaison offi ce is translated at the 

yearly average rate of exchange. 

The exchange differences arising on 

such conversion and on settlement of the 

transactions are recognised in the profi t & 

loss account. 

In terms of the clarifi cation provided by 

Ministry of Corporate Affairs (‘MCA’) vide a 

notifi cation no. G.S.R. 225(E) on Accounting 

Standard – 11 “Changes in Foreign Exchange 

Rates”, the exchange gain/loss on long term 

foreign currency monitory items are adjusted 

in the cost of depreciable capital assets. 

The other exchange gains/losses related to 

current assets has been recognised in the 

profi t & loss account 

13. Employee benefits 

Expenses and liabilities in respect of employee 

benefi ts are recorded in accordance with the 

notifi ed Accounting Standard 15 - Employee 

Benefi ts. 

(i) Provident fund 

The Company makes contribution to 

statutory provident funds in accordance 

with the Employees’ Provident Funds 

and Miscellaneous Provisions Act, 

1952. In terms of the Guidance on 

implementing the revised AS – 15, 

issued by the Accounting Standards 

Board of the ICAI, the provident fund trust 

set-up by the Company is treated as a 

defi ned benefi t plan since the Company 

has to meet the interest shortfall, if 

any. Accordingly, the contribution paid 

or payable and the interest shortfall, if 

any is recognised as an expense in the 

period in which services are rendered 

by the employee. 

(ii) Gratuity 

Gratuity is a post employment benefi t and 

is in the nature of a defi ned benefi t plan. 

The liability recognised in the balance 

sheet in respect of gratuity is the present 

value of the defi ned benefi t/ obligation at 

the balance sheet date less the fair value 

of plan assets, together with adjustments 

for unrecognised actuarial gains or 

losses and past service costs. The 

defi ned benefi t / obligation is calculated 

at or near the balance sheet date by an 

independent actuary using the projected 

unit credit method. 

Actuarial gains and losses arising 

from past experience and changes in 

actuarial assumptions are credited or 

charged to the profi t & loss account in 

the year in which such gains or losses 

are determined. 

(iii) Compensated absences 

Liability in respect of compensated 

absences becoming due or expected 

to be availed within one year from the 

balance sheet date is recognised on the 

basis of undiscounted value of estimated 

amount required to be paid or estimated 

value of benefi t expected to be availed 

by the employees. Liability in respect of 

compensated absences becoming due 

85


or expected to be availed more than 

one year after the balance sheet date 

is estimated on the basis of an actuarial 

valuation performed by an independent 

actuary using the projected unit credit 

method. 

Actuarial gains and losses arising from 

past experience and changes in actuarial 

assumptions are credited or charged to the 

profit & loss account in the year in which 

such gains or losses are determined. 

(iv) Cash settled options 

Accounting value of Cash Settled 

Options granted to employees under the 

“Employees Shadow Option Scheme” is 

determined on the basis of intrinsic value 

representing the excess of the average 

market price, during the month before the 

reporting date, over the exercise price of 

the shadow option. The same is charged 

as employee benefi ts over the vesting 

period, in accordance with Guidance 

Note No 18 “Share Based Payments”, 

issued by the ICAI. 

(v) Other short term benefits 

14. Leases 

Expense in respect of other short-term 

benefi ts is recognised on the basis of the 

amount paid or payable for the period 

during which services are rendered by 

the employee. 

Contribution made towards 

Supernnuation Fund (funded by 

payments to Life Insurance Corporation 

of India (LIC)) are charged to the profi t & 

loss account on accrual basis. 

Assets subject to operating leases are 

included under fi xed assets or current assets 

as appropriate. Rent (Lease) income is 

recognised in the profi t & loss account on a 

straight-line basis over the lease term. Costs, 

including depreciation, are recognised as an 

expense in the profi t & loss account. 

15. Employees stock option plan (ESOP) 

Accounting value of stock options is 

determined on the basis of “intrinsic value” 

representing the excess of the market 

price on the date of grant over the exercise 

price of the options granted under the 

“Employees Stock Option Scheme” of the 

Company, and is being amortised as “Deferred 

employee compensation” on a straight-line 

basis over the vesting period in accordance 

with the SEBI (Employees Stock Option 

Scheme and Employee Stock Purchase 

Scheme) Guidelines, 1999 and Guidance 

Note No.18 “Share Based Payments” issued 

by the ICAI. 

16. Impairment of assets 

The Company assesses at each balance 

sheet date whether there is any indication 

that an asset may be impaired. If any such 

indication exists, the Company estimates 

the recoverable amount of the asset. If 

such recoverable amount of the asset or the 

recoverable amount of the cash generating 

unit to which the asset belongs is less than 

its carrying amount, the carrying amount 

is reduced to its recoverable amount and 

the reduction is treated as an impairment 

loss and is recognised in the profi t & loss 

account. If at the balance sheet date there 

is an indication that a previously assessed 

impairment loss no longer exists, the 

recoverable amount is reassessed and the 

asset is refl ected at the recoverable amount 

subject to a maximum of depreciated 

historical cost and is accordingly reversed in 

the profi t & loss account. 

17. Contingent liabilities and provisions 

Depending upon the facts of each case and 

after due evaluation of legal aspects, claims 

against the Company are accounted for as 

either provisions or disclosed as contingent 

liabilities. In respect of statutory dues disputed 

and contested by the Company, contingent 

liabilities are provided for and disclosed as per 

original demand without taking into account 

any interest or penalty that may accrue 

thereafter. The Company makes a provision 

when there is a present obligation as a result 

of a past event where the outfl ow of economic 

resources is probable and a reliable estimate 

of the amount of obligation can be made. 

86

Possible future or present obligations that 

may but will probably not require outfl ow of 

resources or where the same cannot be 

reliably estimated, is disclosed as contingent 

liability in the Financial Statements. 

18. Earning per share 

Basic earning per share is calculated by 

dividing the net profi t or loss for the period 

attributable to equity shareholders by the 

weighted average number of equity shares 

outstanding during the period. The weighted 

average number of equity shares outstanding 

during the period are adjusted for events 

including a bonus issue, bonus element in a 

rights issue to existing shareholders, share 

split, and reverse share split (consolidation 

of shares). 

For the purpose of calculating diluted 

earning per share, the net profit or loss 

for the period attributable to equity 

shareholders and the weighted average 

number of shares outstanding during the 

period are adjusted for the effects of all 

dilutive potential equity shares. The period 

during which, number of dilutive potential 

equity shares change frequently, weighted 

average number of shares are computed 

based on a mean date in the quarter, 

as impact is immaterial on Earning per 

Share. 

SCHEDULE : 25 NOTES TO THE FINANCIAL STATEMENTS 

1. Share capital 

(a) Issued, subscribed and paid-up share 

capital includes 

i) 5,877,850 equity shares of Rs. 2 

each (originally 1,175,570 equaity 

shares of Rs. 10 each) fully paidup 

allotted pursuant to a scheme of 

amalgamation of DLF United Limited 

with the Company, without payment 

being received in cash. 

ii) 1,338,603,595 equity shares of Rs. 

2 each fully paid issued as bonus 

shares by way of capitalisation of 

free reserves and securities premium 

account. 

(b) The calls in arrears have reduced during 

the year by Rs. 163.73 lacs (previous 

year Rs. 94.55 lacs), comprising share 

capital of Rs. 0.44 lacs (previous year 

Rs. 0.26 lacs) and securities premium 

of Rs. 163.29 lacs (previous year Rs. 

94.29 lacs), which includes forfeiture of 

43,680 partly paid equity shares of Rs. 

2 each having impact in share capital of 

Rs. 0.44 lacs and securities premium of 

Rs. 228.45 lacs. 

(c) In the previous year, Company had 

issued Public Announcement (PA) and 

Corrigendum to PA dated September 30, 

2008 and October 15, 2008 respectively, 

for buy back of its shares from the 

open market at a price not exceeding 

Rs. 600 per share for an aggregate 

amount not exceeding Rs. 110,000 

lacs. During the current fi nancial year 

the Company completed the buy back 

process and further bought back 15,000 

equity shares (previous year 76,23,567) 

under the said buy back programme. 

(d) Upon exercise of Options granted under 

the Employees Stock Option Scheme 

2006 (ESOP), 240,457 (previous year 

Nil) equity shares of Rs. 2 each were 

issued at par during the year. 

(e) Pursuant to the above mentioned 

transactions the paid-up share capital of 

the Company increased by Rs. 4.08 lacs, 

during the year (previous year : decrease 

by Rs. 152.21 lacs). 

2. Reserves and surplus 

Pursuant to the buyback programme, referred 

to in note 1(c) above, Capital redemption 

reserve has been created out of General 

reserve for Rs. 0.30 lacs (previous year Rs. 

152.47 lacs) being the nominal value of shares 

bought back under the buyback programme 

in terms of Section 77AA of the Companies 

Act, 1956. 

87


3. Secured loans 

a) Facilities with banks comprise, term 

loans and overdraft facilities which are 

secured by equitable mortgages of 

certain freehold and leasehold lands/ 

properties of the Company/ subsidiary 

Companies / sellers / lessors, land under 

agreement to sell and/ or against future 

receivables of the Company/subsidiary 

companies. 

b) Loan from others comprise of term loans 

from fi nancial institutions which are 

secured by equitable mortgages of certain 

lands/properties of some subsidiary 

entities/associates/group companies and 

the receivables and/ or against future 

receivables of the Company/subsidiary 

companies. 

c) Loans for aircraft, helicopter, wind mill 

projects and vehicles are secured by 

hypothecation of the respective assets, 

thus purchased. 

d) i) 5,000 (previous year 5,000), 13.70% 

Non Convertible Redeemable 

Debentures of face value of Rs. 

10,00,000 each and 7200 (previous 

year 7,200), 14% Non Convertible 

Redeemable Debentures of face 

value of Rs. 10,00,000 each, issued 

to the Life Insurance Corporation 

of India are secured by pari passu 

charge over certain lands / properties 

of the Company / subsidiary 

companies. 

ii) 3,000 (previous year nil), 10% Non 

Convertible Redeemable Debentures 

of Rs. 10,00,000 each and 7,000 

(previous year nil), 10.50% Non 

Convertible Redeemable Debentures 

of Rs. 10,00,000 each, issued to 

various investors are secured by pari 

passu/ exclusive charge over certain 

lands / properties of the Company / 

subsidiary companies. 

e) Loans due within one year Rs. 93,914.70 

lacs (previous year Rs. 238,181.85 

lacs). 

4. Unsecured loans 

Loans due within one year Rs. 100,000.00 

lacs (previous year Rs. 133,500.00 lacs). 

5. Following are the details of current investments which were purchased and sold during the 

year 

a) Mutual funds 

S. No Scheme name Total quantity 

purchased (nos.) 

Total value of 

purchases 

(Rs. in lacs) 

Total quantity 

redeemed (nos.) 


redemption 

(Rs. in lacs) 

1 Kotak Liquid (Institutional Premium) - Daily 

719,860,175.02 88,025.22 719,860,175.02 88,025.22 

Dividend 

2 Kotak Floater Long Term - Daily Dividend 352,671,410.23 35,548.57 352,671,410.23 35,548.57 

3 Axis Liquid Fund - Institutional Daily Dividend – 7,300,695.10 73,006.95 7,300,695.10 73,006.95 

Reinvestment 

4 Axis Treasury Advantage Fund - Institutional 

4,550,000.00 45,500.00 4,550,000.00 45,500.00 

Daily Dividend – Reinvestment 

5 DSP Black Rock Cash Manager Fund - 

2,499,956.60 25,002.07 2,499,956.60 25,002.07 

Institutional Plan - Daily Dividend 

6 DSP Black Rock Money Manager Fund - 

2,500,312.53 25,023.13 2,500,312.53 25,023.13 


7 DSP Black Rock Liquidity Fund - Institutional 

3,349,568.20 33,502.38 3,349,568.20 33,502.38 

Plan - Daily Dividend 

8 DSP Black Rock Floating Rate Fund - 

449,754.79 4,500.00 449,754.79 4,500.00 


9 SBI Magnum Insta Cash Fund - Daily Dividend 

Option 

334,969,660.39 92,008.78 334,969,660.39 92,008.78 

88

S. No Scheme name Total quantity 

purchased (nos.) 

10 SBI - SHF - Ultra Short Term Fund - Institutional 


11 ICICI Prudential Liquid Super - Institutional Plan 

- Daily Dividend 

12 ICICI Prudential Flexible Income Plan Premium 


13 UTI Liquid Cash Plan Institutional 


14 UTI Treasury Adv. Fund - Institutional Plan 


15 Birla Sunlife Cash Plus - Institutional Prem. 

- Daily Dividend – Reinvestment 

16 Birla Sunlife Savings Fund - Institutional 

- Daily Dividend – Reinvestment 

17 Fidelity Cash Fund - Super Institutional 


18 IDFC Cash Fund - Super Institutional Plan C 


19 IDFC Money Manager Fund - TP- Super 

Institutional Plan C - Daily Dividend 


purchases 

(Rs. in lacs) 

Total quantity 

redeemed (nos.) 


redemption 

(Rs. in lacs) 

550,837,409.71 55,112.79 550,837,409.65 55,108.19 

422,809,654.86 422,903.10 422,809,654.86 422,903.10 

284,194,478.72 57,117.80 284,194,478.72 57,117.80 

8,737,028.63 89,069.26 8,737,028.63 89,069.26 

2,105,363.91 21,058.15 2,105,363.91 21,058.15 

2,295,013,564.12 229,948.88 2,295,013,564.12 229,948.88 

2,068,697,898.94 207,010.46 2,068,697,898.94 207,010.46 

50,038,620.82 5,006.46 50,038,620.82 5,006.46 

85,014,461.45 8,503.57 85,014,461.45 8,503.57 

85,111,897.35 8,512.47 85,111,897.35 8,512.47 

20 LIC Liquid Fund - Dividend Plan 45,586,605.77 5,005.45 45,586,605.77 5,005.45 

21 LICMF Income Plus Fund - Daily Dividend Plan 50,495,283.09 5,049.53 50,495,283.09 5,049.53 

22 Reliance Liquidity Fund - Institutional Plan 11,268,620,866.57 1,127,217.59 11,268,620,866.56 1,127,226.93 


23 Reliance Money Manager Fund - Institutional 


64,596,189.40 646,695.98 64,596,189.40 646,696.64 

6. Particulars regarding partnership firms in which the company is a partner 

Name of partnership firms 

Profit/loss 

sharing ratios 

Capital 

(Rs. in lacs) 

a) DLF Commercial Projects Corporation % 

DLF Limited 76 365.00 

DLF Housing and Construction Limited 24 4.00 

100 369.00 

b) DLF Office Developers 

DLF Limited 85 1,654.82 

Kirtimaan Builders Limited 5 182.87 

Ujagar Estates Limited 5 209.87 

Alankrit Estates Limited 5 109.24 

100 2,156.80 

c) DLF South Point 

DLF Limited 10 2,152.78 

DLF Commercial Developers Limited 80 (14.51) 

DLF Housing and Construction Limited 5 (0.91) 

DLF Utilities Limited 5 (0.91) 

100 2,136.45 

d) DLF GK Residency 


DLF Home Developers Limited 90 950.00 

100 1000.00 

89


Name of partnership firms 

Profit/loss 

sharing ratios 

Capital 

(Rs. in lacs) 

e) Kavicon Partners 


DLF Housing and Construction Limited 5 18.16 

Nilayam Builders and Developers Limited 5 40.70 

100 282.49 

f) Rational Builders and Developers 


Kirtimaan Builders Limited 5 1.00 

Alankrit Estates Limited 5 0.00 

100 33.00 

g) Saket Courtyard Hospitality 


DLF Home Developers Limited 40 3,000.00 

Saket Courtyard Hospitality Private Limited 2 100.00 

Sky Light Hospitality Private Limited 50 3,500.00 

100 7,000.00 

7. a) The profi t/loss from sale of land/ 

developed plots/constructed properties 

in DLF City, Gurgaon (Complex) is 

accounted as per revenue recognition 

policy 7 stated in Schedule 24 – 

“Signifi cant accounting policies”. The 

Complex comprises lands owned by 

the Company as also those under 

agreements to purchase entered into with 

subsidiary/ coordinating companies. In 

terms of such agreements, the Company 

has purchased 3.32 lacs sq. mts. of 

plotted area during the year (previous 

year 3.01 lacs sq. mts.) from the land 

owning companies at the average cost 

of land to the Company and/ or the 

land owning companies. The average 

estimated internal development costs 

and external development charges, 

in respect of the plots sold have been 

written off in terms of accounting policy 

9 stated in Schedule 24 – “Signifi cant 

accounting policies”. Final adjustment, 

if any, is made on completion of the 

applicable scheme/ project. 

b) The profi t/ loss from sale of agricultural 

land comprising land owned by 

the Company and its subsidiary/ 

coordinating companies, covered 

under agreement to sell the land to the 

Company is accounted for on execution 

of the sale agreements in favour of 

the customers. During the year the 

Company has purchased 2.32 acres of 

land (previous year Nil acres) from the 

land owning companies, consequent to 

registration of the sale deeds/ transfer 

of ownership in favour of the customers at 

the average cost of land to the Company 

and/ or the land owning companies. 

c) In terms of the agreement with DLF 

Housing and Construction Limited and 

Mayur Recreational and Development 

Limited, since merged with the DLF 

Building & Services Private Limited, the 

Company has agreed to develop their 

lands along with its own lands at Loni 

(Ankur Vihar) into a colony. In terms of 

the said agreement, the Company is 

entitled to realise and retain the entire 

sale proceeds and pay the cost of land, 

incidentals etc. plus a sum of Rs. 0.10 

lacs per acre to the aforesaid land owners 

on registration of the properties and 

revenue is recognised on proportionate 

realisation basis. 

d) In respect of Dilshad Garden II Scheme, 

the profi t/loss on sale of developed 

plots is accounted by adjusting cost 

proportionate to the realisations made. 

e) The Company on November 3, 2006 

has entered into an agreement to sell 

90

in terms of the resolution passed by 

the Board of Directors in their meeting 

held on March 28, 2006, with one of 

its wholly-owned subsidiary company 

namely, DLF Home Developers Limited 

(“DHDL”) to sell a parcel of land of 

saleable area consisting 30 million sq. 

ft. built up area under construction / 

to be constructed. Further, DHDL will 

complete all the fi nishing work before 

selling the same to its customers. In 

terms of the accounting policy 7 in 

Schedule 24 – “Signifi cant accounting 

policies” to the fi nancial statements on 

revenue recognition, revenue in respect 

of projects under implementation under 

these agreements to sell is being 

recognised based on “percentage of 

completion” method. 

8. The Company has entered into business 

development agreements with DLF 

Commercial Project Corporation and 

Rational Builders and Developers 

(partnership firms). As per these 

agreements, the Company has acquired 

sole irrevocable development rights in 

identified lands which are acquired / to be 

acquired by these partnership firms. 

In terms of accounting policy 6 in Schedule 24 

– “Signifi cant accounting policies” the amount 

paid to these partnership fi rms pursuant to the 

above agreements, are classifi ed as stock of 

development rights. 

9. The following expenses have been directly 

charged to work-in-progress, adjustable on 

sale. 

(Rs. in lacs) 

Particulars 2010 2009 

Salaries, wages and other benefi ts 805.62 520.94 

Legal, professional and 

consultancy charges 

4,664.85 6,193.93 

Repairs and maintenance of 

machinery 

1.16 0.80 

Hire charges of machinery - 5.88 

Power and fuel 0.17 57.06 

Insurance 98.83 57.58 

Finance charges 27,079.52 40,159.73 

Others 2,569.68 913.00 

35,219.83 47,908.92 


A. Gratuity (non funded) 

Amount recognised in the profit & loss 

account is as under 

(Rs. in lacs) 

Description 2010 2009 

Current service cost 76.99 82.02 

Interest cost 72.23 52.87 

Actuarial (gain)/loss recognised (53.78) 154.42 

during the year 

Past service cost - - 

95.44 289.31 

Movement in the liability recognised in the 

balance sheet is as under 

(Rs. in lacs) 


Present value of defi ned benefi t 902.86 660.81 

obligation as at the start of the 

year 



Actuarial (gain)/loss recognised (53.78) 154.42 


Benefi ts paid (20.52) (47.26) 


Present value of defi ned benefi t 

obligation as at the end of the 

year 

977.78 902.86 

For determination of the gratuity liability of the 

Company, the following actuarial assumptions 

were used 


Discount rate 8.00% 8.00% 

Rate of increase in 

compensation levels 

7.50% 7.50% 

B. Compensated absences (non funded) 

Amount recognised in the profit & loss 

account is as under 

(Rs. in lacs) 




Actuarial loss recognised during 121.06 172.83 

the year 


267.83 299.89 

91



balance sheet is as under 

(Rs. in lacs) 




year 

647.32 405.96 



Actuarial loss recognised during 

the year 

121.06 172.83 

Benefi ts paid (115.15) (58.53) 




year 

799.99 647.32 

For determination of the liability in respect 

of compensated absences, the Company has 

used following actuarial assumptions 


Discount rate 8.00% 8.00% 

Rate of increase in 

compensation levels 

C. Provident fund 

7.50% 7.50% 

Contribution made by the Company to the 

provident fund trust setup by the Company 

during the year is Rs. 192.51 lacs (previous 

year Rs. 199.07 lacs). 

As at the year end, no interest shortfall in 

provident fund remains unprovided for as 

there is surplus in the fund. In the absence 

of guidance on actuarial valuation of Fund 

liability, which is to be issued by the Actuarial 

Society of India, the actuarial valuation liability 

towards Provident Fund is not feasible. 

Accordingly, other related disclosures in 

respect of provident fund have not been 

furnished. 

11. Related party disclosures 

a) Relationship: 

(i) Subsidiary companies at any time during the year 

1 Aadarshini Real Estate Developers Private Limited 

2 Abhiraj Real Estate Private Limited 

3 Adelie Builders & Developers Private Limited 

4 Adrienne Builders & Constructions Private Limited 

5 Alastair Builders & Developers Private Limited 

6 Alta Builders & Developres Private Limited 

7 Alvernia Limited 

8 Alvita Builders & Developers Private Limited 

(w.e.f. June 30, 2009) 

9 Aman Gocek Insatt Taahhut Turizm Sanayi ve Ticaret AS 

10 Amancruises (2006) Company Limited 

11 Amancruises Company Limited 

12 Amankila Resorts Limited 

13 Amanproducts Limited 

14 Amanresorts B.V. 

15 Amanresorts International Pte. Limited 

16 Amanresorts IPR B.V. 

17 Amanresorts Limited 

18 Amanresorts Limited ( w.e.f. April 02, 2009) 

19 Amanresorts Mangement B.V. 

20 Amanresorts Services Limited 

21 Amanresorts Technical Services B.V. 

22 Americus Real Estate Private Limited 

23 Amishi Builders & Developers Private Limited 

24 Amoda Builders & Developers Private Limited 

25 Anbest Holdings Limited 

26 Andaman Development Company Limited 

27 Andaman Holdings Limited 

28 Andaman Resorts Co. Limited 

29 Andaman Thai Holding Co. Limited 

30 Andes Resort Limited SAC 

31 Anjuli Builders & Developers Private Limited 

32 Annabel Builders & Developers Private Limited 

33 Aradal Company N.V. 

34 Argent Holdings Limited 

35 ARL Marketing Inc. 

36 ARL Marketing Limited 

37 ASL Management (Palau) Limited 

38 Balina Pansea Company Limited 

39 Barbados Holdings Limited 

40 Bedelia Builders & Construction Private Limited 

41 Belmount Estate Developers Limited # # # 

42 Berenice Real Estate Private Limited 

43 Beverly Park Maintenance Services Limited 

44 Bhamini Real Estate Developers Private Limited 

45 Bhoruka Financial Services Limited 

46 Bhosphorous Investments Limited 

92

(i) 

Subsidiary companies at any time during the year (Contd.) 

47 Bhutan Hotels Limited 

48 Bodrum Development Limited 

49 Breeze Constructions Private Limited 

50 Bhutan Resorts Private Limited 

51 Calantha Builders & Developers Private Limited 

52 Callista Builders & Constructions Private Limited 

53 Caraf Builders & Constructions Private Limited 

(w.e.f. March 19, 2010) 

54 Carreen Builders & Developers Private Limited 

( w.e.f. February 01, 2010) 

55 Caressa Builders & Constructions Private Limited 

56 Catriona Builders & Constructions Private Limited 

57 Cee Pee Maintenance Services Limited 

58 Ceylon Holdings B.V. 

59 Chaitra Realty Limited (up to July 03, 2009) 

60 Chakrita Real Estate Developers Private Limited ++ 

61 Chandrajyoti Estate Developers Private Limited 

62 City Icon Limited 

63 Columbo Resort Holdings N.V 

64 Comfort Buildcon Private Limited 

65 Current Finance Limited 

66 Cyrilla Builders & Constructions Limited 

67 Dalmia Promoters & Developers Private Limited 

68 Dankuni World City Limited 

69 Delanco Home & Resorts Private Limited 

70 Delanco Realtors Private Limited 

71 Deltaland Buildcon Private Limited 

72 DHDL Wind Power Private Limited 

(formerly Var Infratech Private Limited) 

73 Dhoomketu Builders & Developers Private Limited 

74 Diwakar Estates Limited 

75 DLF Ackruti Info Parks (Pune) Limited 

[formerly DLF Akruti Info Parks (Pune) Limited] 

76 DLF Airport Hotels Private Limited (till October 16, 2009) 

77 DLF Aspinwal Hotels Private Limited 

78 DLF Assets Private Limited (w.e.f. March 19, 2010) 

79 DLF Brands Limited 

80 DLF Budget Venture Hotels Private Limited 

(till October 16, 2009) 

81 DLF Business Hotels Ventures Private Limited 

82 DLF City Centre Limited 

83 DLF City Centre Limited 

84 DLF Cochin Hotels Private Limited 

85 DLF Comfort Hotels Private Limited 

86 DLF Commercial Complexes Limited 

87 DLF Commercial Developers Limited 

88 DLF Conventions & Hotels Private Limited 


89 DLF Cyber City Developer Limited 

90 DLF Deluxe Hotels Private Limited (till October 16, 2009) 

91 DLF Developers Limited 

92 DLF Emporio Resturants Limited 

93 DLF Estate Developers Limited 

94 DLF Estates (Delhi) Private Limited ## 

95 DLF Exhibition Centre Private Limited 


96 DLF Exotica Hotels Private Limited +++ 

97 DLF Financial Services Limited 

98 DLF Finvest Limited 

99 DLF Food Courts Private Limited 

100 DLF Garden City Indore Private Limited 

101 DLF Global Hospitality Limited 

102 DLF Golf Resorts Limited 

103 DLF Green Power Private Limited ### 

104 DLF Gurgaon Developers Limited (formerly DLF SEZ 

Holdings Limited) ( w.e.f. August 31, 2009) 

105 DLF Haryana SEZ (Ambala) Limited 

106 DLF Haryana SEZ (Gurgaon) Limited 

107 DLF Hilton Hotels Limited 

108 DLF Hilton Hotels (Mysore) Private Limited 

109 DLF Home Developers Limited 

110 DLF Homes Services Private Limited 

111 DLF Homes Ambala Private Limited 

112 DLF Homes Durgapur Private Limited 

113 DLF Homes Goa Private Limited 

114 DLF Homes Kokapet Private Limited 

115 DLF Homes Panchkula Private Limited 

116 DLF Homes Pune Private Limited 

117 DLF Homes Rajapura Private Limited 

118 DLF Hospitality & Recreational Limited 

119 DLF Hotel Holdings Limited 

120 DLF Hotel Venture Private Limited (till October 16, 2009) 

121 DLF Hotels & Apartments Private Limited 

122 DLF Housing & Construction Limited 

123 DLF Info City Developers (Bangalore) Limited ### 

124 DLF Info City Developers (Chandigarh) Limited 

(w.e.f. March 19, 2010) 

125 DLF Info City Developers (Chennai) Limited 

126 DLF Info City Developers (Hyderabad) Limited ### 

127 DLF Info City Developers (Kolkata) Limited 

(w.e.f. March 19, 2010) 

128 DLF Info Park Developers (Chennai) Limited 

129 DLF Infra Holding Limited 

130 DLF Inns Limited 

131 DLF International Holdings Pte. Limited 

132 DLF International Hospitality Corp. 

133 DLF Jaipur Convention Center Private Limited 

134 DLF Jaipur Hotels Private Limited (till October 16, 2009) 

135 DLF Land Limited 

136 DLF Leisure & Entertainment Private Limited 


137 DLF Luxury Hotels Limited 

138 DLF Metro Limited 

139 DLF Minor Restaurants Private Limited 


140 DLF Mumbai Hotels Private Limited (till October 16, 2009) 

141 DLF New Delhi Convention Center Limited 

142 DLF New Gurgaon Homes Developer Private Limited 

143 DLF New Gurgaon Offi ces Developer Private Limited 

144 DLF New Gurgaon Retail Developer Private Limited 

145 DLF Phase IV Commercial Developers Limited 

93


(i) 


146 DLF Pleasure Hotels Private Limited 

147 DLF Pramerica Life Insurance Co. Limited 

148 DLF Premium Homes Private Limited 

149 DLF Projects Limited 

150 DLF Property Developers Limited 

151 DLF Real Estate Builders Limited 

152 DLF Recreational Foundation Limited 

153 DLF Residential Builders Limited 

154 DLF Residential Developers Limited 

155 DLF Residential Partners Limited 

156 DLF Retail Developers Limited 

157 DLF Retail Services Limited 

158 DLF Rohini Hotels Private Limited (till October 16, 2009) 

159 DLF Service Apartments Limited 

160 DLF Services Limited 

161 DLF SEZ Developers Limited 

162 DLF Sikkim Hotels Private Limited (till October 16, 2009) 

163 DLF Southcourt Hotels Private Limited 

164 DLF Southern Homes Private Limited 

165 DLF SouthernTowns Private Limited 

166 DLF Telecom Limited 

167 DLF Trust Management Pte. Limited 

168 DLF Universal Limited 

169 DLF Utilities Limited 

170 DLF Wind Power Private Limited (formerly Bestvalue 

Housing & Construction Private Limited) 

171 Domus Real Estate Private Limited (till March 01, 2010) 

172 DT Cinemas Limited 

173 DT Projects Limited [formerly DLF Laing O’Rourke 

(India) Limited] (w.e.f. November 11, 2009) 

174 Eastern India Powertech Limited 

175 Ecotech Ventures Limited (till October 31, 2009) 

176 Edward Keventor(Successors) Private Limited 

177 Eila Builders & Developers Private Limited 

178 Enki Retail Private Limited 

179 Eros Retail Private Limited 

180 Falguni Builders Private Limited 

181 Fonton Limited 

182 Foregiant Agents Limited (till May 18, 2009) 

183 Forerum Group Limited 

184 G.S.R. Properties Private Limited (till June 24, 2009) 

185 G.V.R. Properties Private Limited (till June 24, 2009) 

186 Gainway Group Limited (till October 31, 2009) 

187 Gajjala Constructions Private Limited (till June 24, 2009) 

188 Gajjala Ram Reddy Properties Private Limited 

(till June 24, 2009) 

189 Galaxy Mercantiles Limited 

190 Galleria Property Management Services Private Limited 

191 Ganesar Ginning Co. Private Limited (till July 31, 2009) 

192 Ganika Builders Private Limited 

193 Gavin Builders & Developers Private Limited 

194 Geocities Airport Infrastructures Private Limited 

195 G.G.R. Properties Private Limited (till June 24, 2009) 

196 GMR Constructions Private Limited (till June 24, 2009) 

197 Goyo Services Limited 

198 Grandbay Estate Developers Limited ### 

199 Guardian International Private Limited 

200 Gulika Home Developers Private Limited 

201 Gulliver Enterprises Limited 

202 Gyan Real Estate Developers Private Limited 

203 Harini Resorts & Properties Private Limited 

(till June 24, 2009) 

204 Heritage Resorts Private Limited 

205 Hiemo Builders & Developers Private Limited 

(w.e.f. February 02, 2010) 

206 Highvalue Builders Private Limited 

207 Hospitality Tradings Limited 

208 Hotel Finance International Limited 

209 Hotel Sales Service Limited 

210 Hotel Sales Service Private Limited 

211 Incan Valley Holdings Limited 

212 Irama Estates Private Limited # # 

213 Isabel Builders & Developers Private Limited 

214 Jackson Hole Holdings Limited 

215 Jai Luxmi Real Estate Private Limited 

216 Jalisco Holdings Pte. Limited 

217 Janya Estate Developers Private Limited 

218 Jawala Real Estate Private Limited 

219 Juno Retail Private Limited (w.e.f. June 19, 2009) 

220 K G Infrastructure Private Limited 

221 Kairav Real Estate Private Limited 

222 Kapo Retail Private Limited 

223 Khem Buildcon Private Limited 

(w.e.f. February 02, 2010) 

224 L P Hospitality Company Limited 

225 Laman Real Estate Private Limited 

226 Lao Holdings Limited 

227 Lawanda Builders & Developers Private Limited 

228 Le Savoy Limited 

229 Leandra Builders & Developers Private Limited 

230 Life Style Homes Private Limited (till June 24, 2009) 

231 Lodhi Property Company Limited 

232 Marrakech Investments Limited 

233 Mens Buildcon Private Limited 

234 Mhaya Buildcon Private Limited 

235 Monroe Builders & Developers Private Limited 

236 Mouna Constructions Private Limited (till June 24, 2009) 

237 Mouna Estates Private Limited (till June 24, 2009) 

238 Mouna Properties Private Limited (till June 24, 2009) 

239 Mulvey B.V. 

240 Mulvey Venice Sri 

241 Naman Consultants Limited 

242 Nambi Buildwell Private Limited 

243 Necia Builders & Developers Private Limited 

94

(i) 


244 Nellis Builders & Developers Private Limited 

245 New Montana Limited (till October 31, 2009) 

246 NewGen MedWorld Hospitals Limited 

247 Nilayam Builders & Developers Limited 

248 NOH (Hotel) Private Limited (Amangalla) 

249 Nusantara Island Resorts Limited 

250 Otemachi Tower Resorts Co. Limited 

251 Overseas Hotels Private Limited 

252 P.T. Amanresorts Indonesia (Amanusa) 

253 P.T. Amanusa Resort Indonesia 

254 P.T. Indrakila Villatama Development 

255 P.T. Moyo Safari Abadi 

256 P.T. Nusantara Island Resorts 

257 P.T. Tirta Villa Ayu 

258 P.T. Villa Ayu 

259 Palawan Holdings Limited 

260 Paliwal Developers Limited 

261 Paliwal Real Estate Private Limited 

262 PAT Infrastructures Private Limited 

263 Pee Tee Property Management Services Limited 

264 Phraya Riverside (Bangkok) Co. Limited 

265 Princiere Resorts Limited 

266 Prompt Real Estate Private Limited 

267 Puri Limited 

268 Queensdale Management Limited 

269 Rati Infratech Private Limited 

270 Red Acres Development Limited 

271 Regency Park Property Management Services Private 

Limited 

272 Regent Asset Finance Limited 

273 Regent Land Limited 

274 Regional Design & Research B.V. 

275 Regional Design & Research N.V. 

276 Rhea Retail Private Limited (w.e.f. June 19, 2009) 

277 Richmond Park Property Management Services Limited 

278 Riveria Commercial Developers Limited 

279 Rod Retail Private Limited 

280 Saket Courtyard Hospitality Private Limited 

(w.e.f. October 14, 2009 ) 

281 Samali Builders & Developers Private Limited 

282 Sandesh Constructions Private Limited 

(till June 24, 2009) 

283 Sandesh Estates Private Limited (till June 24, 2009) 

284 Serendib Holdings B.V. 

285 Shivajimarg Properties Limited 

286 Silver - Two (Bangkok) Company Limited 

287 Silver Oaks Property Management Services Limited 

288 Silverlink (Mauritius) Limited 

289 Silverlink (Thailand) Company Limited 

290 Silverlink Holdings Limited 

291 Sinonet Holding Limited 

292 Societe Nouvelle de L’Hotel Bora Bora 

293 Solid Buildcon Private Limited 

294 Springhills Infratech Private Limited 

295 Sunbreaze Estate Developers Limited ### 

296 Sunlight Promoters Private Limited 

297 Tahitian Resorts Limited 

298 Tangalle Property (Private) Limted 

299 Toscano Holdings Limited 

300 Universal Hospitality Limited 

301 Urvasi Infratech Private Limited 

302 Valini Builders & Developers Private Limited 

303 Venezia Estate Developers Limited ### 

304 Villajena Development Company Limited 

305 Vkarma Capital Investment Management Company 

Private Limited 

306 Vkarma Capital Trustee Company Private Limited 

307 VSK Investments & Finance Limited 

308 Yucatan Holdings Pte. Limited ( w.e.f. May 19, 2009) 

309 Zeugma Limited 

310 Zola Real Estate Private Limited 

311 Zoria Infratech Private Limited 

(ii) Partnership firms 

1 DLF Commercial Projects Corporation 

2 DLF GK Residency 

3 DLF Offi ce Developers 

4 DLF South Point 

5 Kavicon Partners 

6 Rational Builders and Developers 

7 Saket Courtyard Hospitality (w.e.f. October 20, 2009) 

(iii) Joint Ventures 

1 Banjara Hills Hyderabad Complex 

2 Delanco Real Estates Private Limited 

3 DLF Gayatri Home Developers Private Limited 


Holdings Limited) (till August 30, 2009) 

5 DLF Limitless Developers Private Limited 

6 DLF SBPL Developer Private Limited 

7 DT Projects Limited [formerly DLF Laing O’Rourke 

(India) Limited] (till November 11, 2009) 

8 GSG DRDL Consortium 

9 Kujjal Builders Private Limited 

10 Mount Mary Residential Project 

11 Niharika Shopping Mall (till August 31, 2009) 


13 Star Alubuild Private Limited (w.e.f June 15, 2009) 

14 Y.G. Realty Private Limited (w.e.f July 02, 2009) 

15 Domus Real Estate Private Limited 

(w.e.f March 02, 2010) 

16 Cleva Builders and Developers Private Limited 

(w.e.f. March 31, 2010) 

17 Prowess Buildcon Private Limited 

(w.e.f. March 31, 2010) 


(till October 13, 2009 ) 

(iv) Associates 

1 Australian Resorts Limited 

2 DLF Pramerica Asset Managers Private Limited 

(formerly DLF Pramerica Advisory Private Limited) 

(till March 09, 2010) 

95


(iv) 

Associates (Contd.) 

3 DLF Pramerica Trustees Private Limited 


4 Ferragamo Retail India Private Limited 

5 Giorgio Armani India Private Limited 

6 Islan Aviation Limited 

7 Joyous Housing Limited 

8 Kyoto Resorts YK 

9 Lillion Builders and Developers Private Limited 

(till September 23, 2009) 

10 P.T Jawa Express Amanda Indah 

11 PAMALICAN Island Holdings Inc. 

12 Pandis (Thailand) Company Limited 

13 Pansea Tourism Company Limited 

14 Regional D & R Limited 

15 Revlys SA 

16 Seven Seas Resorts and Leisure Inc. 

17 Surin Bay Co. Limited 

18 Villajena 

19 Zeus Infrastructure Private Limited 

### Companies which are subsidiaries, merged with the 

DLF Commercial Developers Limited a 100% subsidiary 

company w.e.f April 1, 2008 as per merger order of 

respective High Courts fi led with the Registrar of Companies 

on March 3, 2010. 

## Companies which are subsidiaries, merged with the DLF 

Home Developers Limited a 100% subsidiary company 

w.e.f April 1, 2008 as per merger order of respective High 

Courts fi led with the Registrar of Companies on February 

23, 2010. 

+++ Company already winded up u/s 560, the Registrar of 

Companies approval awaited 

++ Company which is a subsidiary merged with DLF Residential 

Partners Limited w.e.f. September 1, 2008 as per merger 

order of respective High Courts fi led with the Registrar of 

Companies on March 4, 2010. 

(v) Key Management Personnel 

Name Designation Relatives (Relation)* 

a) Mr. K.P. Singh Chairman Mrs. Renuka Talwar 

(Daughter) 

b) Mr. Rajiv Singh Vice Chairman Mrs. Kavita Singh 

(Wife) 

Ms. Savitri Devi Singh 

(Daughter) 

Ms. Anushka Singh 

(Daughter) 

c) Mr. T.C. Goyal Managing Director Mrs. Sharda Goyal 

(Wife) 

d) Ms. Pia Singh Whole-time Mr Dhiraj Sarna 

Director 

e) Mr. K. Swarup Sr. Executive 

Director 

(Husband) 

Mrs. Veena Swarup 

(Wife) 

Mr Manish Swarup 

(Son) 

* Relatives of key management personnel (other than key 

management personnel themselves) with whom there were 

transactions during the year 

(vi) Other enterprises under the control of the key 

management personnel and their relatives : 

1 A.S.G. Realcon Private Limited 

2 Adampur Agricultural Farm 

3 Adept Real Estate Developers Private Limited 

4 AGS Buildtech Private Limited 

5 Altamount Real Estate Developers Private Limited 

6 Angus Builders & Developers Private Limited 

7 Antriksh Properties Private Limited 

8 Anubhav Apartments Private Limited 

9 Aquarius Builders & Developers Private Limited 

10 Arihant Housing Company* 

11 Atria Partners 

12 Bansal Development Company Private Limited 

13 Belicia Builders & Developers Private Limited 

14 Beryl Builders & Constructions Private Limited 

15 Beverly Park Operation and Maintenance Services 


16 Buland Consultants & Investments Private Limited 


( till March 18, 2010) 

18 Centre Point Property Management Services Private 

Limited 

19 Ch. Lal Chand Memorial Charitable Trust 

20 Cian Builders & Developers Private Limited 

(formerly DLF SEZ Parks Private Limited) 

21 DLF Assets Private Limited (till March 18, 2010) 





24 Desent Promoters & Developers Private Limited 

25 Diana Retail Private Limited 

26 Digital Talkies Private Limited 

27 Dilly Builders & Developers Private Limited 

28 Dinky Builders & Developers Private Limited 

29 DLF Building & Services Private Limited 

30 DLF Commercial Enterprises 

31 DLF Foundation 

32 DLF Investments Private Limited 

33 DLF M.T.FBD Medical and Community Facility 

Charitable Trust 

34 DLF Q.E.C. Educational Charitable Trust 

35 DLF Q.E.C. Medical Charitable Trust 

36 DLF Raghvendra Temple Trust 

37 Elanor Builders & Developers Private Limited 

38 Excel Housing Construction Private Limited 

39 Exe. of The Estate of Lt. Ch. Raghvendra Singh 

40 Exe. of The Estate of Lt. Smt. Prem Mohini 

41 Family Idol Shri Radha Krishan Ji 

96

(vi) Other enterprises under the control of the key 

management personnel and their relatives : (Contd.) 

42 Family Idol Shri Shiv Ji 

43 Galena Builders & Constructions Private Limited 

44 Gangrol Agricultural Farm & Orchard 

45 General Marketing Corporation 

46 Glaze Builders & Developers Private Limited 

47 Haryana Electrical Udyog Private Limited 

48 Herminda Builders & Developers Private Limited 

49 Hitech Property Developers Private Limited 

50 Indira Trust 

51 Ishtar Retail Private Limited 

52 Jhandewalan Ancillaries and Investments Private 

Limited 

53 K. P. Singh HUF 

54 Kohinoor Real Estates Company * 

55 Krishna Public Charitable Trust 

56 Lal Chand Public Charitable Trust 

57 Lion Brand Poultries 

58 Maaji Properties and Development Company * 

59 Madhukar Housing and Development Company * 

60 Madhur Housing and Development Company * 

61 Magna Real Estate Developers Private Limited 

62 Mallika Housing Company * 

63 Megha Estates Private Limited 

64 Northern India Theatres Private Limited 

65 Pace Financial Services 

66 Panchsheel Investment Company * 

67 Panchvati Estates Private Limited 

68 Parvati Estates Private Limited 

69 Pia Pariwar Trust 

70 Plaza Partners 

71 Power Overseas Private Limited 

72 Prem Traders & Investments Private Limited 

73 Prem’s Will Trust 

74 Pushpak Builders and Developers Private Limited 

75 R.R Family Trust 

76 Raghvendra Public Charitable Trust 

77 Raisina Agencies & Investments Private Limited 

78 Rajdhani Investments & Agencies Private Limited 

79 Realest Builders and Services Private Limited 

80 Renkon Partners 

81 Renuka Pariwar Trust 

82 Sabre Investment Advisor India Private Limited 

83 Sabre Investment Consultants LLP 

84 Sagarika Real Estate Developers Private Limited 

85 Sambhav Housing and Development Company * 

86 Sanidhya Constructions Private Limited 

87 Sidhant Housing and Development Company * 

88 Singh Family Trust 

89 Sketch Investment Private Limited 

90 Smt. Savitri Devi Memorial Charitable Trust 

91 Solace Housing and Construction Private Limited 

92 Solange Retail Private Limited 

93 Sudarshan Estates Private Limited 

94 Sukh Sansar Housing Private Limited 

95 Sukomal Builders & Developers Private Limited 

96 Sulekha Builders & Developers Private Limited 

97 Super Mart One Property Management Services 


98 Super Mart Two Property Management Services 


99 Trinity Housing and Construction Company * 

100 Udyan Housing and Development Company * 

101 Ultima Real Estate Developers Private Limited 

102 Universal Management & Sales Private Limited 

103 Upeksha Real Estate Developers Private Limited 

104 Uplift Real Estate Developers Private Limited 

105 Urva Real Estate Developers Private Limited 

106 Uttam Builders and Developers Private Limited 

107 Uttam Real Estates Company * 

108 Vishal Foods and Investments Private Limited 

109 Yashika Properties and Development Company * 

* A private company with unlimited liability. 

b) The following transactions were carried out with related parties in the ordinary course of business 

(Rs. in lacs) 

Description Subsidiaries/ partnership firms Joint ventures/ Associates 

2010 2009 2010 2009 

Sale of land and constructed properties 41,144.15 740.99 - - 

Sale of gas 706.54 268.18 - - 

Sale of development rights 3,651.97 8,297.38 - - 

Sale of surplus construction material (including material transfer) 12,483.71 785.26 - - 

Development charges 629.88 - - - 

Royalty income 2,377.57 - - - 

Dividend income 25,009.54 - - - 

Sale of fi xed assets 15,003.96 1,741.19 - - 

Interest income – Loan 41,767.08 95,044.43 422.17 206.04 

Interest income – Debentures 3,099.60 776.43 - - 

Miscellaneous income# 55.39 31.25 - - 

97


(Rs. in lacs) 

Description Subsidiaries/ partnership firms Joint ventures/ Associates 

2010 2009 2010 2009 

Rent received # 736.16 138.53 - - 

Maintenance and service charges paid # 537.11 588.64 - - 

Expenses recovered # 11,830.09 4,475.22 52.35 2,098.75 

Purchase of land, developed plots and material 3,997.20 1,104.17 - - 

Rent paid # 42.68 14.67 - - 

Interest paid 189.81 141.40 - - 

Expenses paid 4,692.31 3,779.89 - 51.69 

Technical/ professional charges paid 26.96 1,188.00 - 314.11 

Payments under construction contracts 13,647.70 - 2,618.04 29,915.24 

Investment purchased 15,076.70 60,808.64 - 20,125.00 

Investments sold 2,960.80 1,220.13 - - 

Debentures purchased - 68,245.00 - - 

Debentures sold - 29,500.00 - - 

Profi t / (loss) from partnership fi rms (net) (527.56) (530.69) - - 

Loans given 1,018,377.21 858,492.24 633.00 1,003.00 

Loan received back 1,154,379.43 845,244.61 499.00 52.00 

Guarantees given (net) 237,747.86 126,567.00 13,005.93 - 

Advances received under agreement to sell 8,444.02 16,665.89 - 17,600.00 

Earnest money paid under agreement to purchase land/ 

13,373.46 22,625.26 - 

development rights 

- 

Earnest money paid under agreement to purchase land/ 

development rights refunded 

33,266.98 29,637.36 - - 

Advances given 4,130.44 2,295.40 3,731.00 517.00 

Purchase of development rights - 5,656.29 - - 

Loans Taken 4,766.73 1,200.00 - - 

Loans refunded - 1,200.00 - - 

Claims paid - 875.00 - - 

# Figures shown above are net of service tax 

(Rs. in lacs) 

Balance at the end of the year Subsidiaries/ partnership firms Joint ventures/ associates 

2010 2009 2010 2009 

Debtors (Including unbilled receivables) 111,358.06 3,684.26 - - 

Investments in shares/ partnership fi rms 239,070.72 226,520.57 21,663.00 21,665.50 

Investments in debentures 38,745.00 38,745.00 - - 

Interest accrued on debentures 2,806.03 600.92 - - 

Loans and advances 746,478.19 794,585.67 13,911.57 9,506.89 

Earnest money and part payments under agreement to purchase 448,039.32 469,704.93 - - 

land/ development rights/ constructed properties (net of interest 

capitalised) 

Creditors/ amounts payable 18,209.70 3,602.07 154.67 4,378.81 

Guarantees given 626,456.09 388,708.23 13,005.93 - 

Advances received under agreement to sell 61,868.90 53,615.29 - - 

Earnest money received 23,731.50 23,731.50 - - 

Security deposit received 343.78 305.76 - - 

Unsecured loan (taken) 4,766.73 - - - 

Interest payable 3,036.99 - - - 

Interest accrued but not due 117.65 - - - 

Security deposit paid 48.22 - - - 

98

Description 

(Rs. in lacs) 

Key Management Personnel 

(KMP) and their relatives 

Enterprises over which KMP 

is able to exercise significant 

influence 

2010 2009 2010 2009 

Purchase of land and material - - 34.34 10.94 

Development charges - - 23,201.48 101,235.83 

Remuneration paid 2,591.27 1,693.86 - - 

Interest income - - - 10.54 

Rent paid 21.63 21.63 39.41 41.97 

Interest paid - - - 14,432.24 

Lease money received - - 23.36 2.09 

Expenses recovered - - 6.24 13.56 

Miscellaneous income - - - 6.68 

Expenses paid - - 792.05 191.06 

Loan given - - - 300.00 

Loan received back - - - 300.00 

Advance received under agreement to sell 1,181.73 279.11 - - 

Balance at the end of the year 

Unbilled receivables - - - 18,763.13 

Security deposit given - - 0.06 5.17 

Investment - - 85.80 85.80 

Earnest money and part payments under agreement to purchase 

- - 235.44 303.58 

land/ constructed properties 

Advance received under agreement to sell 2,104.16 922.43 - - 

Amount recoverable/advances - - - 7.00 

Creditors/ amounts payable 175.00 94.94 5.02 3,165.23 

Managerial commission payable 1,322.35 825.00 - - 

Above includes the following material transactions 

(Rs. in lacs) 

Description 

Subsidiaries/ partnership firms under control 

Transactions during the year Name of the entity 2010 2009 

Sale of land and constructed properties DLF Home Developers Limited 41,144.15# 740.99# 

Sale of gas DLF Utilities Limited 706.54 268.18 

Sale of development rights DLF Homes Ambala Private Limited - 1,135.29 

DLF Garden City Indore Private Limited 46.24 1,633.02 

DLF Southern Towns Private Limited 511.09 947.70 

DLF New Gurgaon Homes Developer Private Limited - 3,600.00 

DLF Southern Homes Private Limited 3,094.64 569.21 

Sale of surplus construction material DLF Southern Homes Private Limited 2,707.92 - 

(including material transfer) 

Shivajimarg Properties Limited 1,536.59 - 

DLF New Gurgaon Homes Developer Private Limited 4,836.72 - 

DLF Cyber City Developers Limited 257.72 646.54 

Development charges DLF Assets Private Limited 629.88 - 

Royalty income DLF Homes Panchkula Private Limited 2,377.57 - 

Dividend income DLF Home Developers Limited 25,009.54 - 

Sale of fi xed assets DLF Utilities Limited - 1,741.19 

Saket Courtyard Hospitality 15,000.00 - 

Interest income - loan DLF Retail Developers Limited 19,325.42 37,749.98 

DLF Home Developers Limited 4,870.56 22,857.70 

Interest income - debentures Jawala Real Estate Private Limited 3,099.60 755.79 

99


Description 


(Rs. in lacs) 


Miscellaneous income# DLF Utilities Limited 5.00 5.00 

DLF Housing and Construction Limited 5.00 5.00 

Edward Keventor (Successors) Private Limited 5.00 5.00 

DLF Services Limited 26.40 - 

Rent received # DLF Retail Developers Limited 27.67 83.00 

DLF Brands Limited 149.79 27.48 

DLF Commercial Developers Limited 5.20 5.20 

DT Cinemas Limited 325.00 - 

DLF Food Courts Private Limited 150.43 4.88 

Maintenance and service charges paid # DT Cinemas Limited - 209.40 

DLF Services Limited 229.99 - 

DLF Estate Developers Limited 283.45 379.24 

Expenses recovered # DLF Cyber City Developers Limited 376.77 686.10 

Purchase of land, developed plots and 

material 

DLF Utilities Limited 5,013.21 2,124.99 

DLF Retail Developers Limited 46.72 81.14 


DLF Home Developers Limited 4,264.08 312.49 

DLF Utilities Limited 1,609.89 915.38 

DLF Housing & Construction Limited 125.24 188.79 

DLF Cyber City Developers Limited 961.44 - 

DLF Assets Private Limited 1,181.93 - 

Rent paid # DLF Offi ce Developers - 13.55 

Lodhi Property Company Limited 41.55 - 

Interest expenses Bhoruka Financial Services Limited - 141.40 

DT Cinemas Limited 130.73 - 

DT Projects Limited [formerly DLF Laing O’Rourke 

59.08 - 

(India) Limited] 

Expenses paid DLF Projects Limited - 3,069.47 


DLF Home Developers Limited 0.86 0.20 


Technical/professional charges paid DLF Hotel Holdings Limited 26.96 1,188.00 

Payments under construction contracts DT Projects Limited [formerly DLF Laing O’Rourke 

13,647.70 - 


Investments purchased DLF Info Park Developers (Chennai) Limited - 32,000.00 

DLF Hotel Holdings Limited 8,308.00 16,045.00 

DLF Pramerica Life Insurance Company Limited 6,234.50 10,137.00 

Investments sold DLF Offi ce Developers 209.50 622.48 

DLF South Point 1,262.56 503.65 

Kavicon Partners - 94.00 

DLF Utilities Limited 1,486.24 - 

Debentures purchased Jawala Real Estate Private Limited - 38,745.00 

DLF SEZ Developers Limited - 29,500.00 

Debentures sold DLF SEZ Developers Limited - 29,500.00 

Profi t / (loss) on partnership fi rms (net) DLF Offi ce Developers 265.06 379.98 


DLF Commercial Projects Corporation (353.93) (1,009.79) 

DLF South Point (3.72) 1.28 

Rational Builders & Developers (453.33) (2.87) 

100

Description 


(Rs. in lacs) 


Saket Courtyard Hospitality (52.41) - 

Loans given DLF Retail Developers Limited 136,088.90 190,412.04 

DLF Commercial Developers Limited 50,551.81 181,562.51 


DLF Cyber City Developers Limited 281,249.15 11,744.00 

Loan received back DLF Retail Developers Limited 153,910.33 249,828.09 

DLF Commercial Developers Limited 61,055.00 196,162.89 



Guarantees given (net) DLF Commercial Developers Limited (4,900.00) (44,500.00) 

Regency Park Property Management Services Private 

- 41,100.00 

Limited 

DLF Cyber City Developers Limited (15,650.00) 117,500.00 

Jawala Real Estate Private Limited - (90,000.00) 

DLF Home Developers Limited 40,000.00 - 

DLF Commercial Complexes Limited (36,567.00) - 

DLF Ackruti Info Parks (Pune) Limited 

30,534.86 - 



28,000.00 - 


DLF Global Hospitality Limited 179,580.00 - 

Advances received under agreement DLF New Gurgaon Homes Developers Private Limited 8,444.02 16,665.89 

to sell 

Earnest money paid under agreement to DLF Commercial Projects Corporation 8,849.52 16,770.00 

purchase land/ development rights 

Rational Builders & Developers 3,105.50 5,855.26 

Earnest money paid under agreement DLF Commercial Projects Corporation 32,375.22 25,522.28 

to purchase land/ development rights 

refunded 

Rational Builders & Developers 891.76 4,115.08 

Advances given (net) DLF Projects Limited 4,130.44 2,295.40 

Purchase of development rights DLF Commercial Projects Corporation - 3,000.00 

Rational Builders and Developers - 2,266.29 

Loan taken DT Cinemas Limited 4,766.73 - 

Bhoruka Financial Services Limited - 1,200.00 

Loan refunded Bhoruka Financial Services Limited - 1,200.00 

Claim paid DLF Hilton Hotels Limited - 875.00 


(Rs. in lacs) 


Balance at the end of the year Name of the entity 2010 2009 

Debtors (Including unbilled receivables) DLF Homes Ambala Private Limited 1,135.29 1,135.29 

DLF Garden City Indore Private Limited 942.89 896.65 

DLF Southern Towns Private Limited 1,458.79 947.70 

DLF Southern Homes Private Limited 3,663.86 569.21 


DLF Home Developers Limited 28,405.21 - 

Investments in shares / partnership fi rms DLF Info Park Developers Chennai Limited 32,000.00 32,000.00 

Edward Keventor (Successors) Private Limited 43,892.06 43,892.06 

DLF Hotel Holdings Limited 125,968.00 117,660.00 

101



(Rs. in lacs) 


Investments in debentures Jawala Real Estate Private Limited 38,745.00 38,745.00 

Interest accrued on debentures Jawala Real Estate Private Limited 2,789.64 584.53 

Loans and advances given DLF Retail Developers Limited 294,018.96 294,363.14 

Earnest money and part payments under 

agreement to purchase land/ development 

rights/ constructed properties (net of 

interest capitalised) 


DLF Cyber City Developers Limited 99,488.48 60.54 

DLF Commercial Projects Corporation 348,248.54 371,774.24 

Rational Builders & Developers 92,348.60 90,134.86 

Creditors/ amounts payable DLF Hotel Holdings Limited 1,737.45 1,712.07 

DLF Commercial Projects Corporation 1,888.24 1,534.31 



4,895.19 - 

DLF Commercial Developers Limited 2,457.88 - 


Guarantees given DLF Commercial Developers Limited 43,000.00 43,000.00 

Regency Park Property Management Services Private 

Limited 

41,100.00 41,100.00 


DLF Info City Developers (Chennai) Limited 27,700.00 27,700.00 

DLF Global Hospitality Limited 179,580.00 - 

Advances received under agreement DLF New Gurgaon Homes Developers Private Limited 61,868.90 53,424.89 

to sell 

DLF Financial Services Limited - 29.75 

DLF Utilities Limited - 117.53 

Diwakar Estates Limited - 25.27 

Earnest money received DLF Home Developers Limited 23,731.50 23,731.50 

Security deposit received DT Cinemas Limited - 62.97 

DLF Brands Limited 148.00 96.14 

Kapo Retail Private Limited 51.94 45.59 

DLF Food Courts Private Limited 125.69 84.77 

Unsecured loan (taken) DT Cinemas Limited 4,766.73 - 

Interest payable DLF Assets Private Limited 3,036.99 - 

Interest accrued but not due DT Cinemas Limited 117.65 - 

Security deposits paid Lodhi Property Company Limited 44.22 - 

(Rs. in lacs) 

Description 

Joint Ventures/ Associates 


Interest income on loan Delanco Real Estate Private Limited 330.80 206.04 

Joyous Housing Limited 91.37 - 

Expenses recovered # DLF New Gurgaon Homes Developer Private Limited - 2,011.47 


52.35 85.06 


Expenses paid Delanco Real Estate Private Limited - 51.68 

Advances received under agreement 

to sell 

DLF New Gurgaon Homes Developers Private Limited - 17,600.00 

102

(Rs. in lacs) 

Description 



Technical/ professional charges paid WSP Engineering Services Limited - 314.11 

Payments under construction contracts DT Projects Limited [formerly DLF Laing O’Rourke 

2,325.64 29,915.24 


Star Alubuild Private Limited 292.40 - 

Investment purchased DLF Limitless Developers Private Limited - 20,125.00 

Guarantees given Kujjal Builders Private Limited 11,900.00 - 

Loans given Delanco Real Estate Private Limited 633.00 1,003.00 

Loan received back Delanco Real Estate Private Limited 499.00 52.00 

Advances given Joyous Housing Limited 3,731.00 517.00 


(Rs. in lacs) 



Investments in shares DLF Limitless Developers Private Limited 20,125.50 20,125.50 

Delanco Real Estate Private Limited 1,500.00 1,500.00 

Loans and advances Delanco Real Estate Private Limited 2,647.37 2,215.65 

Joyous Housing Limited 11,104.48 7,291.24 

Creditors/ amounts payable 


- 4,376.88 


Star Alubuild Private Limited 154.46 - 


(Rs. in lacs) 

Description 

Enterprises over which KMP is able to exercise significant influence 

Transactions during the year Name of the Entity 2010 2009 

Purchase of land and material DLF Building & Services Private Limited 34.34 10.94 

Development charges DLF Assets Private Limited 23,201.48 101,235.83 

Interest income DLF Q.E.C. Medical Charitable Trust - 10.54 

Rent paid # Realest Builders & Services Limited 4.89 9.67 

DLF Q.E.C. Medical Charitable Trust 14.20 13.13 

DLF Q.E.C. Educational Charitable Trust 18.93 17.51 

Interest paid DLF Assets Private Limited - 14,432.85 

Lease money received DLF Assets Private Limited 23.36 2.09 

Expenses recovered # DLF Assets Private Limited 0.08 1.77 

DLF Info City Developers (Chandigarh) Limited 2.04 6.87 

DLF Info City Developers (Kolkata) Limited 3.50 4.63 

DLF Commercial Enterprises 0.55 0.14 

Miscellaneous income # DLF Building & Services Private Limited - 6.68 

Expenses paid DLF Q.E.C. Medical Charitable Trust - 22.37 

DLF Q.E.C. Educational Charitable Trust - 108.71 

Pace Financial Services 4.56 35.24 

DLF Foundation 787.49 24.75 

Loan given DLF Q.E.C. Medical Charitable Trust - 300.00 

Loan received back DLF Q.E.C. Medical Charitable Trust - 300.00 


103


Description 


(Rs. in lacs) 

Balance at the end of the year Name of the Entity 2010 2009 

Unbilled receivables DLF Assets Private Limited - 18,763.13 

Security deposit given DLF Q.E.C. Medical Charitable Trust - 1.25 


Investments Digital Talkies Private Limited 80.68 80.68 

Earnest money and part payments 

under agreement to purchase land/ 

DLF Building & Services Private Limited 

201.18 269.31 


Amount recoverable/advances DLF Info City Developers (Chandigarh) Limited - 6.85 

DLF Commercial Enterprises - 0.14 

Creditors/ amounts payable DLF Q.E.C. Educational Charitable Trust 0.77 101.70 

DLF Q.E.C. Medical Charitable Trust 0.10 20.87 

DLF Building & Services Private Limited 0.94 - 

Plaza Partners 2.84 2.84 

Amount payable DLF Assets Private Limited - 3,039.44 

(Rs. in lacs) 

Description 

Key Management Personnel (KMP) and their relatives 

Transactions during the year Name of the KMP and their relatives 2010 2009 

Remuneration paid Mr. K.P. Singh 500.66 306.52 

Mr. Rajiv Singh 543.17 332.30 

Mr. K. Swarup 393.19 181.14 

Mr. T.C. Goyal 831.70 559.42 

Ms. Pia Singh 322.54 284.48 

Rent paid Mrs. Veena Swarup 21.63 21.63 

Advance received under agreement to sell Mr. T.C. Goyal 302.76 - 

Mrs. Sharda Goyal 437.08 - 

Mr. Dhiraj Sarna 244.17 279.11 

Mr. K. Swarup 144.47 - 

Balance at the end of the year 

Creditors/ amounts payable Mr. K.P. Singh - 7.22 

Mr. Rajiv Singh - 10.73 

Ms. Pia Singh - 1.99 

Mr. K. Swarup 175.00 75.00 

Managerial commission payable Mr. K.P. Singh 398.59 250.00 


Mr. T.C. Goyal 400.00 225.00 

Ms. Pia Singh 125.00 100.00 



Mr. Dhiraj Sarna 1,087.30 843.13 

104

12. Information pursuant to clause 32 of the listing agreements with stock exchanges 

a. Loans and advances in the nature of loans to Subsidiaries/ 

Associates/Joint ventures/ partnership firms/others 

Balance as on 

March 31 

(Rs. in lacs) 

Maximum balance 


Name of the entity Status 2010 2009 2010 2009 

1 Kairav Real Estate Private Limited Subsidiary 4,953.72 5,193.92 6,414.78 5,193.92 

2 DLF Housing and Construction Limited Subsidiary 918.88 940.00 965.50 940.00 

3 DLF Commercial Developers Limited Subsidiary 1,672.84 10,882.20 28,396.94 105,507.38 

4 DLF Retail Developers Limited Subsidiary 293,355.62 293,784.17 340,532.61 341,612.39 

5 DLF Home Developers Limited Subsidiary 31,658.53 275,153.06 278,817.22 275,153.06 

6 Paliwal Developers Limited Subsidiary 1,690.24 1,134.27 1,690.24 1,749.23 

7 Beverly Park Maintenance Services Limited Subsidiary 41,792.02 34,944.00 41,792.02 46,963.09 

8 DLF Cyber City Developers Limited Subsidiary 99,675.32 - 99,675.32 14,021.54 

9 Breeze Construction Private Limited Subsidiary 14,854.16 13,681.45 14,854.16 13,681.45 

10 DLF Utilities Limited Subsidiary 38,516.11 11,666.29 38,516.11 11,666.29 

11 VSK Investment and Finance Limited Subsidiary 13,873.20 14,240.62 14,240.62 14,240.62 

12 DLF Brands Limited Subsidiary 11,058.80 5,911.56 11,058.80 72,085.72 

13 DT Cinemas Limited Subsidiary 2,407.43 4,240.62 5,403.91 4,240.62 

14 DLF Services Limited Subsidiary 45.85 604.63 1,988.39 604.63 

15 DLF Estate Developers Limited Subsidiary 1,294.25 955.88 1,294.25 1,328.50 

16 NewGen MedWorld Hospitals Limited Subsidiary 50.51 46.64 50.51 46.64 

17 Dalmia Promoters and Developers Private Limited Subsidiary 827.93 762.32 827.93 762.32 

18 DLF Finvest Limited Subsidiary - 31.00 31.34 611.41 

19 Eastern India Powertech Limited Subsidiary 44,527.14 38,855.68 44,527.14 38,855.68 

20 DLF Hotel Holdings Limited Subsidiary 8,370.43 - 8,370.43 10,478.78 

21 DLF SEZ Developers Limited Subsidiary 370.78 318.03 373.42 318.03 

22 Edwards Keventor (Successors) Private Limited Subsidiary 1,413.57 7,494.79 7,622.29 7,494.79 

23 Bhoruka Financial Services Limited Subsidiary - 3,762.13 3,762.13 3,960.00 

24 DLF Info City Developers (Chennai) Limited Subsidiary 581.33 1,527.45 22,700.56 2,954.00 

25 Delanco Real Estate Private Limited Joint Venture 2,647.37 2,215.65 2,647.37 2,215.65 


Subsidiary - 14,176.52 14,452.56 14,176.52 


27 DLF Emporio Restaurants Limited Subsidiary 2,411.04 408.30 2,411.04 408.30 

28 DLF Financial Services Limited Subsidiary - 0.69 0.69 0.69 

29 Galleria Property Management Services Private Limited Subsidiary 3,989.74 2,637.93 3,989.74 3,922.43 

30 Regency Park Property Management Services Private Subsidiary 106.13 1,237.77 2,035.77 20,230.13 

Limited 

31 DLF City Centre Limited Subsidiary 110.50 5,952.37 6,918.17 5,952.37 

32 DLF Food Court Private Limited Subsidiary 1,272.27 240.58 1,272.27 240.58 

33 Jawala Real Estate Private Limited Subsidiary 7,781.38 2,534.68 7,781.38 2,534.68 

34 DLF Property Developers Limited Subsidiary 374.40 61.70 513.70 146.00 

35 DLF Commercial Complexes Limited Subsidiary 43,411.24 21,965.25 49,698.75 21,965.25 

36 DLF Land Limited Subsidiary 1,118.61 - 1,118.61 - 

37 DLF Real Estate Builders Limited Subsidiary 252.04 - 252.04 - 

38 DLF Residential Partners Limited Subsidiary 885.14 - 885.14 - 

39 DLF Residential Developers Limited Subsidiary 417.97 - 417.97 - 

40 DLF Wind Power Private Limited (formerly Bestvalue 

Housing and Construction Private Limited) Subsidiary 69.66 - 69.66 - 

41 Diwakar Estates Limited Subsidiary - - 1.00 - 

42 DLF Info Park Developers Chennai Limited Subsidiary 72.32 - 72.32 - 

43 Caressa Builders & Construction Private Limited Subsidiary 1.05 - 1.05 - 

105


a. Loans and advances in the nature of loans to Subsidiaries/ 

Associates/Joint ventures/ partnership firms/others 

Balance as on 

March 31 

(Rs. in lacs) 

Maximum balance 


Name of the entity Status 2010 2009 2010 2009 

44 Shivajimarg Properties Limited Subsidiary 1,009.17 - 1,009.17 - 

45 Chandrajyoti Estate Developers Private Limited Subsidiary 20.13 - 20.13 - 

46 DLF New Gurgaon Offi ces Developers Private Limited Subsidiary 2.04 - 2.04 - 

47 DLF GK Residency Partnership 2,029.47 2,679.60 4,846.60 2,679.60 

48 DLF Q.E.C. Medical Charitable Trust Other - - - 300.00 

● There are no transactions of loans and advances to subsidiaries, associate fi rms/ companies in which Directors are interested other than 

as disclosed above. 

● There are no loans and advances in the nature of loans where there is no repayment schedule or repayment beyond seven years or no 

interest or interest below Section 372A of the Companies Act, 1956. 

13. Operating leases 

A) Assets given on lease * 

(Rs. in lacs) 

Class of assets 

Gross block as on 

March 31, 2010 

Depreciation 

for the year 

Cumulative 

Depreciation 

2009-10 March 31, 2010 

a) Fixed assets (Leasehold land and building) 35,701.44 559.76 612.48 

b) Current assets (Constructed buildings and related equipments 

including land) 

Lease hold 3,054.27 52.12 949.84 

Free hold 12,345.09 284.59 570.60 

* Includes partly self occupied properties. 

B) The Company has leased facilities under non- cancelable operating leases. The future minimum 

lease payment in respect of these leases as at March 31, 2010 are: 

(Rs. in lacs) 

Minimum lease payments receivables: March 31, 2010 March 31, 2009 

(i) Not later than one year 8,690.15 6,446.58 

(ii) Later than one year and not later than fi ve years 7,469.84 9,766.17 

(iii) Later than 5 years - - 

Total 16,159.99 16,212.75 

14. Investments in Joint Ventures 

S. No Joint venture Location Principal activities Ownership 

interest 

1 Niharika Shopping Mall Joint Venture* (till August 31, 2009) Mumbai Development and construction 50% 

of shopping mall 

2 Mount Mary Residential Project Mumbai Development and construction 50% 

of residential building 

3 Delanco Real Estate Private Limited New Delhi Real estate consulting and 

50% 

brokerage 

4 DLF Limitless Developers Private Limited New Delhi Development and construction 50% 

of townships 


Holdings Limited) (till August 30, 2009) 

New Delhi Development and construction 

of townships 

50% 

106

A) The Company’s share of the assets, liabilities, income and expenditure of the signifi cant joint ventures 

(under jointly controlled operations) are as follows: 

(Rs. in lacs) 

a) Amount in respect of Niharika Shopping Mall Joint Venture* – Balance Sheet 

(till August 31, 2009) 

2010 2009 

Reserves and surplus - 1.54 

Secured loans - 3,437.01 

Unsecured loans - - 

Fixed assets (less accumulated depreciation) - 5.44 

Inventories - 7,766.38 

Cash and bank - 220.50 

Sundry debtors - 2.54 

Loans and advances - 978.01 

Current liabilities and provisions - 334.30 

Amount in respect of Niharika Shopping Mall Joint Venture – Statement of Profit & Loss Account 

Selling, general and administrative expenses 0.86 0.49 

Interest received - 0.01 

Net profi t / (loss) after tax & prior period item (0.86) (0.48) 

* The Company has exit from the joint venture on August 31, 2009 

b) Amounts in case of Mount Mary Project (under jointly controlled operations) is Rs. Nil, as the 

project has not yet commenced. 

B) The Company’s share of the assets, liabilities, income and expenditure of the signifi cant joint ventures 

(under jointly controlled entities) are as follows: 

(Rs. in lacs) 

a) Amount in respect of Delanco Real Estate Private Limited – Balance Sheet 2010 2009 

Reserves and surplus 652.29 537.27 

Secured loans 5.31 9.69 

Unsecured loans 1,174.83 1,028.15 

Fixed assets (less accumulated depreciation) 15.45 23.67 

Investments 1.30 0.80 

Sundry debtors 197.96 19.00 

Cash and bank 17.57 110.39 

Loans and advances 2,441.67 2,214.83 

Current liabilities and provisions 341.53 293.59 

Amount in respect of Delanco Real Estate Private Limited – Profit & Loss Account 

Income from operations 317.25 302.91 

Other income 319.00 244.78 


Finance expenses 166.34 104.49 

Net profi t / (loss) after tax & prior period item 115.03 (77.64) 

107


(Rs. in lacs) 

b) Amount in respect of DLF Limitless Developers Private Limited – Balance Sheet 2010 2009 

Cash and bank 9,687.48 4.74 


Other current assets 730.24 - 

Current liabilities and provisions 165.03 8.21 

Reserves and surplus 927.18 (128.96) 

Amount in respect of DLF Limitless Developers Private Limited – Profit & loss account 

Interest received 1,621.64 - 


Net profi t / (loss) after tax & prior period item 1,056.14 (13.91) 

(Rs. in lacs) 

c) Amount in respect of DLF Gurgaon Developers Limited (formerly DLF SEZ Holdings 

2010 2009 

Limited) – Balance Sheet (till August 30, 2009) 

Cash and bank - 1.89 

Current liabilities and provisions - 1.62 

Reserves and surplus - 2.23 

Amount in respect of DLF Gurgaon Developers Limited (formerly DLF SEZ Holdings 

Limited) – Profit & loss account 

Selling, general and administrative expenses - 1.64 

Net profi t / (loss) after tax & prior period item - (1.67) 

Note: Disclosure of fi nancial data as per Accounting Standard - 27 “Financial Reporting of interest in the joint venture” is made based 

on the audited fi nancial statements of the above mentioned Joint Venture Operations or Joint venture entities, as the case 

may be. 

15. Employees stock options scheme, 2006 (ESOP) 

a) During the year ended March 31, 2007, the Company had announced an Employees stock 

options scheme (the “Scheme”) for all eligible employees of the Company, its subsidiaries, joint 

ventures and associates. Under the Scheme, 17,000,000 equity shares have been earmarked to 

be granted under the Scheme and the same will vest as follows: 

Block I Block II Block III 

Year 2 Year 4 Year 6 

10% of the total grant 30% of the total grant 60% of the total grant 

Pursuant to the above Scheme, the employee will have the option to exercise the right within 

three years from the date of vesting of shares at Rs. 2 per share, being its exercise price. 

b) As per the Scheme, the Remuneration Committee has granted options as per details below: 

Grant No. Date of grant Number of options granted Outstanding options as on 

March 31, 2010 (Net of 

options exercised/forfeited) 

I June 27, 2007 3,734,057 2,461,680 

(3,734,057) (3,184,900) 

II October 10, 2007 308,077 129,883 

(308,077) (291,177) 

III July 01, 2008 1,645,520 1,321,860 

(1,645,520) (1,514,040) 

108

Grant No. Date of grant Number of options granted Outstanding options as on 

March 31, 2010 (Net of 

options exercised/forfeited) 

IV October 10, 2008 160,059 87,620 

(160,059) (157,659) 

V July 01, 2009 3,355,404 3,300,441 

(-) (-) 

VI October 10, 2009 588,819 520,860 

(-) (-) 

According to the Guidance Note 18 on “Share Based Payments” issued by ICAI, Rs. 4,167.92 

lacs have been provided during the year as proportionate cost of ESOPs. 

c) Outstanding stock options for equity shares of the Company under the “Employees Stock Options 

Scheme”: 

Grant No. Date of grant Exercise 

price Rs. 

Particulars 2010 

Numbers 

outstanding 

Number of options 

committed to be granted 

in the future 

I July 1, 2007 2 2,461,680 - 2,461,680 

(3,184,900) (293,300) (3,478,200) 

II October 10, 2007 2 129,883 - 129,883 

(291,177) (88,259) (379,436) 

III July 01, 2008 2 1,321,860 - 1,321,860 

(1,514,040) (-) (1,514,040) 

IV October 10, 2008 2 87,620 - 87,620 

(157,659) (-) (157,659) 

V July 01, 2009 2 3,300,441 - 3,300,441 

(-) (-) (-) 

VI October 10, 2009 2 520,860 - 520,860 

(-) (-) (-) 

d) In accordance with the guidance note - 18 “Share based payments” issued by ICAI the following 

information relates to the stock options granted by the Company. 

Particulars 

Stock options 

(numbers) 

2010 

Range of 

exercise prices 

(Rs.) 

Weightedaverage 

exercise 

prices (Rs.) 

Total 

Weighted-average 

remaining 

contractual life 

(years) 

Outstanding, beginning of the year 5,529,335 2 - - 

(4,962,810) (2) (-) (-) 

Add: Granted during the year 3,944,223 2 2 - 

(1,276,929) (2) (2) (-) 

Less: Forfeited during the year 1,311,546 2 2 - 

(710,404) (2) (2) (-) 

Less: Exercised during the year 270,637 2 2 - 

(-) (-) (-) (-) 

Less: Lapsed during the year - - - - 

(-) (-) (-) (-) 

Outstanding, end of the year 7,822,344 2 2 5.05 

(5,529,335) (2) (2) (5.22) 

Exercisable at the end of the year 69,031 2 2 - 

(-) (-) (-) (-) 

109


e) The following table summarizes information about stock options outstanding as at March 31, 

2010: 

Options outstanding 

Options exercisable 

Range of 

exercise 

prices 

Numbers Weighted average 

remaining 


Weighted average 

exercise price 

Numbers Weighted 

average 


2 7,822,344 5.05 2 69,031 2 

(2) (5,529,335) (5.22) (2) (-) (-) 

(Figures in brackets pertain to previous year.) 

The Company has calculated the employee compensation cost using the Intrinsic value of 

the stock Options measured by a difference between the fair value of the underline equity 

shares at the grant date and the exercise price. Had compensation cost been determined in a 

manner consistent with the fair value method, based on Black – Scholes model, the employees 

compensation cost would have been lower by Rs. 348.09 lacs and proforma profi t after tax would 

have been Rs. 76,735.64 lacs (higher by Rs. 229.77 lacs). On a proforma basis, the basic and 

diluted earnings per share would have been Rs. 4.52 and Rs. 4.51 respectively. 

The fair value of the options granted is determined on the date of the grant using the “Black- 

Scholes option pricing model” with the following assumptions: 

Grant I Grant ll Grant lll Grant IV Grant V Grant VI 

Dividend yield (%) 0.28 0.28 0.57 0.73 0.86 0.64 

Expected life (no. of years) 6.50 6.50 5.50 5.50 5.50 5.50 

Risk free interest rate (%) 8.37 8.09 9.46 8.17 6.75 7.26 

Volatility (%) 82.30 82.30 52.16 59.70 86.16 81.87 

16. Cash settled options 

Under the Employee Shadow Option Scheme (the “Scheme”), employees are entitled to get cash 

compensation based on the average market price of equity share of the Company, upon exercise of 

shadow option on a future date. As per the scheme, shadow options will vest as follows:- 

Trench Date of Grant Vesting at the end 

of year 2 

Vesting at the end 

of year 3 


of year 4 

I July 1, 2007* 50% - 50% 

II September 1, 2007* 50% - 50% 

III July 01, 2008 50% 50% - 

IV October 10, 2008 50% 50% - 

V July 01, 2009 100% - - 

Details of outstanding options and the expenses recognised under the employee shadow option 

scheme is as under :- 

No of Shadow 

options 

outstanding as 

on March 31, 

2010 

Exercise 

price 

Average 

market price 

Fair value of 

shadow option 

Total expenses charged 

to Profit & Loss 

Account (Included in 

Schedule-17 – Employee 

benefits) 

Liability as on March 

31, 2010 (Included in 

Schedule 14-Provision – 

Employee Benefits) 

(No.) Rs./Option Rs./Option Rs./Option Rs. in lacs Rs. in lacs 

483,701 2 307.15 305.15 1,021.29 841.40 

(487,490) (2) (160.30) (158.30) (379.13) (379.13) 


* For trench I & II 50% options have already been vested in the current fi nancial year ended March 31, 2010, hence remaining 50% 

are disclosed above. 

110

17 a) The Company uses forward contracts and Swaps to hedge its risks associated with fl uctuations 

in foreign currency and interest rates. The use of Forward contracts and Swaps is covered 

by Company’s overall strategy. The Company does not use Forward covers and Swaps for 

speculative purposes. 

As per the strategy of the Company, foreign currency loans are covered by comprehensive 

hedge, considering the risks associated with the hedging of such loans, which effectively fi xes 

the principal and interest liability of such loans and further there is no additional risk involved post 

hedging of these loans. 

The following are the outstanding forward contracts and swaps as at March 31, 2010: 

(Rs. in lacs) 

For hedging any risks 2010 2009 

Secured Loans 314,102.06 69,998.93 

Interest on Secured Loans 503.41 - 

Unsecured Loans - - 

Interest on Unsecured Loans - - 

b) The detail of foreign currency exposure that are not hedged by derivative instrument or otherwise 

included in the creditors is as mentioned below:- 

(Amount in lacs) 

2010 2009 

INR USD* INR USD 

Secured Loans 6,895.79 152.76 5,662.55 111.14 

Interest on Secured Loans 14.08 0.31 19.98 0.39 

Unsecured Loans - - - - 

Interest on Unsecured Loans - - - - 

* Conversion rate applied 1 USD = Rs. 45.14 (previous year Rs. 50.95) 

18 Contingent liabilities, not provided for, exist in respect of 

(Rs. in lacs) 

2010 2009 

a) Guarantees issued by the Company on behalf of : 


Others 13,005.93 12,000.00 

b) Claims against the Company (including unasserted claims) not acknowledged as debts 13,778.33 12,097.05 

c) Income tax demand in excess of provisions (pending in appeals) 50,992.28 53,283.03 

d) Undertaking to buy back preference shares in subsidiary/ associate companies * 186,629.82 170,939.57 

* 29.81 acres of land of the Company and 55.8475 acres of land of subsidiary companies is also pledged as collateral securities 

against these undertakings. Further subsequent to the balance sheet date on May 5, 2010, preference shares amounting to 

Rs. 50,132.44 lacs have been redeemed by one of the subsidiary company. 

19. The Company is primarily engaged in the business of colonisation and real estate development, which 

as per Accounting Standard 17 on “Segment Reporting” issued by the ICAI is considered to be the 

only reportable business segment. The Company is primarily operating in India which is considered 

as a single geographical segment. 

20. Capital expenditure commitments 

(Rs. in lacs) 

2010 2009 

38,105.38 21,510.34 

111


21. Directors’ remuneration* 

(Rs. in lacs) 

2010 2009 

Salaries and bonus 595.51 586.60 

Commission – Whole-time directors 1,325.00 825.00 

Commission – Non-executive directors 140.00 140.00 

Directors fees 29.80 30.00 

Provident and other funds 75.42 87.05 

Other perquisites and benefi ts 595.34 165.21 

2,761.07 1,833.86 

* Exclusive of provisions for gratuity, compensated absence, premium for personal accident insurance policy, Share based payments, 

made in the fi nancial statements as per accounting policy number 13 and 15 as stated in Schedule 24. 

Computation of net profi ts in accordance with Section 349 of the Companies Act, 1956 and commission 

payable to directors 

(Rs. in lacs) 

Profi t before tax as per the Profi t & Loss Account 94,308.68 

Add: Directors’ remuneration (including Directors’ fee) 2,761.07 

Add: Loss on sale of fixed assets 26.11 

Add: Assets written off /discarded 14.97 

Add: Provision for doubtful debts and advances 4,114.27 

Less: Profi t on sale of fi xed assets (327.66) 

Less: Profi t on sale of investments (45.07) 

Net profi t as per Section 349 of the Companies Act, 1956 100,852.37 

Commission 

Whole-time Directors 1,325.00 

Non-executive Directors 140.00 

Overall limit of managerial remuneration allowed as per Section 198 of the Companies Act, 1956 11,093.76 

Managerial remuneration paid 2,761.07 

22. Dividend to non-resident shareholders (in foreign currency) 

(Rs. in lacs) 

2010 2009 

Number of shareholders 4 3 

Number of shares held 17,010 16,465 

Dividend remitted 0.34 0.33 

Year to which it relates 2009 2008 

23. Expenditure in foreign currency (on cash basis) 

(Rs. in lacs) 

2010 2009 

Travelling 344.36 189.79 

Professional charges 7,629.93 2,667.51 

Interest paid 6,726.87 245.73 

Others 1,105.36 3,196.29 

112

24. Receipts in foreign currency (on cash basis) 

(Rs. in lacs) 

2010 2009 

Receipts from customers (against agreements to sell) 12,162.78 9,918,74 

Interest from customers (under agreement to sell) 82.72 9.44 

25. CIF value of import 

(Rs. in lacs) 

2010 2009 

Material (including material purchased in high seas) 1,807.36 7,268.50 

Others 184.05 - 

26. Payment to auditors 

(Rs. in lacs) 

2010 2009 

Audit fee 70.68 57.29 

Tax audit fee 6.00 6.00 

Tax matters 56.60 - 

Certifi cation and other matters 62.37 32.76 

Service tax 20.14 11.36 

27. Details of stocks, purchases and turnover 

215.79 107.41 

Land and plots (including development 

2010 2009 

cost) 

Area 

(In acres) 

Amount 

(Rs. in lacs) 

Area 

(In acres) 

Amount 

(Rs. in lacs) 

Opening stock 6.47 368.43 7.59 646.48 

Purchases/ transfer 6.64 218.67 1.98 199.73 

Sales 6.24 561.88 3.10 4,205.39 

Closing stock 6.87 163.91 6.47 368.43 

28. Details of capital work-in-progress as on March 31, 2010 

(Rs. in lacs) 

2010 2009 

Land 121,928.21 121,928.21 

Development and construction expenses 30,782.91 27,867.51 

Finance charges 17,740.26 15,020.74 

Advances to contractors and others 1340.63 402.24 

Softwares – under development / implementation 58.74 554.58 

171,850.75 165,773.28 

29. (a) Wind mill projects of the Company are entitled for tax holiday under Section 80-IA of the Income 

Tax Act, 1961. Accordingly, the computation of tax (current and deferred) has been done as per 

Accounting Standard 22 “Accounting for taxes on Income” and Accounting Standard Interpretation 

3, issued by the ICAI. 

(b) The Company’s profi ts from Special Economic Zone (“SEZ”) business are exempt under 

Section 80-IAB of the Income Tax Act, 1961 and the dividend declared out of such SEZ profi ts are 

exempt from Dividend Distribution Tax under the provisions of Section 115-O(6) of the Income 

Tax Act, 1961. 

113


In line with the above provisions, the Company has provided dividend tax only on the proportionate 

amount of dividend declared out of non SEZ profi ts and after adjustment of the dividend received 

from its wholly owned subsidiary company in terms of provisions of Section 115-O(1A)(i) of the 

Income Tax Act, 1961. 

30. On May 6, 2009, the Company received an assessment order for the AY 2006 – 2007, from the 

Income Tax authorities creating an additional tax demand amounting to Rs. 48,274.34 lacs on the 

Company. The Company has fi led an appeal against the order and based on advice from experts, is 

confi dent that the additional tax demanded will not be sustained by the appellate authorities. Pending 

the order of the appellate authorities, no provision has been made in the current year for the additional 

tax so demanded and the same has been disclosed as a contingent liability. 

31. Based on the information available with the Company, there are no dues outstanding in respect of 

Micro, Small and Medium enterprises at the balance sheet date. No amounts were payable to such 

enterprises which were outstanding for more than 45 days. Further, no interest during the year has 

been paid or payable in respect thereof. The above disclosure has been determined to the extent such 

parties have been identifi ed on the basis of information available with the Company. This has been 

relied upon by the auditors. 

32. Utilisation of money raised by Public issue (IPO) of the Company upto March 31, 2010 

(Rs. in lacs) 

S. No Nature of expenditure 2010 2009 

1 Acquisition of land and development rights 566,955 566,955 

2 Development and construction costs for existing projects 63,625 63,625 

3 Prepayment of loans 257,802 257,795 

4 Issue related expenses 30,298 30,298 

Total 918,680 918,673 

The Company has fully utilised the IPO proceeds for the purposes as stated in the ‘Objects of the 

Issue’ clause of the Prospectus dated June 18, 2007. 

33. Events after Balance Sheet date 

Subject to the approval of shareholders and other requisite approvals, the Board of Directors approved 

in their meeting held on July 28, 2010, the proposal for further issue of equity shares by its wholly 

owned subsidiary – DLF Brands Limited (DBL) under the Unlisted Public Companies (Preferential 

Allotment) Rules, 2003 to M/s. Ishtar Retail Private Limited, a promoter group company. Upon further 

issue of equity shares, DBL will cease to be subsidiary of DLF Limited. Pending further approvals no 

effect has been given to the proposal in the above fi nancial statements. 

34. Previous year fi gures have been regrouped/ recast wherever considered necessary to make them 

comparable with those of the current year. 




New Delhi 

July 28, 2010 

114

BALANCE SHEET ABSTRACT AND COMPANY’ S GENERAL BUSINESS PROFILE 

i) Registration details 

Registration Number 2484 

Balance Sheet Date 31 March, 2010 State Code 05 

ii) 

Capital Raised during the year 

(Amount in Rs. Thousands) 

Public Issue Nil Right Issue Nil 

Bonus Issue Nil Private Placement 481 

iii) 

Position of Mobilization and Deployment of Funds 


Total Liabilities (including shareholding fund) 289,294,183 Total Assets 289,294,183 

Sources of Funds 

Paid-up Capital 3,394,782 Reserves & Surplus * 124,905,298 

Secured Loans 115,901,859 Unsecured Loans 10,476,673 

Deferred Tax Liabilities (Net) 605,406 *Inclusive of revaluation 

Reserves 25,008 

Application of Funds 

Net Fixed Assets 34,475,261 Investments 65,588,807 

Net Current Assets 155,219,950 Misc. Expenditure Nil 

Accumulated Losses 

Nil 

iv) 

Performance of Company 


Turnover and other income 32,204,315 Total Expenditure 22,773,447 

Turnover 24,192,081 

Other Income 8,012,234 

Profit before Tax 9,430,868 Profi t after tax 7,673,752 

Earnings per shares in Rs. 4.51 Dividend Rate % 100% 

v) Generic Names of Three principal products/ 

services of the Company : 

Not applicable, since the Company is neither engaged in 

manufacturing activities nor in service rendering. 




New Delhi 

July 28, 2010 

115


To 

The Board of Directors of DLF Limited 

We have audited the attached consolidated 

Balance Sheet of DLF Limited, its subsidiaries, 

associates and joint ventures (as per list appearing 

in Note 17 on Schedule 24 and hereinafter 

collectively referred to as the ‘Group’), as at 

March 31, 2010 and also the consolidated Profi t 

& Loss Account and the consolidated Cash Flow 

Statement for the year ended on the date annexed 

thereto (collectively referred as the ‘Consolidated 

Financial Statements’). These Consolidated 

Financial Statements are the responsibility of 

the management and have been prepared by the 

management on the basis of separate Financial 

Statements and other fi nancial information 

regarding components. Our responsibility is to 

express an opinion on these Consolidated Financial 

Statements based on our audit. 

We conducted our audit in accordance with 

auditing standards generally accepted in India. 

Those standards require that we plan and perform 

the audit to obtain reasonable assurance whether 

the Consolidated Financial Statements are free 

of material misstatement. An audit includes 

examining, on a test basis, evidence supporting 

the amounts and disclosures in the Consolidated 

Financial Statements. An audit also includes 

assessing the accounting principles used and 

signifi cant estimates made by management, as 

well as evaluating the overall Financial Statement 

presentation. We believe that our audit provides a 

reasonable basis for our opinion. 

We report that; 

1. The Consolidated Financial Statements 

have been prepared by the management 

in accordance with the requirements of 

Accounting Standard 21 on ‘Consolidated 

Financial Statements’, Accounting Standard 

23 on ‘Accounting for Investments in 

Associates in Consolidated Financial 

Statements’ and Accounting Standard 27 

on ‘Financial Reporting of Interests in Joint 

Venture’, notifi ed pursuant to the Companies 

(Accounting Standards) Rules, 2006. 

2. We did not audit the fi nancial statements 

of some consolidated entities, whose 

Financial Statements refl ect total assets of 

Rs. 819,788.95 lacs as at March 31, 2010, 

total revenues of Rs. 40,639.72 lacs and 

cash outfl ows of Rs. 10,282.99 lacs for the 

year then ended. These fi nancial statements 

and other fi nancial information have been 

audited by other auditors whose reports 

have been furnished to us and our opinion in 

respect thereof is based solely on the reports 

of such other auditors. 

3. The Consolidated Financial Statements 

include total assets of Rs. 176,684.45 lacs, 

revenues of Rs. 24,889.89 lacs and total 

cash outfl ows of Rs. 437.14 lacs of Silverlink 

Holdings Limited (“Silverlink”), a subsidiary of 

the Company which has been consolidated 

based on the audited consolidated fi nancial 

statements of Silverlink as at December 31, 

2009. No further adjustment is considered 

necessary in the Consolidated Financial 

Statements as the management has 

confi rmed that no material event, affecting 

the fi nancial position of the subsidiary and its 

constituents, has occurred during the period 

from January 1, 2010 to March 31, 2010. 

4. Without qualifying our opinion, we draw 

attention to note no. 16 of Schedule 24 to the 

Consolidated Financial Statements, relating 

to an observation of the auditors of Silverlink 

on existing and previous shareholders of 

Silverlink having an ongoing claim against 

the Silverlink which include repurchase of 

shares held by the shareholders in exchange 

for secured convertible notes to be issued 

by the Silverlink, the entitlement to appoint a 

Director on the board of Silverlink, injunction 

to restrain from taking additional secured 

loans above US$2 million (Rs. 90.28 Crores) 

and damages in relation to the above 

breaches. These claims originated in the 

years prior to acquisition of Silverlink by the 

Company and based on the advice of the 

legal counsel, the management is of the view 

that the Company has reasonable chance to 

117

defend the claims and a settlement is being 

explored. Based on current information, 

the management is not able to quantify the 

potential fi nancial impact on the Company 

should the above shareholders succeed in 

their claims against the Silverlink. No impact 

of the same has been considered in these 

fi nancial statements since the resulting 

liability, if any, is considered contingent by 

management. 

Based on our audit and consideration of reports of 

other auditors on the separate fi nancial statements 

of some consolidated entities and on the other 

fi nancial information of the components, and to 

the best of our information and according to the 

explanations given to us, we are of the opinion that 

the attached Consolidated Financial Statements 

give a true and fair view in conformity with the 

accounting principles generally accepted in India, 

in the case of: 

a) the consolidated Balance Sheet, of the 

state of affairs of the Group as at March 

31, 2010; 

b) the consolidated Profi t & Loss Account, 

of the profit for the year ended on that 

date; and 

c) the consolidated Cash Flow Statement, 

of the cash flows for the year ended on 

that date. 





New Delhi 

Partner 


118

Consolidated Balance Sheet as at March 31, 2010 

(Rs. in lacs) 


SOURCES OF FUNDS 

Shareholders’ funds 

Share capital 1 625,933.99 173,541.94 

Reserves and surplus 2 2,417,338.50 2,241,839.82 

3,043,272.49 2,415,381.76 

Minority interests 62,777.51 63,362.66 

Loan funds 

Secured loans 3 1,930,158.61 1,326,231.02 

Unsecured loans 4 237,506.38 305,782.28 

2,167,664.99 1,632,013.30 

Deferred tax liability (net) 5 25,149.11 - 

5,298,864.10 4,110,757.72 

APPLICATION OF FUNDS 

Goodwill 126,798.91 226,508.50 

Fixed assets 

Gross block 6 1,788,445.59 848,668.83 

Less: Accumulated depreciation and amortisation 132,645.83 57,429.53 

Net block 1,655,799.76 791,239.30 

Capital work-in-progress (including capital advances) 1,112,881.95 568,820.11 

Deferred tax asset (net) 5 - 4,139.12 

Investments 7 550,519.96 140,249.67 

Current assets, loans and advances 

Stocks 8 1,248,059.10 1,092,824.24 

Sundry debtors 9 161,896.41 216,482.15 

Cash and bank balances 10 92,823.22 119,561.00 

Loans and advances 11 759,330.10 971,199.46 

Other current assets 12 468,467.44 762,173.69 

2,730,576.27 3,162,240.54 

Less: Current liabilities and provisions 

Current liabilities 13 463,696.91 414,034.39 

Provisions 14 414,015.84 368,405.13 

877,712.75 782,439.52 

Net current assets 1,852,863.52 2,379,801.02 

5,298,864.10 4,110,757.72 


Notes to the consolidated fi nancial statements 24 

The schedules referred to above form an integral part of the consolidated fi nancial statements 


Ashok Kumar Tyagi Subhash Setia T.C.Goyal Rajiv Singh 


This is the Consolidated Balance Sheet referred to in our report of even date 

New Delhi 

July 28, 2010 




Partner 

119

Consolidated Profit & Loss Account for the year ended March 31, 2010 

(Rs. in lacs) 


INCOME 

Sales and other income 15 785,089.77 1,043,135.69 

785,089.77 1,043,135.69 

EXPENDITURE 

Cost of revenues 16 257,953.74 322,949.48 

Establishment expenses 17 46,677.45 45,367.91 

Finance charges 18 111,003.91 55,483.69 

Other expenses 19 86,498.77 76,219.64 

Depreciation, amortisation and impairment 20 32,493.28 23,896.40 

534,627.15 523,917.12 

Profi t before tax and minority interests / share of profi t(loss) in associates 250,462.62 519,218.57 

Tax expense 21 70,224.92 67,535.89 

Profi t before minority interests / share of profit(loss) in associates 180,237.70 451,682.68 

Share of profi t / (loss) in associates 81.83 (2,110.05) 

Minority interests 1,078.62 (2,754.13) 

Profi t after tax, minority interests and before prior period items 181,398.15 446,818.50 

Prior period items 

Income tax (net) (1,601.59) (598.31) 

Deferred tax (6,269.73) - 

Other expenses (1,419.73) 720.34 

Depreciation (124.07) 19.44 

Net profi t after tax, minority interest and prior period items 171,983.03 446,959.97 

Balance as per last balance sheet 1,107,993.38 876,600.23 

Transfer to capital reserve - (153,852.37) 

Balance available for appropriation 1,279,976.41 1,169,707.83 

APPROPRIATION 

Transfer to general reserve 16,668.21 15,477.70 

Transfer to capital redemption reserve 35.00 741.75 

Proposed dividend on equity / preference shares 36,168.53 34,220.38 

Tax on dividend 5,509.43 2,938.21 

Excess provision of previous year written back (0.06) (2,980.54) 

Transfer to debenture redemption reserve 25,001.16 11,316.95 

Balance carried to reserves and surplus 1,196,594.14 1,107,993.38 

1,279,976.41 1,169,707.83 

EARNING PER SHARE 22 




Notes to the consolidated fi nancial statements 24 

The schedules referred to above form an integral part of the consolidated fi nancial statements 




This is the Consolidated Profi t & Loss Account referred to in our report of even date 



New Delhi 

July 28, 2010 


Partner 

120

Consolidated Cash Flow Statement for the year ended March 31, 2010 

(Rs. in lacs) 

2010 2009 

A. CASH FLOW FROM OPERATING ACTIVITIES 

Net profit before taxation and minority interest 250,462.62 519,218.57 

Adjustments for: 

Depreciation, amortisation and impairment 32,493.28 23,896.40 

(Profit) / loss on sale of fi xed assets, net (5,790.59) 446.99 

Interest / guarantee charges 111,003.91 55,483.69 

Provision for doubtful debts and advances 8,189.10 6,323.33 

Advance / assets written off (including preliminary expenses) 5,847.56 553.50 

Exchange gain (net) (1,012.47) (725.48) 

Prior period items (1,419.73) 720.34 

Profit on sale of investments, net (854.52) (7,512.51) 

Provision for diminution of current investment - 1,189.90 

Unclaimed balances and provisions written back (2,416.19) (1,196.02) 

Amortisation of deferred employees compensation, net 4,147.20 3,786.35 

Amount forfeited on properties (3,202.52) (738.27) 

Provision for employee benefi ts 2,207.95 2,800.00 

Interest / dividend income (25,590.23) (23,531.16) 

Operating profit before working capital changes 374,065.37 580,715.63 

Movements in working capital : 

(Increase) / decrease in trade and other receivables 589,194.76 (334,057.05) 

(Increase) / decrease in inventories (91,253.39) (75,252.44) 

Increase / (decrease) in current liabilities and provisions 76,376.45 (42,819.86) 

Cash (used in) / generated from operations 948,383.19 128,586.28 

Direct taxes paid (net of refunds) (85,601.73) (111,154.57) 

Net cash generated from operating activities (A) 862,781.46 17,431.71 

B. CASH FLOWS FROM INVESTING ACTIVITIES 

Purchase of fi xed assets (including Capital work-in-progress) (1,390,757.06) (337,831.49) 

Proceeds from sale of fixed assets 58,306.70 12,950.22 

Interest / dividend received 12,742.17 10,220.15 

Purchase of investments (1,823,417.22) (61,736.43) 

Proceeds from sale of investment 1,512,523.89 17,386.00 

Net cash generated used in investing activities (B) (1,630,601.52) (359,011.55) 

C. CASH FLOWS FROM FINANCING ACTIVITIES 

Proceeds from issue of debentures (net) 106,703.70 184,266.08 

Proceeds from long-term borrowings 1,109,768.57 798,961.64 

Repayment of long-term borrowings (614,018.81) (620,251.92) 

Proceeds from issuance of preference shares 452,387.97 44,640.00 

Proceeds from short term borrowings (net) (64,346.67) 48,161.54 

Proceeds from issue of capital including securities premium 4.81 94.55 

Dividend paid (35,442.25) (34,333.83) 

Dividend tax paid (2,892.08) (2,862.92) 

Buy back of equity shares (77.80) (14,235.65) 

Interest / guarantee charges paid (210,341.67) (160,100.45) 

121

Consolidated Cash Flow Statement (Contd.) 

(Rs. in lacs) 

2010 2009 

Net cash generated from financing activities (C) 741,745.77 244,339.04 

Net decrease in cash and cash equivalents (A + B + C) (26,074.29) (97,240.80) 

Cash and cash equivalents at the beginning of the year 109,615.12 206,855.92 

Cash and cash equivalents at the end of the year 83,540.83 109,615.12 

Net decrease in cash and cash equivalents (26,074.29) (97,240.80) 

Note: 

Cash and bank balance (as per Schedule 10 to the fi nancial statements) 92,823.22 119,561.00 

Less: Fixed deposit (pledged / under lien / earmarked) 6,911.03 6,054.88 

Margin money 2,048.94 3,055.48 

Unclaimed dividend 160.38 110.04 

Exchange gain / (loss) 162.04 725.48 

83,540.83 109,615.12 

Note : Figure in brackets indicate cash outfl ows. 




This is the Consolidated Cash Flow Statement referred to in our report of even date 



New Delhi 

July 28, 2010 


Partner 

122

Schedules forming part of Consolidated Financial Statements for 

the year ended March 31, 2010 

(Rs. in lacs) 

2010 2009 

SCHEDULE: 1 SHARE CAPITAL 

Authorised 


50,000 (previous year 50,000) cumulative redeemable preference shares of Rs.100 each 50.00 50.00 

50,000.00 50,000.00 

Issued 


Subscribed and paid 


Add : New issue under exercise of ESOP 2,40,457 (previous year nil) equity shares of Rs. 2 each 4.81 - 

Less : Call-in-arrears - 0.44 

Less : Forfeited 43,680 (previous year nil) equity shares of Rs. 2 each 0.87 - 

Less : Buy back of 76,38,567 (previous year 7,623,567) equity shares of Rs. 2 each 152.77 152.47 

Net Paid up 1,697,390,890 (previous year 1,697,209,113) equity shares of Rs. 2 each 33,947.82 33,943.74 

Preference share capital issued by subsidiary companies 

(Refer Note 22 of Schedule 24) 

591,986.17 139,598.20 

625,933.99 173,541.94 

(Rs. in lacs) 

SCHEDULE : 2 RESERVES AND SURPLUS 

Reserves 

Capital reserve 283,466.48 167,832.37 

Capital redemption reserve* 2,977.82 2,942.51 

Amalgmation reserve 74.30 74.30 

Securities premium 906,348.29 905,083.13 

Forfeiture of shares 66.55 - 

Statutory reserve fund 

As per last balance sheet 11,316.95 203.09 


Transfer to general reserve - (203.09) 

36,318.11 11,316.95 

Revaluation reserve 1,899.18 1,591.96 

Foreign currency translation reserve (5,055.96) (3,787.73) 

General reserve 



Transfer from statutory reserve fund 2.04 203.09 

Buy back of equity shares (premium paid) (77.50) (14,083.18) 

Transfer to capital redemption reserve account* (0.30) (152.47) 

57,419.59 40,827.14 

Employees’ stock option scheme 

Employees’ stock options outstandings 29,489.44 23,795.94 

Less: Deferred employees compensation (18,683.84) (15,830.13) 

10,805.60 7,965.81 

Surplus 

As per profit & loss account 1,196,594.14 1,107,993.38 

Amalgamation adjustment (73,575.60) - 

1,123,018.54 1,107,993.38 

2,417,338.50 2,241,839.82 

* Refer note 2 of Schedule 24 

123

Schedules forming part of Consolidated Financial Statements (Contd.) 

(Rs. in lacs) 

2010 2009 

SCHEDULE: 3 SECURED LOANS 

From banks 

Term loans 1,253,374.44 888,292.97 

Overdraft facilities 13,877.90 78,224.57 

1,267,252.34 966,517.54 

From others 

GE Capital Services India 3,528.07 5,150.26 

Infrastructure Development Finance Company Limited 15,000.00 15,000.00 

GE Money Financial Services Limited 4,424.93 - 

Housing Development Finance Corporation Limited 409,886.03 83,200.00 

Axis Bank Limited -Trust Series 8,000.00 123,350.94 

SREI Infrastructure Finance Limited - 562.20 

TML Finance Service Limited - 318.90 

Others 66.34 130.28 

440,905.37 227,712.58 

Debentures 

90 (previous year 90), 10% non - cumulative non-redeemable debentures of Rs. 1,000 each 0.90 0.90 

5,000 (previous year 5,000) 13.70% non-convertible redeemable debentures of Rs. 1,000,000 

each redeemable on August 18, 2013 

50,000.00 50,000.00 

7,200 (previous year 7,200) 14% non-convertible redeemable debentures of Rs. 1,000,000 each 

redeemable on February 24, 2014 

72,000.00 72,000.00 

Nil (previous year 1,000) 14% non-convertible redeemable debentures of Rs. 1,000,000 each 

redeemable on January 03, 2010 

- 10,000.00 

3,000 (previous year nil) 10% non-convertible redeemable debentures of Rs. 1,000,000 each 


30,000.00 - 

7,000 (previous year nil) 10.50% non-convertible redeemable debentures of Rs. 1,000,000 each 


70,000.00 - 

222,000.90 132,000.90 

1,930,158.61 1,326,231.02 

(Refer note 3 of Schedule 24) 

(Rs. in lacs) 

SCHEDULE: 4 UNSECURED LOANS 

Fixed deposits 35.00 111.50 

Interest accrued and due 1.07 0.72 

36.07 112.22 

Other term loans and advances 

Directors - subsidiary company 15.34 15.34 

Banks 

Standard Chartered Bank 26,245.92 27,143.42 

The Hong Kong Shanghai Banking Corporation Limited 3,880.61 4,380.09 

Oriental Bank of Commerce 299.88 - 

Others 

Axis Bank Limited (“Trustees”) - 50,000.00 

Commercial papers 100,000.00 77,500.00 

ICICI Home Finance Company Limited - 27,500.00 

Indian Loan Receivable Trust - 15,000.00 

Other body corporate(s) 9,728.02 18,657.33 

Interest accrued and due 242.97 2,698.40 

Debentures 

20,116 (previous year 20,116) 12.50% Compulsory convertible debentures of Rs. 225,000 each 45,261.00 45,261.00 

22,972 (previous year 22,972) 12% Compulsory convertible debentures of Rs. 50,000 each 11,486.00 11,486.00 

124

(Rs. in lacs) 

2010 2009 

SCHEDULE: 4 UNSECURED LOANS (Contd.) 



2,520 (previous year nil) Class B Compulsory convertible debentures of Rs. 100,000 each 2,520.00 - 

14,18,370 (previous year nil) Series I Compulsory convertible debentures of Rs. 1,000 each 14,183.70 - 

From a share holder of a subsidiary company 9,197.04 11,618.65 

237,506.38 305,782.28 

(Refer note 4 of Schedule 24) 

(Rs. in lacs) 

SCHEDULE : 5 DEFERRED TAX LIABILITY / (ASSET) 

Deferred tax liability arising on account of : 

Depreciation 42,460.33 7,847.22 

Pre-construction period interest allowed in current year 8,051.49 4,381.26 

Others 0.93 0.93 

Gross deferred tax liability 50,512.75 12,229.41 

Deferred tax asset arising on account of : 

Brought forward losses / unabsorbed depreciation 21,086.51 14,603.10 

Expenditure debited to profi t & loss account but allowable for tax purposes in subsequent years 502.86 601.75 

Doubtful debts and advances 2,757.24 280.04 

Dimunition in the value of investments 18.28 27.42 

Employee benefi ts 987.24 855.50 

Others 11.51 0.72 

Gross deferred tax asset 25,363.64 16,368.53 

Net deferred tax liability / (asset) 25,149.11 (4,139.12) 

Aggregate of net deferred tax liabilities jurisdictions 39,242.73 9,186.27 

Aggregate of net deferred tax assets jurisdictions (14,093.62) (13,325.39) 

Net liability / (asset) 25,149.11 (4,139.12) 


Gross block 2009 Additions on 

acquisition of 

subsidiaries 

Additions / 

adjustments 

during the 

year 

Disposals / 

adjustments 

during the 

year 

(Rs. in lacs) 


Computer softwares 3,970.20 - 1,011.87 566.84 4,415.23 

Patent, trademark and franchise rights - - 661.86 - 661.86 


Land 

Lease hold 214,805.92 6,269.61 6,891.63 40,039.91 187,927.25 

Free hold 99,777.82 85.59 54,312.91 8,881.27 145,295.05 

Buildings and related equipments 288,441.32 668,844.84 191,549.07 28,892.15 1,119,943.08 

Plant and machinery 199,883.72 20,497.10 19,763.55 1,233.27 238,911.10 

Furniture, fi xtures and equipments 22,108.66 14,784.15 24,268.60 3,223.81 57,937.60 

Air conditioners and coolers 206.76 - 70.93 21.38 256.31 

Vehicles 3,791.08 135.86 214.01 181.17 3,959.78 

2010 

125


(Rs. in lacs) 


Gross block 2009 Additions on 

acquisition of 

subsidiaries 

Additions / 

adjustments 

during the 

year 

Disposals / 

adjustments 

during the 

year 

Leasehold improvement 3,778.66 - 5,363.92 528.52 8,614.06 

Aircraft and helicopter 11,895.80 - 8,628.47 - 20,524.27 

Leased plant and machinery 8.89 - - 8.89 - 

Total - Current year 848,668.83 710,617.15 312,736.82 83,577.21 1,788,445.59 

- Previous year 516,255.90 - 350,165.45 17,752.52 848,668.83 

2010 

Depreciation and amortisation 


Computer softwares 511.41 - 794.24 138.26 1,167.39 

Patent, trademark and franchise rights - - 22.06 - 22.06 


Land-Lease hold 178.60 - 151.37 - 329.97 

Buildings and related equipments 9,726.06 32,500.93 6,317.25 638.76 47,905.48 

Plant and machinery 41,396.94 5,553.40 21,396.73 536.95 67,810.12 

Furniture, fi xtures and equipments 1,933.37 3,094.49 4,745.63 86.53 9,686.96 

Air conditioners and coolers 76.75 - 12.53 8.16 81.12 

Vehicles 1,103.39 44.54 391.70 152.11 1,387.52 

Leasehold improvement 749.77 - 935.32 95.69 1,589.40 

Aircraft and helicopter 1,750.77 - 915.04 - 2,665.81 

Leased assets 

Leased plant and machinery 2.47 - - 2.47 - 

Total - Current year 57,429.53 41,193.36 35,681.87 1,658.93 132,645.83 

- Previous year 34,349.11 - 27,435.73 4,355.31 57,429.53 

Net block 


Computer softwares 3,458.79 3,247.84 

Patent, trademark and franchise rights - 639.80 


Land 

Lease hold 214,627.32 187,597.28 

Free hold 99,777.82 145,295.05 

Buildings and related equipments 278,715.26 1,072,037.60 

Plant and machinery 158,486.78 171,100.98 

Furniture, fi xtures and equipments 20,175.29 48,250.64 

Air conditioners and coolers 130.01 175.19 

Vehicles 2,687.69 2,572.26 

Leasehold improvement 3,028.89 7,024.66 

Aircraft and helicopter 10,145.03 17,858.46 

Leased assets 

Leased plant and machinery 6.42 - 

Total - Current year 791,239.30 1,655,799.76 

- Previous year 481,906.79 791,239.30 

126

(Rs. in lacs) 

SCHEDULE : 7 INVESTMENTS Class* 2010 

Share (No.) 

2009 

Share (No.) 

2010 

Book value 

2009 

Book value 

Long Term 

In Shares (Quoted) (Trade) 

Ackruti City Limited Equity 430,621 430,621 2,267.51 2,267.81 

Symphony International Holding Limited Equity 50,000,000 50,000,000 22,479.60 25,820.00 

Aggregate Book value of Quoted Investments (Trade) 24,747.11 28,087.81 

Aggregate Market value of Quoted Investments (Trade) 17,307.28 10,661.61 

In shares / CCDs (Unquoted) (Trade) 

Abheek Real Estate Private Limited Equity 3,000 - 0.30 - 

Adeline Builders & Developers Private Limited Equity 2,000 - 0.20 - 

Alankrit Estates Limited Equity 3 3 -** -** 

Alvita Builders & Developers Private Limited Equity - 500 - 0.05 

Anuroop Builders and Developers Private Limited Equity 10,000 10,000 1.00 1.00 

Armand Builders & Constructions Private Limited Equity 2,000 - 0.20 - 

ASC Spring Creek LLC Equity 3,253,277 - 139.41 - 

Bansal Development Company Private Limited Equity 16,320 16,320 1.64 1.64 

Bodrum Demirbuku Equity 125,000 125,000 130.42 149.51 

Cadence Builders & Constructions Private Limited Equity - 2,000 - 0.20 

D.E. Shaw Composite Fund Equity 4,000,000 4,000,000 1,798.37 2,065.60 

Digital Talkies Private Limited Equity 8,850 8,850 88.50 88.50 

Digital Talkies Private Limited Preference 80,680 80,680 80.68 80.68 

Eigen Technical Services Limited Equity - 10,000 - 1.00 

Elvira Builders & Constructions Private Limited Equity 2,000 - 0.20 - 

Fadey Builders & Developers Private Limited Equity - 2,000 - 0.20 

Felicite Builders & Constructions Private Limited Equity 203,000 219,400 20.30 21.94 

Flora Real Estate Private Limited Equity - 500 - 0.05 

Garv Developers Private Limited Equity 10,000 10,000 1.00 1.00 

Garv Promoters Private Limited Equity 10,000 10,000 1.00 1.00 

Garv Realtors Private Limited Equity 10,000 10,000 1.00 1.00 

Grism Builders and Developers Private Limited Equity 10,000 10,000 1.00 1.00 

Hansel Builders & Developers Private Limited Equity 2,000 - 0.20 - 

Hemadri Real Estate Developers Private Limited Equity 3,000 - 0.30 - 

Ishayu Builders and Developers Private Limited Equity 4,000 4,000 0.40 0.40 

Ivory Consultancy Limited Equity - 10,000 - 1,000.00 

Jayanti Real Estate Developers Private Limited Equity 4,000 - 0.40 - 

Kirtimaan Builders Limited Equity 2 2 -** -** 

Lada Estates Private Limited Equity 2,000 - 0.20 - 

Lear Builders & Developers Private Limited Equity 2,000 - 0.20 - 

Luvkush Builders Private Limited Equity 10,000 10,000 1.00 1.00 

Luxurious Bus Seats Company Private Limited Equity 98,250 98,250 550.20 550.20 

Magna Real Estate Developers Private Limited Equity 10,000 10,000 1.01 1.01 

Magna Real Estate Developers Private Limited Preference 4,000 4,000 4.03 4.03 

Melosa Builders & Developers Private Limited Equity 2,000 - 0.20 - 

Milos Resort Holdings Limited Equity - 1,000 - 0.44 

Mohak Real Estate Private Limited Equity 3,000 3,000 0.30 0.30 

Nachiketa Real Estate Private Limited Preference 12,000 12,000 12.00 12.00 

Nadish Real Estate Private Limited Equity 10,000 10,000 1.00 1.00 

Nairne Builders and Developers Private Limited Equity 2,000 - 0.20 - 

Northern India Theaters Private Limited (Rs. 100 each) Equity 90 90 0.09 0.09 

Pariksha Builders & Developers Private Limited Equity 3,000 - 0.30 - 

Peace Buildcon Private Limited Equity 10,000 10,000 1.00 1.00 

Prudent Management Strategies Private Limited Equity 90,100 90,100 500.05 500.14 

Pyrite Builders & Constructions Private Limited Equity 2,000 - 0.20 - 

127


(Rs. in lacs) 

SCHEDULE : 7 INVESTMENTS Class* 2010 2009 2010 2009 

Share (No.) Share (No.) Book value Book value 

Qabil Builders & Constructions Private Limited. Equity 2,400 2,000 0.24 0.20 

Rachelle Builders & Constructions Private Limited Equity 2,000 - 0.20 - 

Radiant Sheet Metal Components Private Limited Equity 98,500 98,500 650.10 650.10 

Realest Builders and Services Private Limited Equity 50,012 50,012 5.03 5.03 

Ripple Infrastructure Private Limited Equity 90,100 90,100 500.05 500.14 

Rochelle Builders & Constructions Private Limited Equity 2,000 - 0.20 - 

SKH Construct Well Private Limited Equity 92,550 92,550 499.77 499.77 

SKH Infrastructure Developers Private Limited Equity 92,550 92,550 499.77 499.77 

Skyrise Home Developers Private Limited Equity 10,000 10,000 1.00 1.00 

Star Alubuild Private Limited CCD 24 - 239.89 - 

Super Mart One Property Management Services Private Equity 40,000 40,000 4.03 4.03 

Limited 

Super Mart One Property Management Services Private Preference 3,000 3,000 3.02 3.02 

Limited 

Thalia Infratech Private Limited Equity 36,000 36,000 3.60 3.60 

Turan Infratech Private Limited Equity 36,000 36,000 3.60 3.60 

Ujagar Estates Limited Equity 2 2 -** -** 

Urbana Limited Equity 1,000,000 1,000,000 622.93 380.64 

Vibodh Developers Private Limited Equity 10,000 10,000 1.00 1.00 

Vinesh Home Developers Private Limited Equity 10,000 10,000 1.00 1.00 

Vismay Builders and Developers Private Limited Equity 10,000 10,000 1.00 1.00 

Webcity Builders and Developers Private Limited Equity 3,000 3,000 0.30 0.30 

YG Realty Private Limited Equity - 39,524 - 3.95 

YG Realty Private Limited CCD 1,292,952 3,266,480 12,929.52 25,630.10 

19,304.75 32,674.23 

Less : Provision for diminution in value 169.18 169.18 

19,135.57 32,505.05 

In Associates (Trade unquoted) 

Australian Resort Limited Equity 9,000,002 9,000,002 -** -** 

DLF Pramerica Advisory Services Private Limited Equity - 5,850,000 - 585.00 

Ferragamo Retail India Private Limited Equity 7,350,000 7,350,000 735.00 735.00 

Giorgio Armani India Private Limited Equity 2,940,000 2,940,000 294.00 98.00 

Islan Aviation Limited Equity 903,996 903,996 -** -** 

Joyous Housing Limited (Rs. 100 each) Equity 37,500 37,500 37.50 37.50 

Kyoto Resorts YK Equity 333 333 727.37 835.46 

Lillion Builders and Developers Private Limited Equity - 3,100 - 0.31 

P.T. Jawa Express Amanda Indah Equity 9,161 9,161 -** -** 

Pamalican Island Holdings Inc. Equity 2,098 2,098 6.13 7.05 

Regional D & R Limited Equity 6 6 -** -** 

Revlys SA Equity 159,999 159,999 977.72 1,123.00 

Seven Seas Resorts and Leisure Inc. Equity 31,914,275 151,600,000 764.31 877.88 

Seven Seas Resorts and Leisure Inc. Preference 39,567,424 188,256,000 947.29 1,088.05 

Surin Bay Co. Limited Equity 449,998 449,998 4,130.01 4,743.71 

Villajena Equity 50,000 50,000 290.13 333.25 

Zeus Infrastructure Private Limited Equity 48,500 100,000 4.85 10.00 

8,914.31 10,474.21 

Add: Profi t in associates (net) 4,490.30 6,794.34 

13,404.61 17,268.55 

In Investment properties 3,543.45 13,307.00 

128

(Rs. in lacs) 


Share (No.) 

2009 

Share (No.) 

2010 

Book value 

2009 

Book value 

In Trusts 

Belaire Receivables Trust 6,943.81 8,633.31 

Zensi Real Estate Trust 59,514.02 9,381.58 

66,457.83 18,014.89 

In Government Securities 

GOI 06.05% 02FEB19 50,000,000 50,000,000 467.46 465.16 

GOI 06.07% 15MAY14 6,500,000 - 62.34 - 

GOI 06.25% 02JAN18 3,200,000 - 29.19 - 

GOI 07.02% 17AUG16 4,320,000 - 41.96 - 

GOI 07.38% 03SEP15 1,000,000 1,000,000 9.67 9.64 

GOI 07.40% 03MAY12 5,000,000 - 51.20 - 

GOI 07.56% 03NOV14 7,500,000 - 76.13 - 

GOI 07.59% 12APR16 50,000,000 - 520.36 - 

GOI 07.94% 24MAY21 50,000,000 - 528.69 - 

GOI 07.95% 18FEB26 50,000,000 - 527.79 - 

GOI 07.99% 09JUL17 100,000,000 50,000,000 1,064.44 539.73 

GOI 10.25% 01JUN12 32,150,000 - 344.17 - 

GOI 11.83% 12NOV14 26,630,000 20,000,000 321.76 252.24 

GOI 12.00% 21OCT11 100,000,000 200,000,000 1,067.99 2,212.71 

GOI 12.25% 02JUL10 45,000,000 45,000,000 507.04 439.54 

GOI 12.40% 20AUG13 3,000,000 - 34.99 - 

National Saving Certifi cate 1.97 0.51 

5,657.15 3,919.53 

In Treasury Bills 

91 DAYS T BILL(01MY09) - 20,000,000 - 199.23 

91 DAYS T BILL(12JU09) - 20,000,000 - 198.24 

91 DAYS T BILL (15MY09) - 70,000,000 - 696.24 

91 DAYS T BILL(24AP09) - 45,000,000 - 448.72 

- 1,542.43 

In Infrastructure Bonds 

REC 07.60% 22JAN13 50,000,000 - 500.00 - 

IRFC 08.46% 15JAN14 50,000,000 50,000,000 495.38 494.51 

POWER GRID CIL 09.20% 12MAR18 50,000,000 50,000,000 500.00 500.00 

PFC 08.70% 09JUL10 20,000,000 20,000,000 200.00 200.00 

PFC 08.90% 15MAR15 20,000,000 - 202.53 - 

IL&FS 09.25% 17AUG16 50,000,000 - 500.00 - 

PFC 10.75% 15JUL11 12,000,000 12,000,000 123.06 125.28 

PFC 11.40% 28NOV13 38,000,000 38,000,000 409.38 415.97 

2,930.35 1,735.76 

In Fixed Deposits: 

AXIS Bank 267.00 - 

CITI Bank 210.00 201.00 

HDFC Bank 44.00 22.00 

521.00 223.00 

In Partnership firms 

DLF GK Residency - 100.00 

- 100.00 

Short Term 

In Shares (Quoted) (Non-trade) # 

ABB India Limited Equity 4,155 - 34.49 - 

Andhra Cements Limited Equity - 12 - -** 

Axis Bank Limited Equity 4,895 540 57.19 2.24 

129


(Rs. in lacs) 


Share (No.) 

2009 

Share (No.) 

2010 

Book value 

2009 

Book value 

Bajaj Auto Limited Equity 4,281 520 86.10 3.22 

Balarampur Chini Mills Limited Equity 3,496 715 3.23 0.38 

Bharat Electronics Limited Equity - 385 - 3.40 

Bharat Heavy Electricals Limited Equity 4,281 303 102.12 4.56 

Bharat Petroleum Corporation Limited Equity - 333 - 1.25 

Bharti Airtel Limited Equity 17,097 684 53.33 4.28 

Bombay Dyeing and Manufacturing Company Limited Equity 1,296 - 7.14 - 

Cairn India Limited Equity 34,036 2,030 103.90 3.74 

Century Textiles Limited Equity - 179 - 0.39 

Cipla Limited Equity 15,332 1,230 51.68 2.70 

Crompton Greaves Limited Equity 15,327 2,406 40.00 2.96 

Dishman Pharma and Chemical Limited Equity 1,158 - 2.46 - 

EIH Limited Equity 177,681 177,681 215.16 153.69 

Gail India Limited Equity 7,279 787 29.83 1.92 

Glenmark Pharmaceutical Limited Equity - 213 - 0.33 

Grasim Industries Limited Equity 644 181 18.12 2.85 

Great Eastern Shipping Company Limited Equity 954 - 2.80 - 

HDFC Bank Limited Equity 5,788 288 111.84 2.79 

Hero Honda Motors Limited Equity 249 598 4.84 6.40 

Hindustan Unilever Limited Equity 21,699 1,354 51.80 3.23 

Housing Development Finance Corporation Limited Equity 2,147 - 58.24 - 

ICICI Bank Limited Equity 12,022 840 114.51 2.80 

Indian Oil Corporation Limited Equity - 311 - 1.20 

Infosys Technologies Limited Equity 6,714 306 175.58 4.05 

Infrastructure Development Finance Company Limited Equity 14,016 - 22.56 - 

Ispat Profiles India Limited Equity - 250 - 0.03 

ITC Limited Equity 39,942 2,611 105.07 4.83 

IVRCL Infrastructures & Projects Limited Equity - 280 - 0.34 

Jaiprakash Associates Limited Equity 10,498 - 15.70 - 

Jindal Steel & Power Limited Equity 5,565 - 39.08 - 

KEC International Limited Equity 266 262 1.55 0.40 

Larsen & Toubro Limited Equity 6,893 426 112.10 2.86 

Mahindra & Mahindra Limited Equity - 395 - 1.51 

Maruti Suzuki India Limited Equity 437 374 6.19 2.90 

Mphasis Limited Equity - 683 - 1.36 

National Thermal Power Corporation Limited Equity 13,130 1,509 27.18 2.71 

Nestle India Limited Equity - 220 - 3.42 

Orient Abrasives Limited Equity - 62,000 - 4.38 

Oil and Natural Gas Corporation Limited Equity 1,726 - 18.96 - 

Petron Engineering Construction Limited Equity - 5,000 - 2.16 

Power Grid Corporation of India Limited Equity 5,430 1,391 5.82 1.33 

Punjab National Bank Equity 473 781 4.79 3.21 

Ranbaxy Laboratories Limited Equity 3,240 - 15.39 - 

Reliance Communications Limited Equity 82,157 80,902 140.23 141.45 

Reliance Industries Limited Equity 17,002 494 182.64 7.52 

Reliance Infrastructure Limited Equity 580 254 5.79 1.31 

Reliance Media Works Limited (formerly Adlabs Films 

Limited) 

Equity 115,943 115,943 75.83 196.00 

Reliance Media World Limited Equity 115,943 - - - 

Reliance Power Limited Equity 228,633 228,633 341.81 146.25 

Siemens Limited Equity 5,779 543 42.77 1.46 

130

(Rs. in lacs) 


Share (No.) 

2009 

Share (No.) 

2010 

Book value 

2009 

Book value 

SPICEJET Limited Equity 65,674 - 38.29 - 

State Bank of India Equity 2,314 193 48.09 2.06 

Steel Authority of India Limited Equity - 2,850 - 2.75 

Sterlite Industries India Limited Equity 3,019 721 25.59 2.56 

Sun Pharmaceutical Industries Limited Equity 1,225 275 21.92 3.06 

TATA Chemicals Limited Equity 1,636 - 5.35 - 

TATA Consultancy Services Limited Equity 7,794 789 60.84 4.25 

TATA Motors Limited Equity 3,589 749 27.12 1.35 

TATA Power Company Limited Equity 5,555 387 76.24 2.96 

TATA Steel Limited Equity 5,550 1,029 35.08 2.12 

Union Bank of India Equity - 1,154 - 1.69 

Unitech Limited Equity - 19,500 - 0.03 

Voltas Limited Equity - 712 - 0.33 

Wipro Limited Equity 3,743 - 26.46 - 

# Valued at lower of cost or market value 2852.80 756.97 

In Mutual fund (Quoted) # # 

Axis Liquid Fund 7,500.72 - 

Axis Treasury Advantage Fund 35,365.26 - 

Birla Sun Life Cash Plus 12.36 120.88 

Birla Sun Life Short Term Fund 62,835.17 - 

Birla Sun Life Savings Fund 7,384.15 5,071.93 

DSP Black Rock Cash Flex Fund - 4,518.40 

DSP Black Rock Floating Rate Fund 29,130.14 - 

DWS Insta Cash Plus Fund 171.04 - 

GFCD IDFC Money Manager Fund 77.71 - 

HDFC Liquid Fund-Growth 43.01 96.25 

ICICI Prudential Liquid Plan-Growth 12.24 110.55 

ICICI Prudential Ultra Short Term Plan Super Premium 

Fund 

65,137.20 - 

JP Morgan India Treasury Fund 7,862.67 - 

Kotak Floater Long Term Fund 40,143.53 - 

Reliance Money Manager Fund 64,274.56 - 

Reliance Liquid Fund 1,284.65 111.14 

SBI Magnum Insta Cash - 120.88 

SBI Premier Liquid Fund - 1,561.86 

Tata Liquid Super High Investment Plan Fund 170.69 - 

UTI Short Term Income Fund 50,065.88 - 

UTI Treasury Advantage Fund 28,581.66 - 

400,052.64 11,711.89 

# # Aggregate market value as on March 31, 2010 Rs. 4,00,118.75 lacs (previous year Rs. 11,717.91 lacs) 

In Mutual fund (Unquoted) 

Urban Infrastructure Opportunities Fund 11,069.60 11,069.60 

Thai Farmers Bank - Open End Equity(Fixed Inc.) 6.51 7.19 

11,076.11 11,076.79 

In Funds 

Vkarma Capital Fund 5.10 - 

5.10 - 

In Call Options 136.24 - 

550,519.96 140,249.67 

* Equity shares of Rs. 10 each , Preference shares of Rs. 100 each unless otherwise stated. 

** Rounded off to ‘zero’ 

131


(Rs. in lacs) 

2010 2009 

SCHEDULE: 8 STOCKS 

Land and plots including related development cost 640,154.03 549,409.06 

Development rights: payments under agreement to purchase land / development rights / 


586,689.74 525,997.32 

Rented buildings (including land and related equipments) 

On leasehold land 3,054.27 3,054.27 

On freehold land 12,345.09 10,785.05 

15,399.36 13,839.32 

Less: Depreciation on buildings and related equipments 1,520.44 1,183.73 

13,878.92 12,655.59 

Food and beverages 2,315.86 2,218.39 

Stores and spares 3,166.58 2,073.73 

Stock-in-trade - Retail chain outlets 1,853.97 470.15 

1,248,059.10 1,092,824.24 

(Rs. in lacs) 

SCHEDULE : 9 SUNDRY DEBTORS 

(Considered good unless otherwise stated) 

Debts over six months 

Secured 1,668.43 188.97 

Unsecured - considered good 113,306.12 83,645.29 

- considered doubtful 15,181.59 13,805.38 

130,156.14 97,639.64 

Other debts 

Secured 4,288.66 2,824.27 

Unsecured - considered good 42,633.20 129,823.62 

177,078.00 230,287.53 

Less: Doubtful and provided for 15,181.59 13,805.38 

161,896.41 216,482.15 

(Rs. in lacs) 

SCHEDULE : 10 CASH AND BANK BALANCES 

Cash in hand 498.31 372.77 

Cheques in hand 256.20 966.30 

Bank balances: 

With scheduled banks in 

Current accounts* 63,331.06 24,150.89 

Pledged accounts 478.02 462.24 

Fixed deposit accounts 

Pledged / under lien / earmarked 6,911.03 6,054.88 

Margin money 2,048.94 3,055.48 

Others 16,791.50 81,379.24 

With non-scheduled banks in current account 2,508.16 3,119.20 

92,823.22 119,561.00 

* includes unutilised money from public issue Rs. nil (previous year Rs. 6.96 lacs) 

132

(Rs. in lacs) 

SCHEDULE :11 LOANS AND ADVANCES 

(Unsecured, considered good unless otherwise stated) 

Advances recoverable in cash or in kind or for value to be received 

Secured 6,191.06 2,655.58 

Unsecured [including Rs. 7,423.50 lacs (previous year Rs. 435.61 lacs) doubtful] 329,215.93 532,685.32 

335,406.99 535,340.90 

Security deposits 42,082.45 39,367.08 

Taxes paid 388,664.16 358,442.15 

Share / debenture application money 600.00 38,484.94 

766,753.60 971,635.07 

Less: Doubtful and provided for 7,423.50 435.61 

759,330.10 971,199.46 

(Rs. in lacs) 

2010 2009 

SCHEDULE : 12 OTHER CURRENT ASSETS 

Investment in lease [net of unearned fi nance income Rs. 1,906.91 lacs (previous year 

Rs. 4,048.80 lacs)] 

3,144.76 8,430.04 

Assets held for leasing 4,767.32 - 

Interest accrued 

Customers 13,763.26 7,111.17 

Banks / fi xed deposits 1,273.71 1,710.75 


Unbilled receivable* 436,734.15 738,003.18 

* Refer accounting policy 10 of Schedule 23 of signifi cant accounting policies 468,467.44 762,173.69 

(Rs. in lacs) 

SCHEDULE :13 CURRENT LIABILITIES 

Sundry creditors 152,492.90 232,489.58 

Realisation under agreement to sell 116,872.19 15,366.66 

Advance from recreational facility members 2,784.19 9,336.77 

Security deposits 90,000.56 48,070.52 

Uncashed dividend * 160.38 110.04 

Interest accrued but not due on loans 23,699.66 28,765.95 

Other liabilities 77,687.03 79,894.87 

463,696.91 414,034.39 

* Not due for credit to “Investor Education and Protection Fund” 

(Rs. in lacs) 

SCHEDULE : 14 PROVISIONS 

Proposed dividend * 50,945.38 33,998.49 

Tax on dividend* 5,518.65 2,901.30 

Income-tax 349,992.31 326,153.79 

Employee benefi ts 7,559.50 5,351.55 

414,015.84 368,405.13 

* Includes Rs. 16,220.67 lacs (previous year Rs. Nil) proposed dividend / dividend tax there on of DLF Assets Private Limited, 

subsidiary company, declared before acquisition. 

133


(Rs. in lacs) 

2010 2009 

SCHEDULE : 15 SALES AND OTHER INCOME 

a) Sales and other receipts 

Sale of land and plots (including sale of development right) 11,466.91 36,368.35 

Revenue from constructed properties 443,125.51 417,188.54 

Income from development charges 100,656.61 394,465.94 

Sale of fi touts under fi nance lease (including fi nance charges) 780.44 9,894.72 

Rent 72,456.39 50,541.95 

Service and maintenance income 44,270.26 31,775.24 

Revenue from retail chain outlets 2,293.05 150.51 

Revenue from food court / restaurant business 2,343.21 1,097.45 

Revenue from hotel business 22,712.83 29,962.35 

Revenue from power generation 26,191.35 25,732.53 

Revenue from cinemas operations 5,214.81 1,380.85 

Revenue from recreational facility 2,834.74 3,069.61 

Revenue from insurance business 4,738.52 1,172.37 

Amount forfeited on properties 3,202.52 738.27 

742,287.15 1,003,538.68 

b) Income from investments 

Current (other than trade) 

Dividend from mutual funds 3,177.17 868.28 

Dividend - others 267.55 45.87 

Long term (trade) 

Dividend 4.31 5.62 

Interest on debentures 0.55 22.83 

Income from investment in trust 358.54 - 

Profit / (loss) from partnership fi rms - (1.49) 

3,808.12 941.11 

c) Other income 

Interest from: 

Bank deposits 1,490.13 2,578.70 

Income-tax refunds 1,432.73 6.55 

Customers 11,368.23 9,009.85 

Loans and deposits 7,339.02 10,124.82 

Others 510.54 870.13 

22,140.65 22,590.05 

Exchange gain (net) 1,012.47 725.48 

Profit on disposal of fixed assets 7,026.91 55.14 

Income from display of advertisements 33.68 519.77 

Unclaimed balances and excess provisions written back 2,416.19 1,196.02 

Profit from sale of investment 1,727.93 8,504.33 

Commission 176.21 247.45 

Miscellaneous income 4,460.46 4,817.66 

38,994.50 38,655.90 

785,089.77 1,043,135.69 

134

(Rs. in lacs) 

2010 2009 

SCHEDULE : 16 COST OF REVENUES 

Cost of land, plots and constructed properties (including cost of development right) 173,994.14 183,876.53 

Cost of development charges 33,156.86 92,985.48 

Cost of fi touts under fi nance lease - 9,069.57 

Cost of power generation 7,156.33 2,416.92 

Foods and beverages and facility management expenses - hotel business 6,734.93 8,540.43 

Consumption of food and beverages - food court and restaurants 926.52 250.24 

Cost of goods sold - retail chain outlets 1,362.04 99.85 

Cost of service and maintenance 27,434.96 23,346.01 

Cost of cinema operations 2,285.53 664.94 

Cost of recreational facility 1,577.66 1,432.04 

Cost of insurance business 3,324.77 267.47 

257,953.74 322,949.48 

(Rs. in lacs) 

SCHEDULE : 17 ESTABLISHMENT EXPENSES 

Salaries, wages and bonus 40,698.05 39,839.14 

Contribution to provident and other funds 1,206.19 948.59 

Amortisation of deferred employees compensation (net) 4,147.20 3,786.35 

Staff welfare 626.01 793.83 

46,677.45 45,367.91 

(Rs. in lacs) 

SCHEDULE : 18 FINANCE CHARGES 

Interest 

Fixed periods loans 

Debentures 19,630.74 5,757.16 

Other term loans 53,705.21 37,069.61 

73,335.95 42,826.77 

Others 24,093.12 2,506.80 

97,429.07 45,333.57 

Guarantee, fi nance and bank charges 13,574.84 10,150.12 

111,003.91 55,483.69 

(Rs. in lacs) 

SCHEDULE : 19 OTHER EXPENSES 

Rent 4,952.29 4,236.52 

Rates and taxes 2,111.54 1,553.04 

Power, fuel and electricity 1,641.39 2,703.49 


Building 760.53 472.58 

Constructed properties / colonies 462.83 173.05 

Machinery 1,022.78 1,394.20 

Others 3,257.16 2,692.33 

Operating and maintenance of windmill 2,037.84 78.68 

Insurance 1,181.32 881.50 

Commission and brokerage 9,397.02 12,152.58 

Advertisement and publicity 11,338.45 8,191.19 

Travelling and conveyance 2,631.49 2,913.64 

Running and maintenance 

Vehicle 346.90 592.10 

Aircraft & helicopter 1,222.73 2,956.44 

135


(Rs. in lacs) 

SCHEDULE : 19 OTHER EXPENSES (Contd.) 2010 2009 

Printing and stationery 715.28 950.73 

Director’s fee 530.46 447.03 

Sales promotion 2,851.89 2,051.57 

Communication 1,556.83 1,773.34 

Legal and professional (including audit fees) 11,433.95 13,318.88 

Charity and donations 3,484.10 313.73 

Claims and compensation 1,379.92 530.31 

Loss on disposal of fi xed assets 1,236.32 502.13 

Loss on sale of short term investments 4.69 991.82 

Loss on sale of long term investments 868.72 - 

Advance / assets written off 5,700.19 389.58 

Preliminary expenses written off 147.37 163.92 

Provision for doubtful debts and advances 8,189.10 6,323.33 

Provision for diminution of current investment - 1,189.90 

Miscellaneous expenses 6,035.68 6,282.03 

86,498.77 76,219.64 

(Rs. in lacs) 

SCHEDULE : 20 DEPRECIATION ,AMORTISATION AND IMPAIRMENT 

On fi xed assets (net of capitalisation) 32,119.73 23,591.24 

On current asset 336.71 268.32 

On investment properties 36.84 36.84 

32,493.28 23,896.40 

(Rs. in lacs) 

SCHEDULE : 21 PROVISION FOR TAX 

Income tax 77,616.65 74,086.78 

Deferred tax (7,391.73) (7,446.27) 

Fringe benefi t tax, (net of recovery) - 895.38 

70,224.92 67,535.89 

(Rs. in lacs) 

SCHEDULE : 22 EARNING PER SHARE 

Profit after tax, minority interest and before prior period items 181,398.15 446,818.50 

Prior period items : 

Income-tax (net) (1,601.59) (598.31) 

Depreciation (124.07) 19.44 

Deferred tax (6,269.73) - 

Other expenses (1,419.73) 720.34 

171,983.03 446,959.97 


Weighted average number of equity shares 1,697,243,145 1,703,074,486 



Number of equity shares used to compute diluted earning per share 1,700,592,070 1,703,615,271 


136

SCHEDULE : 23 SIGNIFICANT ACCOUNTING POLICIES 

1. Nature of operations 

DLF Limited (‘DLF’ or the ‘Company’), a public 

limited company, together with its subsidiaries, 

joint ventures and associates (collectively 

referred to as the ‘Group’) is engaged primarily 

in the business of colonisation and real estate 

development. The operations of the Group 

span all aspects of real estate development, 

from the identifi cation and acquisition of 

land, to planning, execution, construction 

and marketing of projects. The Group is also 

engaged in the business of generation of 

power, provision of maintenance services, 

hospitality & recreational activities, life 

insurance and retail chain outlets. 

2. Basis of accounting 

The Consolidated Financial Statements are 

prepared under historical cost convention 

on an accrual basis, in accordance with the 

generally accepted accounting principles 

in India and to comply with the Accounting 

Standards prescribed in the Companies 

(Accounting Standards) Rules, 2006 issued 

by the Central Government in exercise of the 

power conferred under sub-section (I) (a) of 

Section 642 and the relevant provisions of the 

Companies Act, 1956 (the ‘Act’). 

3. Principles of consolidation 

The Consolidated Financial Statements 

include the fi nancial statements of DLF 

Limited, its subsidiaries, joint ventures, 

partnership fi rms and associates. The 

Consolidated Financial Statements of the 

Group have been prepared in accordance 

with Accounting Standard AS - 21 

‘Consolidated Financial Statements’, AS - 23 

‘Accounting for Investments in Associates 

in Consolidated Financial Statements’ and 

AS - 27 ‘Financial Reporting of Interests 

in Joint Ventures’, as applicable issued 

by the Institute of Chartered Accountants 

of India (‘ICAI’) and notifi ed pursuant to 

the Companies (Accounting Standards) 

Rules, 2006. The Consolidated Financial 

Statements are prepared on the following 

basis: 

i) Consolidated Financial Statements 

normally include consolidated balance 

sheet, consolidated statement of profi t 

& loss, consolidated statement of cash 

fl ows and notes to the Consolidated 

Financial Statements and explanatory 

statements that form an integral part 

thereof. The Consolidated Financial 

Statements are presented, to the extent 

possible, in the same format as that 

adopted by the parent for standalone 

fi nancial statements. 

ii) The Consolidated Financial Statements 

include the fi nancial statements of the 

Company and all its subsidiaries, which 

are more than 50 per cent owned or 

controlled and partnership fi rms where 

the Company’s share in the profi t sharing 

ratio is more than 50 per cent during the 

year. Investments in entities that were 

not more than 50 per cent owned or 

controlled and partnership fi rms where 

the profit sharing ratio was not more 

than 50 per cent during the year have 

been accounted for in accordance with 

the provisions of Accounting Standard 

13 ‘Accounting for Investments’, or 

Accounting Standard 23 ‘Accounting 

for Investments in Associates in 

Consolidated Financial Statements’, 

or Accounting Standard 27 ‘Financial 

Reporting of Interests in Joint Ventures’ 

(as applicable) notifi ed pursuant to the 

Companies (Accounting Standards) 

Rules, 2006. 

iii) The Consolidated Financial Statements 

have been combined on a line-by-line 

basis by adding the book values of like 

items of assets, liabilities, income and 

expenses after eliminating inter-group 

balances / transactions and resulting 

elimination of unrealised profi ts in 

full. The amounts shown in respect of 

reserves comprise the amount of the 

relevant reserves as per the balance 

sheet of the parent Company and its 

share in the post-acquisition increase in 

137


the relevant reserves of the entity to be 

consolidated. Financial interest in joint 

ventures has been accounted for under 

the proportionate consolidation method. 

iv) Investments in associates are 

accounted for using the equity method. 

The excess of cost of investment over 

the proportionate share in equity of the 

Associate as at the date of acquisition 

of stake is identifi ed as Goodwill and 

included in the carrying value of the 

investment in the Associate. The 

carrying amount of the investment 

is adjusted thereafter for the post 

acquisition change in the share of net 

assets of the Associate. However, the 

share of losses is accounted for only 

to the extent of the cost of investment. 

Subsequent profi ts of such Associates 

are not accounted for unless the 

accumulated losses (not accounted for 

by the Group) are recouped. Where 

the associate prepares and presents 

Consolidated Financial Statements, 

such Consolidated Financial Statements 

of the associate are used for the 

purpose of equity accounting. In other 

cases, standalone fi nancial statements 

of associates are used for the purpose 

of consolidation. 

v) Minority interest represents the amount 

of equity attributable to minority 

shareholders / partners at the date 

on which investment in a subsidiary / 

partnership fi rm is made and its share 

of movements in equity since that date. 

Any excess consideration received from 

minority shareholders of subsidiaries / 

minority partners of partnership fi rms 

over the amount of equity attributable to 

the minority on the date of investment is 

refl ected under Reserves and Surplus. 

vi) Notes to the Consolidated Financial 

Statements represents notes involving 

items which are considered material 

and are accordingly duly disclosed. 

Materiality for the purpose is assessed 

in relation to the information contained in 

the Consolidated Financial Statements. 

Further, additional statutory information 

disclosed in separate fi nancial statements 

of the subsidiary and / or a parent having 

no bearing on the true and fair view of the 

Consolidated Financial Statements has 

not been disclosed in the Consolidated 

Financial Statements. 

4. Use of estimates 

The preparation of Consolidated Financial 

Statements in conformity with generally 

accepted accounting principles requires 

management to make estimates and 

assumptions that affect the reported amounts 

of assets and liabilities and disclosure of 

contingent liabilities on the date of the 

Consolidated Financial Statements and the 

results of operations for the reporting periods. 

Although these estimates are based upon 

management’s knowledge of current events 

and actions, actual results could differ from 

those estimates and revisions, if any, are 

recognised in the current and future periods. 

5. Fixed assets, Capital work-in-progress 

and depreciation / amortisation 

i) Fixed assets (gross block) are stated 

at historical cost less accumulated 

depreciation and impairment. Cost 

comprises the purchase price and any 

attributable cost of bringing the asset 

to its working condition for its intended 

use. 

Building / specifi c identifi able portion of 

Building, including related equipments 

are capitalised when the construction is 

substantially complete or upon receipt of 

the occupancy certifi cate, whichever is 

earlier. 

ii) In respect of certain overseas hotel 

properties that have commenced 

commercial operations, are stated in 

the balance sheet at their revalued 

amounts, less any subsequent 

accumulated depreciation and 

subsequent accumulated impairment 

138

losses. Revaluations are performed with 

suffi cient regularity such that the carrying 

amount does not differ materially from 

that which would be determined using 

fair values at the balance sheet date. 

Any revaluation increase arising on 

the revaluation of such hotel properties 

is credited to the property revaluation 

reserve. 

iii) Capital work-in-progress represents 

expenditure incurred in respect of 

capital projects under development 

and is carried at cost. Cost includes 

land, related acquisition expenses, 

development / construction costs, 

borrowing costs capitalised and other 

direct expenditure and advances to 

contractors and others. 

iv) Depreciation on fi xed assets (including 

buildings and related equipment rented 

out and included under current assets 

as stocks) is provided on a straight 

line method, at the rates and in the 

manner prescribed in Schedule XIV to 

the Companies Act, 1956, or based on 

the estimated useful lives of assets, 

whichever is higher, as applicable. 

The useful lives as estimated by the 

management is as follows: 

Description 

Estimated useful life 

(years) 

Leasehold land 

Over the effective life 

of the lease 

Buildings 25-62 

Plant and machinery 4-20 

Computers and software 2-6 

Furniture and fi xtures 10-15 

Offi ce equipment 8 

Vehicles 2-10 

Depreciation in respect of assets 

relating to the power generating 

division of one of the subsidiary 

companies is provided on the straight 

line method in terms of the Electricity 

(Supply) Act, 1948 on the basis of 

Central Government Notifi cation No. 

S.O 266 (E) dated March 29, 1994, 

from the year immediately following the 

year of commissioning of the assets in 

accordance with the clarifi cation issued 

by the Central Electricity Authority as 

per the accounting policy specifi ed 

under the Electricity (Supply) Annual 

Accounts Rules, 1985. 

Depreciation on revalued properties 

of certain overseas hotel properties is 

charged to profi t or loss. On subsequent 

sale or retirement of a revalued property, 

the attributable revaluation surplus 

remaining in the property revaluation 

reserve is transferred directly to retained 

earnings. 

v) Leasehold land under, perpetual lease 

are not being amortised. The leasehold 

lands, other than perpetual lease, are 

being amortised on a time proportion 

bases over their respective lease 

periods. 

6. Intangibles 

Computer Softwares 

Softwares which are not integral part of the 

hardware are classifi ed as intangibles and is 

stated at cost less accumulated amortisation. 

Softwares are being amortised over the 

estimated useful life of three to fi ve years, as 

applicable. 

Goodwill 

The difference between the cost of 

Investment to the Group in Subsidiaries and 

Joint Ventures and the proportionate share 

in the equity of the investee company as 

at the date of acquisition of stake is 

recognised in the Consolidated Financial 

Statements as Goodwill or Capital Reserve, 

as the case may be. 

Other Intangible assets are stated at their 

cost of acquisition less accumulated 

amortisation 

7. Investments 

Investments are classifi ed as long term or 

current, based on management’s intention 

at the time of purchase. Investments that are 

readily realisable and intended to be held 

for not more than a year are classifi ed as 

current investments. All other investments are 

classifi ed as long-term investments. 

139


Trade investments are the investments made 

for or to enhance the company’s business 

interests. 

Current investments are stated at lower of 

cost and fair value determined on an individual 

investment basis. Long-term investments are 

stated at cost and provision for diminution in 

their value, other than temporary, is made in 

the fi nancial statements. 

Profi t / loss on sale of investments is computed 

with reference to the average cost of the 

investment. 

In respect of Life Insurance business, 

investments are made in accordance with the 

Insurance Act, 1938 and Insurance Regulatory 

and Development Authority (Investment) 

Regulations, 2000. These Investments are 

recorded at cost on date of purchase including 

brokerage & statutory levies. 

8. Stocks 

Stocks are valued as under: 

i) Land and plots other than area 

transferred to constructed properties at 

the commencement of construction are 

valued at lower of cost / approximate 

average cost, as revalued on conversion 

to stock and net realisable value. Cost 

includes land (including development 

rights) acquisition cost, borrowing cost, 

estimated internal development costs 

and external development charges. 

ii) Constructed properties other than 

Special Economic Zone (SEZ) 

projects include the cost of land 

(including development rights and 

land under agreements to purchase), 


development charges, construction costs, 

overheads, borrowing cost, development 

/ construction materials, and is valued at 

lower of cost / estimated cost and net 


iii) In case of SEZ projects, constructed 

properties include internal development 



cost, development / construction 

materials, and is valued at lower of cost / 

estimated cost, and net realisable value. 

iv) Development rights represent amount 

paid under agreement to purchase land 

/ development rights and borrowing cost 

incurred by the Company to acquire 

irrevocable and exclusive licenses / 

development rights in identifi ed land and 

constructed properties, the acquisition of 

which is at an advanced stage. 

v) Cost of construction / development 

material is valued at lower of cost or net 


vi) Rented buildings and related equipments 

are valued at cost less accumulated 

depreciation. 

vii) In respect of the power generating 

division of one of the subsidiary 

companies, materials & components 

and stores & spares are valued at lower 

of cost or net realisable value. The cost 

is determined on the basis of moving 

weighted average. Loose tools are valued 

at depreciated value. Depreciation has 

been provided on a straight line method 

at the rate of ten percent per annum. 

viii) Stocks for maintenance and recreational 

facilities (including stores and spares) 

are valued at cost or net realisable value, 

whichever is lower. Cost of inventories 

is ascertained on a weighted average 

basis. 

ix) Inventories at retail chain outlets are 

valued at lower of cost, computed on 

a moving weighted average basis and 

estimated net realisable value after 

providing for cost of obsolescence 

and other anticipated losses wherever 

considered necessary. 

x) Stock of food and beverages is valued 

at cost or net realisable value, whichever 

is lower. Cost comprises of cost of 

material including freight and other 

related incidental expenses and is arrived 

at on fi rst in fi rst out basis. Slow moving 

inventory is determined on management 

estimates. 

140

9. Revenue recognition 

i) Revenue from constructed properties 

a) Revenue from constructed 

properties, other than SEZ 

projects, is recognised on the 

percentage of completion method. 

Total sale consideration as per the 

duly executed agreement to sell 

/ application (containing salient 

terms of agreement to sell), is 

recognised as revenue based on the 

percentage of actual project costs 


project cost, subject to such actual 

cost incurred being 30 per cent or 

more of the total estimated project 

cost. Project cost includes cost of 

land, cost of development rights, 

estimated construction and 

development cost, borrowing cost 

of such properties. The estimates 

of the saleable area and costs are 

reviewed periodically and effect 

of any changes in such estimates 

is recognised in the period 

such changes are determined. 

However, when the total project 

cost is estimated to exceed total 

revenues from the project, the loss 

is recognised immediately. 

b) For SEZ projects, revenue from 

development charges is recognised 

on the percentage of completion 

method in accordance with the terms 

of the Co-developer Agreements 

/ Memorandum of Understanding 

(‘MOU’), read with addendum, if 

any. The total development charges 

is recognised as Revenue on the 

percentage of actual project cost 


project cost subject to such actual 

cost incurred being 30% or more 

of the total estimated project cost. 

The estimated project cost includes 

construction cost, development 

and construction material, internal 

development cost, external 

development charges, borrowing 

cost and overheads of such project. 

Revenue from lease of land pertaining 

to such projects is recognised in 

accordance with the terms of the 

Co-developer Agreements / MOU on 

accrual basis. 

ii) Sale of land and plots 

Sale of land and plots (including 

development rights) is recognised 

in the fi nancial year in which the 

agreement to sell / application containing 

salient terms of agreement to sell is 

executed. Where the Company has any 

remaining substantial obligations as per 

agreements, revenue is recognised on 

‘percentage of completion method’ as 

per (i)(a) above. 

iii) Construction contracts 

a) Revenue from cost plus contracts 

is recognised with respect to the 

recoverable costs incurred during the 

period plus the margin in accordance 

with the terms of the agreement. 

b) Revenue from fi xed price contract 

is recognised under percentage of 

completion method. Percentage of 

completion method is determined as 

a proportion of cost incurred up to the 

reporting date to the total estimated 

contract cost. 

iv) Rental Income 

Rental income is recognised in the 

profi t & loss account on accrual basis 

in accordance with the terms of the 

respective lease agreements. 

(v) Power Supply 

a. Revenue from power supply together 

with claims made on customers 

is recognised in terms of power 

purchase agreements entered into 

with the respective purchasers. 

b. Revenue from energy system 

development contracts is recognised 

on percentage of completion 

method and accounted for inclusive 

of excise duty recovered, where 

applicable. Accordingly, revenue 

is recognised when cost incurred 

141


(including appropriate portion of 

allocable overheads) on the contract 

is estimated at 30 per cent or more, 

of the total cost to be incurred 

(including all foreseeable losses and 

an appropriate portion of allocable 

overheads) for the completion of 

contract, wherever applicable. 

c. Revenue from wind power generation 

projects is recognised on the basis 

of actual power sold (net of reactive 

energy consumed), as per the terms 

of the relevant power purchase 

agreements with the purchasers. 

d. Sale of Certifi ed Emission Reductions 

(CERs) and Voluntary Emission 

Reductions (VERs) is recognised as 

income on the delivery of the CERs / 

VERs to the customer’s account and 

receipt of payment. 

vi) Hospitality services and Recreational 

facility income 

a. Subscription and non-refundable 

membership fee is recognised on 

proportionate basis over the period 

of the subscription / membership. 

b. Revenue from food and beverage 

is recorded net of sales tax / value 

added tax and discounts. 

c. Sales of merchandise are stated net 

of goods sold on consignment basis 

as agents. 

d. Revenue from hotel operations and 

related services is recognised net of 

discounts and sales related taxes in 

the period in which the services are 

rendered. 

e. Income from golf operations, 

course capitation, sponsorship etc. 

is fi xed and recognised as per the 

agreement with the parties, as and 

when services are rendered. 

f. Sale of cinema tickets is stated net of 

discounts. 

vii) Life Insurance 

a. Premium is recognised as income 

when due. Unallocated premium on 

lapsed policies is not recognised as 

income unless reinstated. 

b. For linked business, premium 

income is recognised when the 

associated units are allocated. Top 

up premium (i.e. premium paid in 

excess of annual target premium as 

per policy contract) are recognised 

as single premium. Fees on linked 

policies including fund charges etc. 

are recovered from the linked fund 

and recognised in accordance with 

terms and conditions of the policies. 

c. Premium ceded is accounted at the 

time of recognition of premium income 

in accordance with treaty or in principle 

agreement with the reinsurers. 

viii) Retail Chain Outlets 

Income from sales is recognised 

when signifi cant risks and rewards in 

respect of ownership of the goods are 

transferred to the customers and is 

stated net of trade discounts, value 

added taxes and estimated sales 

return, wherever applicable. 

ix) Others 

a. Revenue from design and 

consultancy services is recognised 

on percentage of completion 

method to the extent it is probable 

that the economic benefi ts will fl ow 

to the group and the revenue can be 

reliably measured. 

b. Revenue in respect of maintenance 

services is recognised on an accrual 

basis, in accordance with the terms 

of the respective contract. 

c. Dividend income is recorded when 

the right to receive the dividend is 

established. 

d. Service receipts and interest from 

customers under agreements to 

142

sell is accounted for on an accrual 

basis except in cases where ultimate 

collection is considered doubtful. 

e. Interest income is accounted for 

on time proportion basis taking into 

account the amount outstanding and 

the applicable rate of interest. 

f. Share of profi t / loss from fi rms in 

which the Company is a partner is 

accounted for in the fi nancial year 

ending on (or immediately before) 

the date of the balance sheet. 

10. Unbilled receivables 

Unbilled receivables disclosed under 

Schedule 11 - “Other Current Assets” 

represents revenue recognised based on 

percentage of completion method (as per 

Para no. 9(i) and 9(ii) above), over and 

above the amount due as per the payment 

plans agreed with the customers. 

11. Cost of revenues 

i) Cost of constructed properties other 

than SEZ projects, includes cost of land 

(including cost of development rights 

/ land under agreements to purchase), 

estimated internal development costs, 

external development charges, cost 

of development rights, construction 

and development cost, borrowing 

cost, construction materials, which is 

charged to the profi t & loss account 

based on the percentage of revenue 

recognised as per accounting policy 9 (i) 

above, in consonance with the concept 

of matching costs and revenue. Final 

adjustment is made on completion of the 

applicable project. 

For SEZ projects, cost of constructed 

properties includes estimated 


development charges, construction 

and development cost, borrowing cost, 

construction materials, which is charged 

to the profi t & loss account based on 

the percentage of revenue recognised 

as per accounting policy 9(i) above, in 

consonance with the concept of matching 

costs and revenue. Final adjustment is 

made on completion of the applicable 

project. 

ii) Cost of land and plots includes 

land (including development rights), 

acquisition cost, estimated internal 

development costs and external 

development charges, borrowing cost, 


account based on the percentage 

of land / plotted area in respect of 

which revenue is recognised as per 

accounting policy 9 (ii) above to the 

saleable total land / plotted area of 

the scheme, in consonance with the 

concept of matching cost and revenue. 

Final adjustment is made on completion 

of the specifi c project. 

12. Borrowing costs 

Borrowing costs that are attributable to 

the acquisition and / or construction of 

qualifying assets are capitalised as part of 

the cost of such assets, in accordance with 

Accounting Standard 16 “Borrowing Costs”. A 

qualifying asset is one that necessarily takes 

a substantial period of time to get ready for 

its intended use. Capitalisation of borrowing 

costs is suspended in the period during which 

the active development is delayed due to, 

other than temporary, interruption. All other 

borrowing costs are charged to the profi t & 

loss account as incurred. 

13. Taxation 

Tax expense comprises current income 

tax and deferred tax and is determined 

and computed at the standalone entity 

level. Current income-tax is measured 

at the amount expected to be paid to the 

tax authorities in accordance with the 

Indian Income Tax Act and in the overseas 

branches / companies as per the respective 

tax laws. Deferred income-tax refl ects the 

impact of current year timing differences 

between taxable income and accounting 

income for the year and reversal of timing 

differences of earlier years. Deferred tax is 

measured based on the tax rates and tax 

laws enacted or substantively enacted at 

the balance sheet date. Deferred tax assets 

143


and deferred tax liabilities across various 

countries of operation are not set off against 

each other as the Company does not have 

a legal right to do so. Deferred tax assets 

are recognised only to the extent that there 

is reasonable certainty that suffi cient future 

taxable income will be available against 

which such deferred tax assets can be 

realised. In situations where the Group 

entity has unabsorbed depreciation or carry 

forward tax losses, deferred tax assets are 

recognised only if there is virtual certainty 

supported by convincing evidence that 

they can be realised against future taxable 

profi ts. 

At each balance sheet date, the Group 

re-assesses unrecognised deferred tax 

assets. It recognises unrecognised deferred 

tax assets to the extent that it has become 

reasonably certain, as the case may be, 

that sufficient future taxable income will be 

available against which such deferred tax 

assets can be realised. 

14. Lease transactions 

a) Where a Group entity is the lessee 

Finance leases, which effectively 

transfer to the lessee substantially 

all the risks and benefi ts incidental 

to ownership of the leased item, are 

capitalised at the lower of the fair value 

and present value of the minimum lease 

payments at the inception of the lease 

term and disclosed as leased assets. 

Lease payments are apportioned 

between the fi nance charges and 

reduction of the lease liability based 

on the implicit rate of return. Finance 

charges are charged directly against 

income. Lease management fees, legal 

charges and other initial direct costs 

are capitalised. 

If there is no reasonable certainty that 

the Group entity will obtain the ownership 

by the end of lease term, capitalised 

leased assets are depreciated over the 

shorter of the estimated useful life of the 

asset or the lease term. 

Leases, where the lessor effectively 

retains substantially all the risks and 

benefi ts of ownership of the leased 

item, are classifi ed as operating 

leases. Operating lease payments are 

recognised as an expense in the profi t 

& loss account on straight line basis over 

the lease term. 

b) Where a Group entity is the lessor 

Leases which effectively transfer to the 

lessee substantially all the risks and 

benefi ts incidental to ownership of the 

leased item are classifi ed and accounted 

for as fi nance lease. 

Assets subject to operating leases are 

included in fi xed assets / current assets 

/ investment properties. Lease income is 

recognised in the profi t & loss account 

on a straight line basis over the lease 

term. Costs, including depreciation are 

recognised as an expense in the profi t 

& loss account. Initial direct costs such 

as legal costs, brokerage costs etc are 

recognised immediately in the profi t & 

loss account. 

15. Foreign currency transactions 

a) Relating to Overseas entities 

Indian Rupee is the reporting currency for 

the Group. However, reporting currencies 

of certain non-integral overseas 

subsidiaries are different from the 

reporting currency of the Group. The 

translation of local currencies into Indian 

Rupee is performed for assets and 

liabilities (excluding share capital, opening 

reserves and surplus), using the exchange 

rate as at the balance sheet date. 

Revenues, costs and expenses are 

translated using weighted average 

exchange rate during the reporting 

period. Share capital, opening reserves 

and surplus are carried at historical 

cost. The resultant currency translation 

exchange gain / loss is carried as foreign 

currency translation reserve under 

reserves and surplus. Investments in 

144

foreign entities are recorded at the 

exchange rate prevailing on the date of 

making the investment. 

Income and expenditure items of integral 

foreign operations are translated at the 

monthly average exchange rate of their 

respective foreign currencies. Monetary 

items at the balance sheet date are 

translated using the rates prevailing on 

the balance sheet date. Non - monetary 

assets are recorded at the rates prevailing 

on the date of the transaction. 

b) Relating to Indian entities 

Transactions in foreign currency are 

accounted for at the exchange rate 

prevailing on the date of the transaction. 

All monetary items denominated in 

foreign currency are converted into 

Indian Rupees at the year-end exchange 

rate. Income and expenditure of the 

overseas liaison offi ce is translated at 

the yearly average rate of exchange. 

The exchange differences arising on 

such conversion and on settlement of 

the transactions is recognised in the 

profi t & loss account. 

In terms of the clarification provided by 

the Ministry of Corporate Affairs (“MCA”) 

vide a notifi cation number G.S.R. 225(E) 

on Accounting Standard-11 “Changes in 

Foreign Exchange Rates”, the exchange 

differences on long term foreign currency 

monetary items are adjusted in the cost 

of depreciable capital assets. 


Expenses and liabilities in respect of employee 

benefi ts are recorded in accordance with the 

notifi ed Accounting Standard 15 - “Employee 

Benefi ts”. 

i) Provident fund 

Certain entities of the group make 

contribution to statutory provident fund 

trust set up in accordance with the 

Employees Provident Funds and 

Miscellaneous Provisions Act, 1952. In 

terms of the Guidance on implementing 

the revised AS – 15, issued by the 

Accounting Standard Board of the ICAI, 

the provident fund trust set up by the 

Company is treated as a defi ned benefi t 

plan since the Company has to meet 

the interest shortfall, if any. Accordingly, 

the contribution paid or payable and the 

interest shortfall, if any is recognised 

as an expense in the period in which 

services are rendered by the employee. 

Certain other entities of the Group, make 

contribution to the statutory provident 

fund in accordance with the Employees 

Provident Fund and Miscellaneous 

Provisions Act, 1952 which is a defined 

contribution plan and contribution paid or 

payable is recognised as an expense in the 

period in which the services are rendered. 

ii) Gratuity 

Gratuity is a post employment benefi t and 

is in the nature of a defi ned benefi t plan. 

The liability recognised in the balance 

sheet in respect of gratuity is the present 

value of the defi ned benefi t / obligation at 

the balance sheet date less the fair value 

of plan assets, together with adjustments 

for unrecognised actuarial gains or 

losses and past service costs. The 

defi ned benefi t / obligation is calculated 

at or near the balance sheet date by an 

independent actuary using the projected 

unit credit method. 

Actuarial gains and losses arising 

from past experience and changes in 

actuarial assumptions are credited or 

charged to the profi t & loss account 

in the year in which such gains or 

losses are determined. For certain 

consolidated entities, contributions made 

to an approved gratuity fund (funded 

by contributions to LIC under its group 

gratuity scheme) are charged to revenue 

on accrual basis. 

iii) Compensated absences 

Liability in respect of compensated 

absences becoming due or expected 

to be availed within one year from the 

balance sheet date is recognised on the 

basis of undiscounted value of estimated 

amount required to be paid or estimated 

145


value of benefi t expected to be availed 

by the employees. Liability in respect of 

compensated absences becoming due or 

expected to be availed more than one year 

after the balance sheet date is estimated 

on the basis of an actuarial valuation 

performed by an independent actuary 

using the projected unit credit method. 

Actuarial gains and losses arising from 

past experience and changes in actuarial 

assumptions are credited or charged 

to the profit & loss account in the year 

in which such gains or losses are 

determined. 

iv) Superannuation benefit 

Superannuation is in the nature of a 

defi ned benefi t plan. Certain entities make 

contributions towards superannuation 

fund (funded by payments to Life 

Insurance Corporation of India under its 

Group Superannuation Scheme) which 

is charged to revenue on accrual basis. 

v) Cash Settled Options 

Accounting value of Cash Settled 

Options granted to employees under the 

Employee Shadow / Phantom Option 

Scheme is determined on the basis of 

intrinsic value representing the excess 

of the average market price, during the 

month before the reporting date, over the 

exercise price of the shadow option. The 

same is charged as employee benefits 

over the vesting period, in accordance 

with Guidance Note 18 “Share Based 

Payments”, issued by the ICAI. 

vi) Other short term benefits 

Expense in respect of other short term 

benefi ts is recognised on the basis of the 

amount paid or payable for the period 

during which services are rendered by 

the employee. 

vii) Overseas entities 

Post employment benefits 

● Defined contribution 

Payments to defined contribution 

retirement benefit plans are charged as 

an expense as they fall due. Payments 

made to state-managed retirement benefit 

schemes, such as the Singapore Central 

Provident Fund, are dealt with as payments 

to defined contribution plans where the 

Group’s obligations under the plans are 

equivalent to those arising in a defined 

contribution retirement benefit plan. 

● Defined benefit liability 

Management estimates the defi ned 

benefi t liability annually. The actual 

outcome may vary due to estimation 

uncertainties. The estimate of its defi ned 

benefi t liability is based on standard 

rates of infl ation, medical cost trends 

and mortality. It also takes into account 

the Group’s specifi c anticipation of future 

salary increases. Discount factors are 

determined close to each year-end by 

reference to high quality corporate bonds 

that are denominated in the currency in 

which the benefi ts will be paid and that 

have terms to maturity approximating to 

the terms of the related pension liability. 

Estimation uncertainties exist particularly 

with regard to medical cost trends, 

which may vary signifi cantly in future 

appraisals of the Group’s defi ned benefi t 

obligations. 

● Employee Leave Entitlement 

Employee entitlements to annual leave 

are recognised when they accrue to 

employees. A provision is made for the 

estimated liability for annual leave as a 

result of services rendered by employees 

up to the balance sheet date. 

17. Employee Stock Option Plan (ESOP) 

The accounting value of stock options is 

determined on the basis of ‘intrinsic value’ 

representing the excess of the market 

price on the date of the grant over the 

exercise price of the shares granted under 

the ‘Employee Stock Option Scheme’ of 

the parent Company, and is amortised as 

‘Deferred employees compensation’ on a 

straight line basis over the vesting period in 

accordance with the SEBI (Employee stock 

146

option scheme and Employee stock purchase 

scheme) Guidelines, 1999 and Guidance 

Note 18 ‘Share Based payments’ issued by 

the “ICAI”. 

18. Impairment of assets 

Goodwill 

Goodwill is tested for impairment on an annual 

basis. If on testing, any impairment exists, the 

carrying amount of Goodwill is reduced to the 

extent of any impairment loss and such loss is 

recognised in the profi t & loss account. 

Other assets 

At each balance sheet date, the Group 

assesses whether there is any indication 

based on internal / external factors, that an 

asset may be impaired. If any such indication 

exists, the Group estimates the recoverable 

amount of the asset. If such recoverable 

amount of the asset or the recoverable amount 

of the cash generating unit to which the asset 

belongs is less than its carrying amount, the 

carrying amount is reduced to its recoverable 

amount and the reduction is treated as an 

impairment loss and is recognised in the 

profi t & loss account. If at the balance sheet 

date there is an indication that a previously 

assessed impairment loss no longer exists, 

the recoverable amount is reassessed and 

the asset is reflected at the recoverable 

amount subject to a maximum of depreciated 

historical cost and is accordingly reversed in 

the profi t & loss account. 

19. Contingent liabilities and provisions 

The Group makes a provision when there is a 

present obligation as a result of a past event 

where the outfl ow of economic resources 

is probable and a reliable estimate of the 

amount of obligation can be made. Possible 

future obligations or present obligations that 

may but will probably not require outfl ow 

of resources or where the same cannot be 

reliably estimated, is disclosed as contingent 

liabilities in the consolidated Financial 

Statements. 

20. Earning per share 

Basic earning per share is calculated 

by dividing the net profi t or loss for the 

period attributable to equity shareholders 

(after deducting preference dividends and 

attributable taxes) by the weighted average 

number of equity shares outstanding during 

the period. The weighted average number 

of equity shares outstanding during the 

period is adjusted for events including a 

bonus issue, bonus element in a rights 

issue to existing shareholders, share split, 

and reverse share split (consolidation of 

shares). 

For the purpose of calculating diluted 

earning per share, the net profi t or loss for 

the period attributable to equity shareholders 

and the weighted average number of shares 

outstanding during the period are adjusted 

for the effects of all dilutive potential equity 

shares. The period during which, number 

of dilutive potential equity shares change 

frequently, weighted average number of 

shares are computed based on a mean date 

in the quarter as impact is immaterial on 

earning per share. 

SCHEDULE: 24 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 

1. Share capital 

(a) Issued, subscribed and paid up share 

capital includes: 

(i) 5,877,850 equity shares of 

Rs. 2 each (originally 1,175,570 

shares of Rs. 10 each) fully paid 

up allotted pursuant to a scheme of 

amalgamation of DLF United Limited 

with the Company, without payment 

being received in cash. 

(ii) 

1,338,603,595 equity shares of 

Rs. 2 each fully paid issued as bonus 

shares by way of capitalisation 

of free reserves and securities 

premium account. 

(b) The calls in arrears have reduced during 

the year by Rs. 163.73 lacs (previous 

year Rs. 94.55 lacs), comprising share 

capital of Rs. 0.44 lacs (previous year 

Rs. 0.26 lacs) and securities premium 

147


of Rs. 163.29 lacs (previous year 

Rs. 94.29 lacs), which includes forfeiture 

of 43,680 partly paid equity shares of 

Rs. 2 each having impact in share capital 

of Rs. 0.44 lacs and securities premium 

of Rs. 228.45 lacs. 

(c) In the previous year, Company had 

issued Public Announcement (PA) and 

Corrigendum to PA dated September 30, 

2008 and October 15, 2008 respectively, 

for buy back of its shares from the 

open market at a price not exceeding 

Rs. 600 per share for an aggregate 

amount not exceeding Rs. 110,000 

lacs. During the current fi nancial year 

the Company completed the buyback 

process and further bought back 15,000 

equity shares (previous year 76,23,567) 

under the said buyback programme. 

(d) Upon exercise of options granted under 

the Employee Stock Option Scheme 

2006 (ESOP), 240,457 (previous year 

Nil) equity shares of Rs. 2 each were 

issued at par during the year. 

(e) Pursuant to the above transactions the 

paid-up share capital of the Company 

increased by Rs. 4.08 lacs during the 

year (previous year : decrease by 

Rs. 152.21 lacs). 

2. Reserves and Surplus 

Pursuant to the buyback programme referred 

to in note 1(c) above, Capital redemption 

reserve has been created out of General 

reserve for Rs. 0.30 lacs (previous year Rs. 

152.47 lacs) being the nominal value of shares 

bought back under the buyback programme 

in terms of Section 77AA of the Companies 

Act, 1956. 

3. Secured loans 

a) Facilities with banks comprise, term 

loans and overdraft facilities which are 

secured by equitable mortgages of 

certain freehold and leasehold lands / 

properties of the Company / subsidiary 

companies / sellers / lessors, land under 

agreement to sell and / or against future 

receivables of the Company / subsidiary 

companies. 

b) Loan from others comprise of term 

loans from fi nancial institutions which 

are secured by equitable mortgages 

of certain lands / properties of some 

subsidiary entities / associates / group 

companies and the receivables and 

/ or against future receivables of the 

Company / subsidiary companies. 

c) Loans for aircraft, helicopter, wind mill 

projects, plant and machinery and 

vehicles are secured by hypothecation of 

the respective assets, thus purchased. 

d) i) 5,000 (previous year 5,000), 13.70% 

Non-convertible Redeemable 

Debentures of face value of Rs. 

10,00,000 each and 7,200 (previous 

year 7,200), 14% Non-convertible 

Redeemable Debentures of face 

value of Rs. 10,00,000 each, issued 

to the Life Insurance Corporation 

of India are secured by pari 

passu charge over certain lands / 

properties of the Company / 

subsidiary companies. 

(ii) 3,000 (previous year nil), 10% 

Non-Convertible Redeemable 

Debentures of Rs. 10,00,000 

each and 7,000 (previous year 

nil), 10.50% Non-Convertible 

Redeemable Debentures of 

Rs. 10,00,000 each, issued to 

various investors are secured by 

pari passu / exclusive charge over 

certain lands / properties of the 

Company / subsidiary companies. 

4. Unsecured Loans 

a) 12.50% compulsory convertible 

debentures of Rs. 225,000 each are 

convertible into equity shares of Rs. 10 

each on the expiry of 7 years from the 

date of their respective allotment. 

b) 12% compulsory convertible debentures 

of Rs. 50,000 each are convertible into 

equity shares of Rs. 10 each on the 

148

expiry of 6 years from the date of their 

respective allotment. 

c) 12.50% compulsory convertible 





d) 12.50% compulsory convertible 





e) Class B compulsory convertible 

debentures of Rs. 1,00,000 each shall 

be automatically and mandatorily be 

converted into two equity shares of 

Rs. 10 each in accordance with the 

terms and conditions mentioned in 

the investment agreement dated 

July 4, 2009. 

f) Compulsory convertible debentures – 

Series – I of Rs. 1,000 each, convertible 

into 1 Class B equity shares of Rs. 10 

each at a premium of Rs. 990 each after 

17 years from the date of respective 

allotment. Interest is payable at the 

lower of (i) the rate of 15% per annum, 

or (ii) the maximum rate of SBI PLR 

plus 300 basis point (on the date of 

board meeting in which CCDs were 

issued) and shall start accruing from the 

3 rd anniversary of the date of issue. 

5. A subsidiary of the company has purchased 

land with an obligation to provide built up 

area to third parties in consideration of 

settlement of disputes, claims, rights and 

entitlements of such parties. As the cost in 

this respect is not currently ascertainable, 

no accrual for these liabilities is considered 

necessary at present. 

6. a) Wind mill projects of the Company and 

of one of the subsidiary company, are 

entitled for tax holiday under Section 

80-IA of the Income Tax Act, 1961. 

Accordingly, the computation of tax 

(current and deferred) has been done as 

per Accounting Standard 22 “Accounting 

for taxes on Income” and Accounting 

Standard Interpretation 3, issued by the 

ICAI. 

b) Profits from Special Economic Zone 

(“SEZ”) business of the Company and 

three of subsidiary companies are 

exempt under Section 80-IAB of the 

Income Tax Act, 1961. The dividend 

declared out of such SEZ profi ts are also 

exempt from Dividend Distribution Tax 

under the provisions of Section 115-O(6) 

of the Income Tax Act, 1961. 

In line with the above provisions, the 

Company has provided dividend tax 

only on the proportionate amount of 

dividend declared out of non SEZ 

profi ts and after adjustment of the 

dividend received from its wholly 

owned subsidiary company in terms of 

provisions of Section 115-O(1A)(i) of 

the Income Tax Act, 1961 

7. Employee Benefits 

a) Gratuity (Non Funded) 

Amount recognised in the Profi t & Loss Account is 

as under: 

((Rs. in lacs) 




Actuarial (gain) / loss recognised (133.53) 104.45 


Past service cost (65.02) - 

Total 365.96 742.68 

Movement in the liability recognised in the balance 

sheet is as under: 



Present value of defi ned benefi t 2,517.73 1,412.30 


year * 

Prior period adjustment (0.66) 0.00 



Actuarial (gain) / loss recognised (133.53) 114.30 


Benefi ts paid (171.17) (412.20) 

Past service cost (65.02) - 



year 

2,711.86 1,842.03 

149


b) Gratuity (Funded) 

Changes in Defined Benefit 

Obligation 


2010 2009 

Present value obligation as at the 249.91 85.94 

start of the year * 


Past service cost - 0.00 


Benefi ts paid (8.53) (10.69) 

Actuarial (gains) / losses on 

(85.05) 16.70 

obligations 


end of the year 

Change in Fair Value of Plan Assets 

Fair value of Plan assets as at 

172.96 67.26 

the start of the year * 

Expected return on plan assets 24.52 7.55 

Actuarial gain (0.46) (6.20) 

Contribution 23.30 51.48 

Benefi ts paid (7.95) (10.69) 


212.37 109.40 

the end of the year 

Reconciliation of present value of defined benefit 

obligation and the fair value of plan assets 



Fair value of plan assets as at the 185.34** 109.40 


Net asset / (liability) recognised (85.75) (47.54) 

in balance sheet 

** Excluding Rs. 27.03 lacs of plan assets not recognised in 

one of the subsidiary company. 

Amount recognised in the Profit & Loss Account 



Expected return on plan assets (24.52) (7.11) 

Net actuarial (gain) / loss 

(85.05) 9.74 

recognised in the year 

Total expenses recognised in the 

Profi t & Loss Account 

5.19 46.23 

For determination of the gratuity liability of the 

Company, the following actuarial assumptions 

were used: 


Discount rate (per annum) 8.00% 8.00% 

Rate of increase in compensation 

levels 

7.50% 7.50% 

c) Compensated absences (non funded) 

Amount recognised in the Profit & Loss 

Account is as under: 


Description 

2010 2009 



Actuarial loss recognised during 

4.63 222.71 

the year 

Past service cost 27.08 (4.73) 

Total 607.30 876.76 


balance sheet is as under: 



Present value of defi ned benefi t 1,732.48 1,014.83 


year * 

Past service cost 27.08 - 



Actuarial loss / (gain) recognised 4.63 209.72 


Benefi ts paid (342.85) (439.38) 



year 

1,996.93 1,546.30 

d) Compensated Absences (Funded) 


Changes in Defined Benefit 

2010 2009 

Obligation 


start of the year * 



Benefi ts paid (96.56) (42.06) 

Acturial (gains) / losses on 

(67.39) (4.36) 

obligations 



Change in Fair Value of Plan Assets 


- - 

the start of the year * 

Expected return on plan assets - - 

Actuarial gain - - 

Contribution - - 

Benefi ts paid 74.31 21.87 


the end of the year 

- - 

150

Reconciliation of present value 

of defined benefit obligation 

and the fair value of plan 

assets 

Present value obligation as at the 


Fair value of plan assets as at the 


Net asset / (liability) recognised in 

balance sheet 


2010 2009 

321.35 195.40 

- - 

(321.35) (195.40) 

Amount recognised in the 

2010 2009 

Profit & Loss Account 


Past service cost - 3.00 


Expected return on plan assets - 0.00 

Net actuarial (gain) / loss 

(67.39) 13.02 

recognised in the year 

Total expenses recognised in the 119.19 68.65 

Profi t & Loss Account 

* Opening liability includes liability in respect of entities acquired 

during the year. 

For determination of the liability in respect of 

compensated absences, the following actuarial 

assumptions were used: 


Discount rate (per annum) 8.00% 8.00% 

Rate of increase in compensation 

levels 

7.50% 7.50% 

e) Provident fund 

Contribution made by the group 

companies, to the Provident Fund 

Trust setup by the Company and to the 

Employee Provident Fund Commissioner 

during the year is Rs. 1,557.92 lacs 

(previous year Rs. 1,318.26 lacs). 

Relating to Provident Fund Trust, at 

the year end, no interest shortfall in 

provident fund remains unprovided 

for as there is surplus in the fund. In 

the absence of guidance on actuarial 

valuation of Fund liability, which is to 

be issued by the Actuarial Society of 

India, the actuarial valuation liability 

towards provident fund is not feasible. 

Accordingly , other related disclosures 

in respect of provident fund have not 

been furnished. 

8. Related party disclosures 

(a) Relationship 

(i) Joint Ventures 

1 Banjara Hills Hyderabad Complex 

2 Delanco Real Estates Private Limited 

3 DLF Gayatri Home Developers Private Limited 

4 DLF Gurgaon Developers Limited 

(formerly DLF SEZ Holdings Ltd) (till August 30, 2009) 

5 DLF Limitless Developers Private Limited 

6 DLF SBPL Developer Private Limited 

7 DT Projects Limited [formerly DLF Laing O’Rourke (India) 

Limited] (till November 11, 2009) 

8 GSG DRDL Consortium 

9 Kujjal Builders Private Limited 

10 Mount Mary Residential Project 

11 Niharika Shopping Mall (till August 31, 2009) 


13 Star Alubuild Private Limited (w.e.f June 15, 2009) 

14 Y.G. Realty Private Limited (w.e.f July 02, 2009) 

15 Domus Real Estate Private Limited (w.e.f March 02, 2010) 

16 Cleva Builders and Developers Private Limited 

(w.e.f. March 31, 2010) 

17 Prowess Buildcon Private Limited (w.e.f. March 31, 2010) 



(ii) Associates 

1 Australian Resorts Limited 


(formerly DLF Pramerica Advisory Private Limited) 


3 DLF Pramerica Trustees Private Limited 


4 Ferragamo Retail India Private Limited 

5 Giorgio Armani India Private Limited 

6 Islan Aviation Limited 

7 Joyous Housing Limited 

8 Kyoto Resorts YK 



10 P.T Jawa Express Amanda Indah 

11 Pamalican Island Holdings Inc 

12 Pandis (Thailand) Company Limited 

13 Pansea Tourism Company Limited 

14 Regional D & R Limited 

15 Revlys SA 

16 Seven Seas Resorts and Leisure Inc 

17 Surin Bay Co. Limited 

18 Villajena 

19 Zeus Infrastructure Private Limited 

151


(iii) Key Management Personnel (of the Parent Company) 

Name Designation Relatives (Relation)* 

a) Mr. K.P. Singh Chairman Ms. Renuka Talwar 

(Daughter) 

b) Mr. Rajiv Singh Vice 

Chairman 

c) Mr. T.C. Goyal Managing 

Director 

d) Ms. Pia Singh Whole Time 

Director 

e) Mr. K. Swarup Sr. Executive 

Director 

Mrs. Kavita Singh 

(Wife) 

Ms. Savitri Devi Singh 

(Daughter) 

Ms. Anushka Singh 

(Daughter) 

Mrs. Sharda Goyal 

(Wife) 

Mr.Dhiraj Sarna 

(Husband) 

Mrs Veena Swarup 

(Wife) 

Mr Manish Swarup 

(Son) 

* Relatives of key management personnel (other than key 

management personnel themselves) with whom there were 

transactions during the year. 

(iv) Other enterprises under the control of the key 

management personnel (of the parent company) 

and their relatives : 

1 A.S.G. Realcon Private Limited 

2 Adampur Agricultural Farm 

3 Adept Real Estate Developers Private Limited 

4 AGS Buildtech Private Limited 

5 Altamount Real Estate Developers Private Limited 

6 Angus Builders & Developers Private Limited 

7 Antriksh Properties Private Limited 

8 Anubhav Apartments Private Limited 

9 Aquarius Builders & Developers Private Limited 

10 Arihant Housing Company* 

11 Atria Partners 

12 Bansal Development Company Private Limited 

13 Belicia Builders & Developers Private Limited 

14 Beryl Builders & Constructions Private Limited 

15 Beverly Park Operation and Maintenance Services 


16 Buland Consultants & Investments Private Limited 



18 Centre Point Property Management Services Private 

Limited 

19 Ch.Lal Chand Memorial Charitable Trust 

20 Cian Builders & Developers Private Limited 

(Formerly DLF SEZ Parks Private Limited) 

21 DLF Assets Private Limited (till March 18, 2010) 





24 Desent Promoters & Developers Private Limited 

25 Diana Retail Private Limited 

26 Digital Talkies Private Limited 

27 Dilly Builders & Developers Private Limited 

28 Dinky Builders & Developers Private Limited 

29 DLF Building & Services Private Limited 

30 DLF Commercial Enterprises 

31 DLF Foundation 

32 DLF Investments Private Limited 

33 DLF M.T.FBD Medical and Community Facility Charitable 

Trust 

34 DLF Q.E.C. Educational Charitable Trust 

35 DLF Q.E.C. Medical Charitable Trust 

36 DLF Raghvendra Temple Trust 

37 Elanor Builders & Developers Private Limited 

38 Excel Housing Construction Private Limited 

39 Exe. of The Estate of Lt. Ch. Raghvendra Singh 

40 Exe. of The Estate of Lt. Smt. Prem Mohini 

41 Family Idol Shri Radha Krishan Ji 

42 Family Idol Shri Shiv Ji 

43 Galena Builders & Constructions Private Limited 

44 Gangrol Agricultural Farm & Orchard 

45 General Marketing Corporation 

46 Glaze Builders & Developers Private Limited 

47 Haryana Electrical Udyog Private Limited 

48 Herminda Builders & Developers Private Limited 

49 Hitech Property Developers Private Limited 

50 Indira Trust 

51 Ishtar Retail Private Limited 

52 Jhandewalan Ancillaries and Investments Private Limited 

53 K. P. Singh HUF 

54 Kohinoor Real Estates Company * 

55 Krishna Public Charitable Trust 

56 Lal Chand Public Charitable Trust 

57 Lion Brand Poultries 

58 Maaji Properties and Development Company * 

59 Madhukar Housing and Development Company * 

60 Madhur Housing and Development Company * 

61 Magna Real Estate Developers Private Limited 

62 Mallika Housing Company * 

63 Megha Estates Private Limited 

64 Northern India Theatres Private Limited 

65 Pace Financial Services 

66 Panchsheel Investment Company * 

67 Panchvati Estates Private Limited 

68 Parvati Estates Private Limited 

69 Pia Pariwar Trust 

70 Plaza Partners 

71 Power Overseas Private Limited 

72 Prem Traders & Investments Private Limited 

73 Prem’s Will Trust 

74 Pushpak Builders and Developers Private Limited 

75 R.R Family Trust 

76 Raghvendra Public Charitable Trust 

77 Raisina Agencies & Investments Private Limited 

78 Rajdhani Investments & Agencies Private Limited 

152

(iv) Other enterprises under the control of the key 

management personnel (of the parent company) 

and their relatives : (Contd.) 

79 Realest Builders and Services Private Limited 

80 Renkon Partners 

81 Renuka Pariwar Trust 

82 Sabre Investment Advisor India Private Limited 

83 Sabre Investment Consultants LLP 

84 Sagarika Real Estate Developers Private Limited 

85 Sambhav Housing and Development Company * 

86 Sanidhya Constructions Private Limited 

87 Sidhant Housing and Development Company * 

88 Singh Family Trust 

89 Sketch Investment Private Limited 

90 Smt.Savitri Devi Memorial Charitable Trust 

91 Solace Housing and Construction Private Limited 

92 Solange Retail Private Limited 

93 Sudarshan Estates Private Limited 

94 Sukh Sansar Housing Private Limited 

95 Sukomal Builders & Developers Private Limited 

96 Sulekha Builders & Developers Private Limited 

97 Super Mart One Property Management Services Private 

Limited 

98 Super Mart Two Property Management Services Private 

Limited 

99 Trinity Housing and Construction Company * 

100 Udyan Housing and Development Company * 

101 Ultima Real Estate Developers Private Limited 

102 Universal Management & Sales Private Limited 

103 Upeksha Real Estate Developers Private Limited 

104 Uplift Real Estate Developers Private Limited 

105 Urva Real Estate Developers Private Limited 

106 Uttam Builders and Developers Private Limited 

107 Uttam Real Estates Company * 

108 Vishal Foods and Investments Private Limited 

109 Yashika Properties and Development Company * 

* Private companies with unlimited liability. 

(b) The following transactions were carried out with related parties in the ordinary course of 

business (net of Service-tax, if any) 

(Rs. in lacs) 

Description 

#Joint ventures and 

Associates 



Enterprises over which 

KMP is able to exercise 

significant influence 

2010 2009 2010 2009 2010 2009 

Sale of assets 7,500.00 - - - - - 

Interest received 456.08 1,528.85 - - - 10.54 

Rent and licence fee received - 84.62 - - 586.38 100.18 

Directors remuneration - - 2,625.10 1,721.95 - - 

Expenses recovered 288.45 2,080.33 - - 49.43 110.51 

Expenses paid 166.75 141.46 - - 984.24 336.52 

Technical fess and professional 

- 157.06 - - - - 

charges paid 

Payment for construction work 6,250.71 30,082.73 - - - - 

Rent paid - 15.11 21.63 21.63 208.22 41.97 

Loan taken 10,261.14 320.30 - - - - 

Loan refunded 10,037.00 46.75 - - - - 

Interest paid 1,096.72 198.76 - - - 16,045.88 

Miscellaneous receipts (Income) 2.60 21.40 - - 260.37 6.68 

Loans and advances given 773.78 2,332.39 - - - 300.00 

Loans refunded back 249.50 868.00 - - - 300.00 

Advances given 3,731.00 517.00 - - - - 

Share application money paid - 196.00 - - - 

Advance received under agreement 10,800.00 17,600.00 1,181.73 976.54 - 22,900.00 

to sell 

Guarantees given 7,050.05 - - - - 80,000.00 

Sale of constructed properties - - - - 100,656.74 394,465.95 

Purchase of land and material - - - - 34.34 10.94 

Purchase of development rights - - - - 40,575.10 - 

Purchase of Investment - - - - 159,700.00 - 

Issue of CCPS - - - - 159,700.00 - 

153


c) Balance at the end of the year 

Description 

#Joint ventures and 

Associates 



(Rs. in lacs) 

Enterprises over which 

KMP is able to exercise 

significant influence 

2010 2009 2010 2009 2010 2009 

Investments 8,914.31* 10,474.21* - - 174.30 174.30 

Share application money - 196.00 - - - - 

Earnest money and part payments 

- - - - 235.44 303.58 

under agreement to purchase of land / 


Advance received under agreement 

- - 3,201.07 2,019.34 - - 

to sell 

Creditors / payables 11,485.98 5,967.34 175.00 94.94 5.02 3,500.76 

Managerial commission payable - - 1,322.35 825.00 - - 

Loans (liability)-Unsecured loan 2,206.08 1,765.79 - - - - 

Security deposit given - - - - 0.06 5.17 

Advances / Amount recoverable 17,660.08 9,162.78 - - - 64,897.12 

Guarantees given 7,050.05 - - - - 80,000.00 

Loans and interest receivable 3,090.26 1,830.63 - - - - 

Sundry debtors - - - - - 266,215.34 

Unbilled receivables - - - - - 219,986.43 

# Complete transactions have been reported before inter group elimination. 

* Excluding profi t. 

(Rs. in lacs) 

Description 

Joint Ventures / Associates 


Sale of fi xed assets Saket Courtyard Hospitality 7,500.00 - 

Interest received Thalia Infratech Private Limited - 1,028.06 

Turan Infratech Private Limited - 257.46 

Delanco Real Estate Private Limited 165.40 103.02 

Kujjal Builders Private Limited 83.70 43.87 

Joyous Housing Limited 91.37 - 

Ferragamo Retail India Private Limited 111.11 94.64 

Rent and licence fee received WSP Engineering Services Private Limited - 84.62 

Expenses recovered DLF New Gurgaon Homes Developers Private Limited - 2,011.47 

DLF Limitless Developers Private Limited 244.99 - 

DT Projects Limited [formerly DLF Laing O’Rourke (India) Limited.] 26.18 42.53 

Expenses paid Delanco Real Estate Private Limited 165.00 122.80 

Technical fees & professional WSP Engineering Services Private Limited - 157.06 

charges paid 

Payment for Construction Work DT Projects Limited [formerly DLF Laing O’Rourke (India) Limited.] 4,755.43 30,082.73 

Star Alubuild Private Limited 1,495.28 - 

Rent paid DT Projects Limited [formerly DLF Laing O’Rourke (India) Limited.] - 15.11 

Loan taken Delanco Real Estate Private Limited 261.14 320.30 

DLF Limitless Developers Private Limited 10,000.00 - 

Loan refunded Delanco Real Estate Private Limited 37.00 46.75 


Interest paid Delanco Real Estate Private Limited 286.44 198.76 

DLF Limitless Developers Private Limited 810.28 - 

Miscellaneous receipts (Income) WSP Engineering Services Private Limited - 18.65 

DLF Limitless Developers Private Limited 2.10 2.50 

154

Description 


(Rs. in lacs) 


Loans and advances given Delanco Real Estate Private Limited 316.50 501.50 


DLF Gayatri Home Developers Private Limited 203.50 - 

Ferragamo Retail India Private Limited - 1,250.00 

Loans refunded back Ferragamo Retail India Private Limited - 525.00 

Thalia Infrastech Private Limited - 317.00 

Delanco Real Estate Private Limited 249.50 - 

Advances given Joyous Housing Limited 3,731.00 517.00 

Share application money paid Ferragamo Retail India Private Limited - 196.00 

Advance received under 

DLF New Gurgaon Homes Developers Private Limited - 17,600.00 

agreement to sell 



Giorgio Armani India Private Limited 1,100.05 - 

0 (Rs. in lacs) 

Description 



Investments Surin Bay Co. Limited 4,130.01 4,743.71 

Revlys SA 977.72 1,123.00 

Seven Seas Resort & Leisure Inc 1,711.60 1,965.93 

Share application money Ferragamo Retail India Private Limited - 196.00 

Creditors / payables DT Projects Limited [formerly DLF Laing O’Rourke (India) Limited] - 5,965.62 


Loans (liability)-Unsecured Loan Delanco Real Estate Private Limited 2,206.08 1,767.79 

Advances / amount recoverable Joyous Housing Limited 11,022.24 7,291.24 

Saket Courtyard Hospitality 6,041.60 - 


Giorgio Armani India Private Limited 1,100.05 - 

Loans and interest receivable Delanco Real Estate Private Limited 1,323.69 1,107.84 


Ferragamo Retail India Private Limited 854.18 - 

(Rs. in lacs) 

Description 



Interest received DLF Q.E.C. Medical Charitable Trust - 10.54 

Rent and licence fee received DLF Assets Private Limited 586.38 100.18 

Expenses recovered DLF Assets Private Limited 0.08 96.99 

Caraf Builders & Constructions Private Limited 43.18 - 

Expenses paid DLF Assets Private Limited 190.78 145.32 


Pace Financial Services 4.56 35.24 

DLF Foundation 787.49 - 

Rent paid DLF Q.E.C. Medical Charitable Trust 14.20 17.51 

DLF Q.E.C. Educational Charitable Trust 18.93 13.13 

Realest Builders and Services Private Limited 5.39 9.67 

DLF Info City Developers (Chandigarh) Limited 168.81 - 

Interest paid DLF Assets Private Limited - 16,045.88 

Miscellaneous receipts (Income) DLF Building & Services Private Limited - 6.68 

DLF Assets Private Limited 227.78 - 

Caraf Builders & Constructions Private Limited 31.08 - 

155


(Rs. in lacs) 

Description 



Loans and advances given DLF Q.E.C. Medical Charitable Trust - 300.00 

Loans refunded back DLF Q.E.C. Medical Charitable Trust - 300.00 

Advance received under 

DLF Assets Private Limited - 22,900.00 

agreement to sell 

Guarantees given DLF Assets Private Limited - 80,000.00 

Sale of constructed properties DLF Assets Private Limited 100,656.74 394,465.95 

Purchase of land and material DLF Building & Services Private Limited 34.34 10.94 

Purchase of development rights DLF Assets Private Limited 40,575.10 - 

(Rs. in lacs) 

Description 



Investments Digital Talkies Private Limited 169.18 169.18 

Earnest money and part payments DLF Building & Services Private Limited 201.17 269.31 

under agreement to purchase land 

/ constructed properties 

Creditors / payables DLF Assets Private Limited - 3,374.98 

DLF Q.E.C. Educational Charitable Trust 0.77 - 

DLF Building & Services Private Limited 0.94 - 

Plaza Partners 2.84 - 

Security deposit given DLF Q.E.C. Educational Charitable Trust - 3.86 

DLF Q.E.C. Medical Charitable Trust - 1.25 

Advances / amount recoverable Caraf Builders & Constructions Private Limited - 64,760.95 

Guarantees given DLF Assets Private Limited - 80,000.00 

Sundry debtors DLF Assets Private Limited - 266,215.34 

Unbilled receivables DLF Assets Private Limited - 219,986.43 

(Rs. in lacs) 

Description 



Remuneration paid Mr. K.P. Singh 500.66 306.52 


Mr. K Swarup 393.19 181.14 

Mr. T.C. Goyal 831.70 559.42 

Ms. Pia Singh 322.54 284.48 

Rent paid Mrs. Veena Swarup 21.63 21.63 

Advance received under agreement to sell Mr. T. C. Goyal 302.76 - 


Mr. Dhiraj Sarna 244.17 976.54 

Mr. K. Swarup 144.47 - 

(Rs. in lacs) 

Description 


Balance at the end of the year Name of the KMP and their relatives 2010 2009 

Creditors / amounts payable Mr. K.P. Singh - 7.22 

Mr. Rajiv Singh - 10.73 

Ms. Pia Singh - 1.99 

Mr. K. Swarup 175.00 75.00 

156

(Rs. in lacs) 

Description 



Managerial commission payable Mr. K.P. Singh 398.59 250.00 


Mr. T.C. Goyal 400.00 225.00 

Ms. Pia Singh 125.00 100.00 



Mr. Dhiraj Sarna 2,184.21 1,940.04 

9. The Group is primarily engaged in the business of colonisation and real estate development, which as 

per Accounting Standard 17 on ‘Segment Reporting’ is considered to be the only reportable business 

segment. The Group is primarily operating in India which is considered as a single geographical 

segment. 

10. Information to be disclosed in accordance with AS 19 ‘Leases’, as issued by the ICAI. 

A. Assets given on lease* 

(Rs. in lacs) 

Class of Assets Gross Block Depreciation Cumulative 

As on March 

31, 2010 

for the year 

2009-10 

Depreciation as on 

March 31, 2010 

i) Fixed assets 

Land & Building including interiors 978,490.94 24,422.56 47,332.78 

ii) 

Current assets 

(Constructed buildings including land 

and related equipments) 

Lease hold 3,054.27 52.12 949.84 

Free hold 12,345.09 284.59 570.60 

*(includes partly self occupied) 

i) Operating Lease 

The company has leased facilities under non- cancelable operating leases. The future minimum 

lease payment receivables in respect of these leases as at March 31, 2010 are: 

ii) 

(Rs. in lacs) 

Minimum lease payments receivables 2010 2009 

(i) Upto one year 96,871.96 56,962.27 

(ii) Two to fi ve years 86,159.57 63,823.50 

(iii) More than 5 years 3,693.07 3,668.82 

186,724.60 124,454.59 

Finance Lease 

The minimum fi nance lease payments for the initial lease period are as under: 

(Rs. in lacs) 


Principal 

Not later than one year 274.88 960.56 

Later than one year but not later than fi ve years 2,197.55 5,518.86 

Later than fi ve years 672.33 1,950.62 

Interest 

Not later than one year 442.70 1,029.51 


Later than fi ve years 54.56 406.38 

157


B) Assets taken on Lease 

i) Operating Lease 

The minimum operating lease payments for the initial lease period are as under: 

(Rs. in lacs) 


Not later than one year 5,393.13 5,003.21 


Later than fi ve years 8,709.90 3,625.13 

Lease payment made during the year recognised in the statement of 

6,591.72 2,481.84 

profi t & loss account 

Sub-lease payment received recognised in the statement of profi t & loss 

account 682.53 399.19 

In respect of DT Cinemas Limited, a subsidiary of DLF Limited, the buildings for ‘Multiplex 

Theatres’ are taken on lease with the initial lease terms ranging from 3 to 4.5 years. These leases 

are further renewable subject to enhancement of rent by 10% on the expiry of the lease period. 

There are no restrictions imposed for sub–leasing as per the lease arrangement. The Company 

sub leases the areas in the multiplexes for food courts. 

ii) 

Finance Lease 

The minimum fi nance lease payments for the initial lease period are as under: 

(Rs. in lacs) 


Principal 


Later than one year but not later than fi ve years 18.87 12.54 

Later than fi ve years - - 

Interest 


Later than one year but not later than fi ve years 0.35 1.36 

Later than fi ve years - - 

11. Employee Stock Option Scheme, 2006 (ESOP) 

a) During the year ended March 31, 2007, the Company had announced an Employee Stock Option 

Scheme (the “Scheme”) for all eligible employees of the Company, its subsidiaries, joint ventures 

and associates. Under the Scheme, 17,000,000 equity shares have been earmarked to be 

granted under the Scheme and the same will vest as follows: 

Block I Block II Block III 

Year 2 Year 4 Year 6 

10% of the total grant 30% of the total grant 60% of the total grant 

Pursuant to the above scheme, the employee will have the option to exercise the right within 

three years from the date of vesting of shares at Rs. 2 per share, being its exercise price. 

158

) As per the scheme, the Remuneration Committee has granted options as per details below: 

Grant 

No. 

Date of grant 


granted 

I June 27, 2007 3,734,057 

(3,734,057) 

II October 10, 2007 308,077 

(308,077) 

III July 01, 2008 1,645,520 

(1,645,520) 

IV October 10, 2008 160,059 

(160,059) 

V July 01, 2009 3,355,404 

(-) 

VI October 10, 2009 588,819 

(-) 

Outstanding options as on 

March 31, 2010 

(Net of options 

exercised / forfeited) 

2,461,680 

(3,184,900) 

129,883 

(291,177) 

1,321,860 

(1,514,040) 

87,620 

(157,659) 

3,300,441 

(-) 

520,860 

(-) 

According to the Guidance Note 18 on “Share Based Payments” issued by ICAI, Rs. 4,167.92 

lacs have been provided during the year as proportionate cost of ESOPs. 

c) Outstanding stock options for equity shares of the Company under the “Employee Stock Option 

Scheme”: 

Grant 

No. 

Date of grant 

Exercise price 

Rs. 

Particulars 2010 

Numbers 

outstanding 

I July 1, 2007 2 2,461,680 

(3,184,900) 

II October 10, 2007 2 129,883 

(291,177) 

III July 01, 2008 2 1,321,860 

(1,514,040) 

IV October 10, 2008 2 87,620 

(157,659) 

V July 01, 2009 2 3,300,441 

(-) 

VI October 10, 2009 2 520,860 

(-) 


committed to be 

granted in the future 

- 

(293,300) 

- 

(88,259) 

- 

(-) 

- 

(-) 

- 

(-) 

- 

(-) 

Total 

2,461,680 

(3,478,200) 

129,883 

(379,436) 

1,321,860 

(1,514,040) 

87,620 

(157,659) 

3,300,441 

(-) 

520,860 

(-) 

(d) In accordance with the Guidance Note - 18 “Share based payments” issued by ICAI the following 

information relates to the stock options granted by the Company. 

Particulars 

Stock options 

(numbers) 

Outstanding, beginning of 

the year 

5,529,335 

(4,962,810) 

Add: Granted during the year 3,944,223 

(1,276,929) 

Less: Forfeited during the 

1,311,546 

year 

(710,404) 

Less: Exercised during the 

270,637 

year 

(-) 

Less: Lapsed during the year - 

(-) 

Outstanding, end of the year 7,822,344 

(5,529,335) 

Exercisable at the end of the 

69,031 

year 

(-) 

2010 

Range of 


(Rs.) 

2 

(2) 

2 

(2) 

2 

(2) 

2 

(-) 

- 

(-) 

2 

(2) 

2 

(-) 



(Rs.) 

- 

(-) 

2 

(2) 

2 

(2) 

2 

(-) 

- 

(-) 

2 

(2) 

2 

(-) 


remaining contractual 

life (years) 

- 

(-) 

- 

(-) 

- 

(-) 

- 

(-) 

- 

(-) 

5.05 

(5.22) 

- 

(-) 

159


e) The following table summarises information about stock options outstanding as at March 31, 

2010: 

Options outstanding 

Options exercisable 

Range of 


(Rs.) 

Numbers 


remaining 




(Rs.) 

Numbers 



(Rs.) 

2 

(2) 

7,822,344 

(5,529,335) 

5.05 

(5.22) 

2 

(2) 

69,031 

(-) 

2 

(-) 


The Company has calculated the employee compensation cost using the intrinsic value of 

the stock Options measured by a difference between the fair value of the underline equity 

shares at the grant date and the exercise price. Had compensation cost been determined 

in a manner consistent with the fair value method, based on Black – Scholes model, the 

employees compensation cost would have been lower by Rs. 348.09 lacs and proforma profi t 

after tax would have been Rs. 172,212.80 lacs (higher by Rs. 229.77 lacs). On a proforma 

basis, the basic and diluted earnings per share would have been Rs. 10.15 and Rs. 10.13 

respectively. 

The fair value of the options granted is determined on the date of the grant using the “Black- 

Scholes option pricing model” with the following assumptions: 

Grant I Grant ll Grant lll Grant IV Grant V Grant VI 

Dividend yield (%) 0.28 0.28 0.57 0.73 0.86 0.64 

Expected life (no. of years) 6.50 6.50 5.50 5.50 5.50 5.50 

Risk free interest rate (%) 8.37 8.09 9.46 8.17 6.75 7.26 

Volatility (%) 82.30 82.30 52.16 59.70 86.16 81.87 

12. Cash Settled Options 

a) Under the Employee Shadow Option / Employee Phantom Options Scheme, employees are 

entitled to get cash compensation based on the average market price of Equity Share of the 

Company, upon exercise of Shadow option on a future date. As per the scheme, Shadow options 

/ phantom options will vest as follows : 

Trench Date of Grant Vesting at the end 

of year 2 

Employee Shadow option scheme 


of year 3 


of year 4 

I July 1, 2007* 50% - 50% 

II September 1, 2007* 50% - 50% 

III July 01, 2008 50% 50% - 

IV October 10,2008 50% 50% - 

V July 01, 2009 100% - - 

Employee phantom option scheme 

2008-09 50% - 50% 

160

) Details of outstanding options and the expenses recognised under the Employee Shadow Option 

Scheme / Employee Phantom Options Scheme is as under:- 

No. of Shadow 

options 

outstanding as on 

March 31, 2010 

Exercise 

price 

Average 

market price 

Fair value 

of shadow 

option 

Total expenses charged 

to Profit & Loss Account 

(Included in Schedule-17 – 

Employee benefits) 

Liability as on March 

31, 2010 (Included in 

Schedule 14-Provision 

– Employee Benefits) 

(No.) Rs. / 

Option 

Rs. / Option Rs. / 

Option 

Rs. in lacs 

Rs. in lacs 

1,460,740 

(1,531,493) 

2 

(2) 

307.15 

(160.30) 

305.15 

(158.30) 

2,290.29 

(1,106.25) 

2,443.61 

(1,112.76) 

(Figures in brackets pertain to previous year) 

* For trench I & II 50% options have already been vested in the current fi nancial year 2009-10, hence remaining 50% are 

disclosed above. 

13. Investment in Joint Ventures 

The interest of the Group in major Joint Ventures is listed below: 

S. 

No. 

Joint venture Location Principal activities Ownership 

interest 

1. Niharika Shopping Mall Joint venture Mumbai Development and construction of shopping mall 50% 


2. DT Projects Limited 

Gurgaon Construction 50% 

[formerly DLF Laing O’ Rourke (India) 

Limited] (till November 11, 2009) 

3. Kujjal Builders Private Limited New Delhi Construction and development of hotels 50% 

4. Delanco Real Estate Private Limited New Delhi Real estate consulting and brokerage 50% 

5. Mount Mary Residential Projects Mumbai Development and construction of residential 

50% 

projects 

6. DLF Limitless Developers Private New Delhi Construction and development of townships 50% 

Limited 

7. GSG DRDL Consortium Hyderabad Development and construction of shopping Malls 50% 

8. DLF Gurgaon Developers Limited 

(formerly DLF SEZ Holdings Limited) 


New Delhi Construction and Development of townships 50% 

9. DLF Gayatri Home Developers Private 

Limited (formerly Arsh Real Estates 

Private Limited) 

Hyderabad 

Development and construction of residential 

projects 

10. DLF SBPL Developers Private Limited New Delhi Construction and development of townships 50% 

11. Saket Courtyard Hospitality Private Gurgaon Hotel business 50% 

Limited (till October 13, 2009) 

12. Banjara Hills Hyderabad Complex Hyderabad Development and construction of shopping mall 50% 

13. Star Alubuild Private Limited 

(w.e.f. June 15, 2009) 

Gurgaon Construction and manufacturer of construction 

material 

31.46% 

14. Y.G. Realty Private Limited 

(w.e.f. July 2, 2009) 

15. Domus Real Estate Private Limited 

(w.e.f. March, 2 2010) 

16. Cleva Builders and Developers Private 

Limited (w.e.f. March 31, 2010) 

17. Prowess Buildcon Private Limited 

(w.e.f. March 31, 2010) 

18. Saket Courtyard Hospitality 

(w.e.f. October 20, 2009) 

50% 

Gurgaon Development and construction of commercial 

projects 

50% 

New Delhi Development and construction of residential 

50% 

projects 

New Delhi Real estate business 50% 

New Delhi Development and construction of residential 

50% 

projects 

Gurgaon Hotel operations 50% 

161


14. Contingent liabilities not provided for: 

(Rs. in lacs) 


a) Guarantees on behalf of third parties 14,527.08 13,180.23 

b) Claims against the group (including unasserted claims) not acknowledged as 

debts * 

c) Demand in excess of provisions (pending in appeals): 

19,534.15 16,347.37 

Income-tax 58,924.54 61,123.49 

Other taxes 25,723.82 6,216.90 

d) Liabilities under export obligations in EPCG scheme 1,097.61 1,029.44 

*Interest on certain claims may be payable as and when the outcome of the related claim is determined and has not been included 

above. 

(Rs. in Lacs) 

15. 2010 2009 

Capital expenditure commitments 584,006.14 131,278.45 

16. Certain existing and previous shareholders of Silverlink Holding Limited, (“Silverlink”), having ongoing 

claims against Silverlink which include repurchase of shares held by the shareholders in exchange 

for secured convertible notes to be issued by Silverlink. These claims originated in the years prior to 

acquisition of Silverlink by the Company and based on the advice of the legal counsel, the Management 

has a reasonable chance to defend the claims. The Court in Singapore has passed an interim order 

on April 28, 2010 wherein they have held that Silverlink was in breach of its contract. However it has 

not quantifi ed any amount and parties are in the process of fi ling their response with the court. Since 

the liability is contingent in nature based on the uncertainty with regard to the issuance of notes, the 

terms and conditions thereof and their subsequent redemption, a reliable estimate of the amount of 

the obligation cannot be made as the fi nal terms and conditions related to the notes are subject to 

court decision and further appeals. 

17. Consolidated fi nancial statements comprise the fi nancial statements of DLF Limited and its subsidiaries, 

joint ventures and associates during the year ended March 31, 2010 listed below: 

A) Subsidiaries 

(i) Subsidiaries having accounting year ended March 31, 2010 with the percentage of ownership 

of DLF Group. 

S. 

No. 

Name of Entity 

Country of 

Incorporation 

Proportion of 

ownership (%) as at 

March 31, 2010 

1 Aadarshini Real Estate Developers Private Limited India 100.00 

2 Abhiraj Real Estate Private Limited India 100.00 

3 Adelie Builders & Developers Private Limited India 100.00 

4 Adrienne Builders & Constructions Private Limited India 100.00 

5 Alastair Builders & Developers Private Limited India 100.00 

6 Alta Builders & Developers Private Limited India 100.00 

7 Alvernia Limited * Cyprus 100.00 

8 Alvita Builders and Developers Private Limited (w.e.f. June 30, 2009) India 100.00 

9 Americus Real Estate Private Limited India 100.00 

10 Amishi Builders & Developers Private Limited India 100.00 

11 Amoda Builders & Developers Private Limited India 100.00 

12 Anjuli Builders & Developers Private Limited India 100.00 

13 Annabel Builders & Developers Private Limited India 100.00 

162

S. 

No. 


Country of 

Incorporation 

Proportion of 


March 31, 2010 

100.00 

14 Argent Holdings Limited British Virgin 

Islands 

15 Bedelia Builders & Constructions Private Limited India 100.00 

16 Berenice Real Estate Private Limited India 100.00 

17 Beverly Park Maintenance Services Limited India 100.00 

18 Bhamini Real Estate Developers Private Limited India 90.00 

19 Bhoruka Financial Services Limited India 99.68 

20 Breeze Constructions Private Limited India 100.00 

21 Calantha Builders & Developers Private Limited India 100.00 

22 Callista Builders & Constructions Private Limited India 100.00 

23 Caraf Builders & Constructions Private Limited (w.e.f. March 19, 2010) India 100.00 

24 Caressa Builders and Constructions Private Limited India 100.00 

25 Carreen Builders & Developers Private Limited (w.e.f. February 1, 2010) India 100.00 

26 Catriona Builders & Constructions Private Limited India 100.00 

27 Cee Pee Maintenance Services Limited India 100.00 

28 Chaitra Realty Limited (till July 3, 2009) India 63.82 

29 Chandrajyoti Estate Developers Private Limited India 100.00 

30 City Icon Limited* Cyprus 100.00 

31 Comfort Buildcon Private Limited India 100.00 

32 Cyrilla Builders & Constructions Limited India 100.00 

33 DLF Housing and Construction Limited India 100.00 

34 Dalmia Promoters and Developers Private Limited India 100.00 

35 Dankuni World City Limited India 100.00 

36 Delanco Home & Resorts Private Limited India 90.00 

37 Delanco Realtors Private Limited India 80.00 

38 Deltaland Buildcon Private Limited India 80.00 

39 DHDL Wind Power Private Limited (formerly Var Infratech Private Limited) India 100.00 

40 Dhoomketu Builders & Developers Private Limited India 100.00 

41 Diwakar Estates Limited India 100.00 


India 67.00 


43 DLF Airport Hotels Private Limited (till October 16, 2009) India 100.00 

44 DLF Aspinwal Hotels Private Limited India 90.00 

45 DLF Assets Private Limited (w.e.f. March 19, 2010) India 100.00 

46 DLF Brands Limited (formerly DLF Retail Brands Private Limited) India 100.00 

47 DLF Budget Venture Hotels Private Limited (till October 16, 2009) India 100.00 

48 DLF Business Hotels Venture Private Limited India 100.00 

49 DLF City Centre Limited India 100.00 

50 DLF City Centre Limited* Cyprus 100.00 

51 DLF Cochin Hotels Private Limited India 100.00 

52 DLF Comfort Hotels Private Limited India 100.00 

53 DLF Commercial Complexes Limited India 100.00 

54 DLF Commercial Developers Limited India 100.00 

55 DLF Conventions and Hotels Private Limited (till October 16, 2009) India 100.00 

56 DLF Cyber City Developers Limited India 100.00 

57 DLF Delux Hotels Private Limited (till October 16, 2009) India 100.00 

58 DLF Developers Limited India 100.00 

59 DLF Emporio Restaurants Limited India 100.00 

60 DLF Estate Developers Limited India 100.00 

61 DLF Exhibition Centre Private Limited (till October 16, 2009) India 100.00 

62 DLF Exotica Hotels Private Limited* India 100.00 

63 DLF Financial Services Limited India 100.00 

163


S. 

No. 


Country of 

Incorporation 

Proportion of 


March 31, 2010 

64 DLF Finvest Limited India 100.00 

65 DLF Food Courts Private Limited India 100.00 

66 DLF Garden City Indore Private Limited India 51.00 

67 DLF Global Hospitality Limited Cyprus 100.00 

68 DLF Golf Resort Limited India 100.00 


India 100.00 

(formerly DLF SEZ Holdings Limited) (w.e.f. August 31, 2009) 

70 DLF Haryana SEZ (Ambala) Limited India 100.00 

71 DLF Haryana SEZ (Gurgaon) Limited India 100.00 

72 DLF Hilton Hotels Limited India 74.00 

73 DLF Hilton Hotels (Mysore) Private Limited India 74.00 

74 DLF Home Developers Limited India 100.00 

75 DLF Homes Ambala Private Limited India 100.00 

76 DLF Homes Durgapur Private Limited India 100.00 

77 DLF Homes Goa Private Limited India 100.00 

78 DLF Homes Kokapet Private Limited India 100.00 

79 DLF Homes Panchkula Private Limited India 51.00 

80 DLF Homes Pune Private Limited India 100.00 

81 DLF Homes Rajapura Private Limited India 51.00 

82 DLF Homes Services Private Limited India 100.00 

83 DLF Hospitality and Recreational Limited India 100.00 

84 DLF Hotel Holdings Limited India 100.00 

85 DLF Hotel Venture Private Limited (till October 16, 2009) India 100.00 

86 DLF Hotels & Apartments Private Limited India 100.00 

87 DLF Info City Developers (Chandigarh) Limited (w.e.f. March 19, 2010) India 100.00 

88 DLF Info City Developers (Chennai) Limited India 100.00 

89 DLF Info City Developers (Kolkata) Limited (w.e.f. March 19, 2010) India 100.00 

90 DLF Info Park Developers (Chennai) Limited India 100.00 

91 DLF Infra Holdings Limited India 100.00 

92 DLF Inns Limited India 100.00 

93 DLF International Holdings Pte Limited Singapore 100.00 

94 DLF International Hospitality Corp British Virgin 

100.00 

Islands 

95 DLF Jaipur Convention Center Private Limited India 100.00 

96 DLF Jaipur Hotels Private Limited (till October 16, 2009) India 100.00 

97 DLF Land Limited India 100.00 

98 DLF Leisure and Entertainment Private Limited (till October 16, 2009) India 100.00 

99 DLF Luxury Hotels Limited India 100.00 

100 DLF Metro Limited India 100.00 

101 DLF Minor Restaurants Private Limited (till October 16, 2009) India 100.00 

102 DLF Mumbai Hotels Private Limited (till October 16, 2009) India 100.00 

103 DLF New Delhi Convention Center Limited India 100.00 

104 DLF New Gurgaon Homes Developers Private Limited India 82.73 

105 DLF New Gurgaon Offi ces Developers Private Limited India 100.00 

106 DLF New Gurgaon Retail Developers Private Limited India 100.00 

107 DLF Phase-IV Commercial Developers Limited India 100.00 

108 DLF Pleasure Hotels Private Limited India 100.00 

109 DLF Pramerica Life Insurance Company Limited India 74.00 

110 DLF Premium Homes Private Limited India 100.00 

111 DLF Projects Limited India 100.00 

112 DLF Property Developers Limited India 100.00 

113 DLF Real Estates Builders Limited India 100.00 

164

S. 

No. 


Country of 

Incorporation 

Proportion of 


March 31, 2010 

114 DLF Recreational Foundation Limited India 85.00 

115 DLF Residential Builders Limited India 100.00 

116 DLF Residential Developers Limited India 100.00 

117 DLF Residential Partners Limited India 100.00 

118 DLF Retail Developers Limited India 100.00 

119 DLF Retail Services Limited India 100.00 

120 DLF Rohini Hotels Private Limited (till October 16, 2009) India 100.00 

121 DLF Service Apartments Limited India 100.00 

122 DLF Services Limited India 100.00 

123 DLF SEZ Developers Limited India 100.00 

124 DLF Sikkim Hotels Private Limited (till October 16, 2009) India 100.00 

125 DLF Southcourt Hotels Private Limited India 100.00 

126 DLF Southern Homes Private Limited India 51.00 

127 DLF Southern Towns Private Limited India 51.00 

128 DLF Telecom. Limited India 100.00 

129 DLF Trust Management Pte Limited Singapore 100.00 

130 DLF Universal Limited India 100.00 

131 DLF Utilities Limited India 99.77 

132 DLF Wind Power Private Limited 

India 100.00 

(formerly Bestvalue Housing and Construction Private Limited) 

133 Domus Real Estate Private Limited (till March 1, 2010) India 100.00 

134 DT Cinemas Limited India 100.00 

135 DT Projects Limited (formerly DLF Laing O’Rourke (India) Limited) 

India 100.00 

(w.e.f. November 11, 2009) 

136 Eastern India Powertech Limited India 100.00 

137 Edward Keventer (Successors) Private Limited India 100.00 

138 Eila Builders & Developers Private Limited India 100.00 

139 Enki Retail Private Limited India 100.00 

140 Eros Retail Private Limited India 100.00 

141 Falguni Builders Private Limited India 100.00 

142 Fonton Limited British Virgin 

100.00 

Islands 

143 Foregiant Agents Limited (till May 18, 2009) British Virgin 

89.93 

Islands 

144 G.G.R. Properties Private Limited (till June 24, 2009) India 100.00 

145 G.S.R. Properties Private Limited (till June 24, 2009) India 100.00 

146 G.V.R. Properties Private Limited (till June 24, 2009) India 100.00 

147 Gajjala Constructions Private Limited (till June 24, 2009) India 100.00 

148 Gajjala Ram Reddy Properties Private Limited (till June 24, 2009) India 100.00 

149 Galaxy Mercantiles Limited India 71.00 

150 Galleria Property Management Services Private Limited India 72.24 

151 Ganesar Ginning Company Private Limited (till July 31, 2009) India 100.00 

152 Ganika Builders Private Limited India 100.00 

153 Gavin Builders & Developers Private Limited India 100.00 

154 Geocities Airport Infrastructures Private Limited India 100.00 

155 GMR Constructions Private Limited (till June 24, 2009) India 100.00 

156 Gulika Home Developers Private Limited India 100.00 

157 Gyan Real Estate Developers Private Limited India 100.00 

158 Harini Resorts and Properties Private Limited (till June 24, 2009) India 100.00 

159 Hiemo Builders & Developers Private Limited (w.e.f. February 2, 2010) India 100.00 

160 Highvalue Builders Private Limited India 100.00 

161 Isabel Builders & Developers Private Limited India 80.00 

165


S. 

No. 


Country of 

Incorporation 

Proportion of 


March 31, 2010 

162 Jai Luxmi Real Estate Private Limited India 92.50 

163 Janya Estates Developers Private Limited India 100.00 

164 Jawala Real Estate Private Limited India 100.00 

165 Juno Retail Private Limited (w.e.f June 19, 2009) India 100.00 

166 K G Infrastructure Private Limited India 100.00 

167 Kairav Real Estate Private Limited India 100.00 

168 Kapo Retail Private Limited India 70.00 

169 Khem Buildcon Private Limited (w.e.f. February 2, 2010) India 100.00 

170 Laman Real Estates Private Limited India 100.00 

171 Lawanda Builders & Developers Private Limited India 100.00 

172 Leandra Builders & Developers Private Limited India 100.00 

173 Life Style Homes Private Limited (till June 24, 2009) India 100.00 

174 Mens Buildcon Private Limited India 100.00 

175 Mhaya Buildcon Private Limited India 100.00 

176 Monroe Builders & Developers Private Limited India 100.00 

177 Mouna Constructions Private Limited (till June 24, 2009) India 100.00 

178 Mouna Estates Private Limited (till June 24, 2009) India 100.00 

179 Mouna Properties Private Limited (till June 24, 2009) India 100.00 

180 Nambi Buildwell Private Limited India 100.00 

181 Necia Builders & Developers Private Limited India 100.00 

182 Nellis Builders & Developers Private Limited India 100.00 

183 NewGen MedWorld Hospitals Limited India 100.00 

184 Nilayam Builders and Developers Limited India 100.00 

185 Overseas Hotels Limited British Virgin 

100.00 

Islands 

186 Paliwal Developers Limited India 100.00 

187 Paliwal Real Estate Private Limited India 100.00 

188 Pat Infrastructures Private Limited India 100.00 

189 Pee Tee Property Management Services Limited India 100.00 

190 Prompt Real Estate Private Limited India 100.00 

191 Rati Infratech Private Limited India 100.00 

192 Red Acres Development Limited British Virgin 

100.00 

Islands 

193 Regency Park Property Management Services Private Limited India 62.21 

194 Rhea Retail Private Limited (w.e.f. June 19, 2009) India 70.00 

195 Richmond Park Property Management Services Limited India 100.00 

196 Riveria Commercial Developers Limited India 100.00 

197 Rod Retail Private Limited India 100.00 

198 Saket Courtyard Hospitality Private Limited (w.e.f. October 14, 2009) India 100.00 

199 Samali Builders & Developers Private Limited India 100.00 

200 Sandesh Constructions Private Limited (till June 24, 2009) India 100.00 

201 Sandesh Estates Private Limited (till June 24, 2009) India 100.00 

202 Shivajimarg Properties Limited India 100.00 

203 Silver Oaks Property Management Services Limited India 100.00 

204 Sinonet Holding Limited British Virgin 

100.00 

Islands 

205 Solid Buildcon Private Limited India 100.00 

206 Springhills Infratech Private Limited India 100.00 

207 Sunlight Promoters Private Limited India 100.00 

208 Universal Hospitality Limited British Virgin 

100.00 

Islands 

209 Urvasi Infratech Private Limited India 100.00 

166

S. 

No. 


Country of 

Incorporation 

Proportion of 


March 31, 2010 

210 Valini Builders & Developers Private Limited India 65.00 

211 Vkarma Capital Investment Management Company Private Limited India 100.00 

212 Vkarma Capital Trustee Company Private Limited India 100.00 

213 VSK Investment and Finance Limited India 100.00 

214 Zola Real Estates Private Limited India 100.00 

215 Zoria Infratech Private Limited India 100.00 

* Relevant documents fi led with Registrar of Companies for striking of names under Section 560 of Companies Act, 1956. 

ii) 

The accounting year for the below entities being the calendar year, their fi nancial statements 

as at December 31, 2009 have been considered for consolidation in these Consolidated 

Financial Statements. Further, no adjustment is considered necessary in the Consolidated 

Financial Statements for the period from January 1 to March 31, 2010, as the management 

believes that no material event, affecting the fi nancial position of the subsidiary and its 

constituents, has occurred during this period. 

S. 

No. 


Country of 

Incorporation 

Proportion of 

ownership as at March 

31, 2010 

1 Amanresorts Limited British Virgin Islands 89.93 

2 Aman Gocek Insatt Taahhut Turizm Sanayive Ticaret AS Turkey 89.93 

3 Amancruises (2006) Company Limited Thailand 89.93 

4 Amancruises Company Limited Thailand 89.93 

5 Amankila Resorts Limited British Virgin Islands 89.93 

6 Amanproducts Limited British Virgin Islands 89.93 

7 Amanresorts B.V. Netherlands 89.93 

8 Amanresorts International Pte Limited Singapore 89.93 

9 Amanresorts IPR B.V. Netherlands 89.93 

10 Amanresorts Limited Hong Kong 89.93 

11 Amanresorts Management B.V. Netherlands 89.93 

12 Amanresorts Services Limited British Virgin Islands 89.93 

13 Amanresorts Technical Services B.V. Netherlands 89.93 

14 Anbest Holdings Limited British Virgin Islands 89.93 

15 Andaman Development Company Limited Thailand 89.93 

16 Andaman Holdings Limited British Virgin Islands 89.93 

17 Andaman Resorts Co Limited Thailand 89.93 

18 Andaman Thai Holding Company Limited Thailand 89.93 

19 Andes Resort Limited SAC Peru 89.93 

20 Aradal Company N.V. Netherlands Antilles 89.93 

21 ARL Marketing Inc. USA 89.93 

22 ARL Marketing Limited British Virgin Islands 89.93 

23 ASL Management (Palau) Limited Palau 89.93 

24 Balina Pansea Company Limited British Virgin Islands 89.93 

25 Barbados Holdings Limited British Virgin Islands 89.93 

26 Bhosphorus Investments Limited British Virgin Islands 89.93 

27 Bhutan Hotels Limited British Virgin Islands 89.93 

28 Bhutan Resorts Private Limited (Amankora) Bhutan 53.96 

29 Bodrum Development Limited British Virgin Islands 89.93 

167


S. 

No. 


Country of 

Incorporation 

Proportion of 


31, 2010 

30 Ceylon Holdings B.V. Netherlands 89.93 

31 Colombo Resorts Holdings N.V. Netherlands Antilles 89.93 

32 Current Finance Limited British Virgin Islands 89.93 

33 Ecotech Ventures Limited (till October 31, 2009) Kenya 53.96 

34 Forerun Group Limited British Virgin Islands 89.93 

35 Gainway Group Limited (till October 31, 2009) British Virgin Islands 89.93 

36 Goyo Services Limited British Virgin Islands 53.96 

37 Guardian International Private Limited India 89.93 

38 Gulliver Enterprises Limited British Virgin Islands 89.93 

39 Heritage Resorts Private Limited India 45.86 

40 Hospitality Trading Limited British Virgin Islands 89.93 

41 Hotel Finance International Limited British Virgin Islands 89.93 

42 Hotel Sales Services Limited British Virgin Islands 89.93 

43 Hotel Sales Services Private Limited Sri Lanka 89.93 

44 Incan Valley Holdings Limited British Virgin Islands 89.93 

45 Jackson Hole Holdings Limited British Virgin Islands 89.93 

46 Jalisco Holdings Pte Limited Singapore 89.93 

47 Lao Holdings Limited British Virgin Islands 89.93 

48 Le Savoy Limited British Virgin Islands 72.84 

49 Lodhi Property Company Limited India 89.93 

50 LP Hospitality Company Limited Laos 89.93 

51 Marrakech Investments Limited British Virgin Islands 89.93 

52 Mulvey B.V. Netherlands 89.93 

53 Mulvey Venice S.R.L Italy 89.93 

54 Naman Consultants Limited British Virgin Islands 45.86 

55 New Montana Limited (till October 31, 2009) British Virgin Islands 53.96 

56 NOH (Hotel) Private Limited (Amangalla) Sri Lanka 45.86 

57 Nusantara Island Resorts Limited British Virgin Islands 53.96 

58 Otemachi Tower Resorts Co. Limited Japan 89.93 

59 P.T. Amanresorts Indonesia (Amanusa) Indonesia 89.93 

60 P.T. Amanusa Resort Indonesia Indonesia 53.96 

61 P.T. Indrakila Villatama Development Indonesia 53.96 

62 P.T. Moyo Safari Abadi Indonesia 47.66 

63 P.T. Nusantara Island Resorts Indonesia 53.96 

64 P.T. Tirta Villa Ayu Indonesia 89.93 

65 P.T. Villa Ayu Indonesia 53.96 

66 Palawan Holdings Limited British Virgin Islands 89.93 

67 Phraya Riverside (Bangkok) Company Limited Thailand 89.93 

68 Princiere Resorts Limited Cambodia 89.93 

69 Puri Limited British Virgin Islands 89.93 

70 Queensdale Management Limited British Virgin Islands 45.86 

71 Regent Asset Finance Limited British Virgin Islands 89.93 

72 Regent Land Limited Cambodia 89.93 

73 Regional Design & Research B.V. Netherlands 53.96 

74 Regional Design & Research N.V. Netherlands Antilles 53.96 

168

S. 

No. 


Country of 

Incorporation 

Proportion of 


31, 2010 

75 Serendib Holdings B.V. Netherlands 89.93 

76 Silverlink (Mauritius) Limited Mauritius 89.93 

77 Silverlink (Thailand) Company Limited Thailand 89.93 

78 Silverlink Holdings Limited British Virgin Islands 89.93 

79 Silver-Two (Bangkok) Company Limited Thailand 89.93 

80 Societe Nouvelle de L’Hotel Bora Bora French Polynesia 89.93 

81 Tahitian Resorts Limited British Virgin Islands 89.93 

82 Tangalle Property (Private) Limited Sri Lanka 45.86 

83 Toscano Holding Limited British Virgin Islands 89.93 

84 Villajena Development Company Limited British Virgin Islands 89.93 

85 Yucatan Holdings Pte Limited (w.e.f. May19, 2009) Singapore 89.93 

86 Zeugma Limited British Virgin Islands 71.94 

B) Partnership Firms 

S. 

No. 

Name of Partnership firm 

Country of 

Incorporation 

Proportion of 

ownership(%) as at 

March 31,2010 

1 DLF Commercial Projects Corporation India 100.00 

2 DLF Offi ce Developers India 85.00 

3 DLF South Point India 100.00 

4 Kavicon Partners India 100.00 

5 Rational Builders and Developers India 90.00 

6 DLF GK Residency India 100.00 

7 Saket Courtyard Hospitality (w.e.f.October 20,2009) India 50.00 

C) Joint Ventures 

S. 

Name of Joint Venture 

Country of Proportion of ownership 

No. 

Incorporation (%) as at March 31, 2010 

1 Delanco Real Estates Private Limited India 50.00 

2 DT Projects Limited (formerly DLF Laing O’ Rourke (India) Limited) 

India 50.00 

(till November 11, 2009) 

3 DLF Limitless Developers Private Limited India 50.00 

4 DLF SBPL Developers Private Limited India 50.00 

5 Kujjal Builders Private Limited India 50.00 

6 Niharika Shopping Mall joint venture (till August 31, 2009) India 50.00 

7 Star Alubuild Private Limited (w.e.f. June 15, 2009) India 31.46 

8 Mount Mary Residential Projects India 50.00 

9 GSG DRDL Consortium India 50.00 

10 DLF Gurgaon Developers Limited (formerly DLF SEZ Holdings Limited) 

India 50.00 


11 DLF Gayatri Home Developers Private Limited India 50.00 

12 Saket Courtyard Hospitality Private Limited India 50.00 

13 Banjara Hills Hyderabad Complex India 50.00 

14 Y.G. Realty Private Limited (w.e.f. July 2, 2009) India 50.00 

15 Domus Real Estate Private Limited (w.e.f. March 2, 2010) India 50.00 

16 Cleva Builders and developers Private Limited (w.e.f. March 31, 2010) India 50.00 

17 Prowess Buildcon Private Limited (w.e.f. March 31, 2010) India 50.00 

18 Saket Courtyard Hospitality (w.e.f. October 20, 2009) India 50.00 

169


D) Associates 

S. 

No. 

Name of Associates 

Country of 

Incorporation 

Proportion of 


March 31, 2010 

1 Joyous Housing Limited India 37.50 

2 Ferragamo Retail India Private Limited India 49.00 

3 Giorgio Armani India Private Limited India 49.00 


India 39.00 

(formerly DLF Pramerica Advisory Private Limited) (till March 9, 2010) 

5 Regional D & R Limited U.K 50.00 

6 Seven Seas Resorts and Leisure Inc Phillippines 21.00 

7 Islan Aviation Limited Phillippines 21.00 

8 Revlys SA Moracco 50.00 

9 Villajena Moracco 50.00 

10 Surin Bay Co. Limited Thailand 25.00 

11 P.T Jawa Express Amanda Indah Indonesia 50.00 


India 19.28 


13 Zeus Infrastructure Private Limited India 33.33 

14 DLF Pramerica Trustees Private Limited (till March 9, 2010) India 39.00 

15 Australian Resort Limited British Virgin Islands 50.00 

16 Kyoto Resorts YK Japan 33.30 

17 Pamalican Island Holdings Inc Philippines 21.00 

18 Pandis (Thailand) Co. Limited Thailand 50.00 

19 Pansea Tourism Co. Limited Thailand 50.00 

18. Amalgamation / Merger of subsidiaries 

a) During the year, petitions for Amalgamation were fi led before the Hon’ble High Court of Delhi 

by various subsidiary companies as details given below. As mentioned against each, the 

Hon’ble High Court has approved / sanctioned the scheme of amalgamation, which has been 

fi led with Registrar of Company (“ROC”), NCT of Delhi & Haryana thereby making the scheme 

of amalgamation effective from the appointed date. Accordingly, fi nancial statements of these 

companies are merged to give effect of the merger. All transferor companies and transferee 

companies are subsidiaries of the Company. 

(Rs. in lacs) 

S. 

No. 

Name of Transferee Company Name of Transferor Companies Date of filing of Order with ROC 

i.e. effective date 

1. DLF Residential Partners Limited 

(indirect wholly–owned subsidiary 

of DLF Limited) 

Chakrita Real Estate Developers Private 

Limited 

Merger Order filed with ROC on 

March 04, 2010 

2. DLF Home Developers Limited 

(wholly–owned subsidiary of DLF 

Limited) 

3. DLF Commercial Developers 

Limited 


Limited) 

1. DLF Estates (Delhi) Private Limited 

2. Irama Estates Private Limited 

1. DLF Info City Developers (Hyderabad) 

Limited 

2. DLF Info City Developers (Banglore) 

Limited 

3. Sunbreeze Estate Developers Limited 

4. Grandbay Estate Developers Limited 

5. Venezia Estate Developers Limited 

6. Belmount Estate Developers Limited 

7. DLF Green Power Private Limited 

Order fi led with ROC on February 

23, 2010 

Merger order fi led with ROC on 

March 03, 2010 

170

) During the year, petitions for Amalgamation were fi led before the Hon’ble High Court of Delhi 

by various subsidiary companies as details given below. Subsequent to the balance sheet 

date, the Hon’ble High Court has approved the scheme of amalgamation of all these subsidiary 

companies. Since the order of Hon’ble High Court of Delhi was received subsequent to the 

year end, no effect of the amalgamation has been given in these fi nancial statements in 

accordance with Accounting Standard-14 of Companies (Accounting Standard) Rules, 2006 

on accounting for amalgamation. All transferor companies and transferee companies are 

subsidiaries of DLF Limited. 

S. 

No. 

Name of Transferee Company Name of Transferor Companies Date of filing of Order with 

ROC i.e. effective date 

1. DLF Retail Developers Limited 


Limited) 

1. Necia Builders & Developers Private Limited 

2. Pat Infrastructures Private Limited 

3. Adrienne Builders and Constructions Private Limited 

4. DLF Food Courts Private Limited 

5. DLF Retail Services Limited 

6. DLF Commercial Complexes Limited 

7. Callista Builders and Construction Private Limited 

8. Gavin Builders and Developers Private Limited 

9. Alastair Builders and Developers Private Limited 

10. Leandra Builders and Developers Private Limited 

11. Amoda Builders and Developers Private Limited 

Delhi High Court Order fi led 

with ROC on May 19, 2010 

to make amalgamation 

effective. 

2. DLF Real Estate Builders Limited 

(indirect wholly owned subsidiary 

of DLF Limited) 

VSK Investment & Finance Limited 

Merger Order fi led with ROC 

on May 11, 2010 to make 

amalgamation effective. 

c) In addition to above, the following subsidiary companies have also fi led amalgamation petitions 

as per details below before the Hon’ble High Court of Delhi at New Delhi and Hon’ble High Court 

of Punjab and Haryana at Chandigarh as per the respective jurisdictions. The order for sanction 

from the respective High Courts are awaited and hence, no effect thereto has been given in the 

consolidated fi nancial statements: 

S. 

No. 

Name of Transferee Company Name of Transferor Companies Date of Board 

meeting 

approving the 

Scheme of 

Amalgamation 

1. DLF Home Developers Limited 

(wholly–owned subsidiary of 

DLF Limited) 

2. DLF Utilities Limited (indirect 

subsidiary of DLF Limited) 

Before the Punjab and Haryana High Court 

1. DLF Housing and Construction Limited 

2. DLF Infra Holdings Limited 

3. DLF Land Limited 

Before the Delhi High Court 

4. Caressa Builders & Constructions Private Limited 

5. DLF Homes Durgapur Private Limited 

6. Anjuli Builders and Developers Private Limited 

7. Calantha Builders and Developer Private Limited 

8. DLF Premium Homes Private Limited 

9. DLF SEZ Developers Limited 

10. Janya Estate Developers Private Limited 

11. Kairav Real Estate Private Limited 

12. Samali Builders and Developers Private Limited 

13. Solid Buildcon Private Limited 

14. DLF Commercial Developers Limited (Non-SEZ)- 

Demerger 

Before the Punjab and Haryana High Court 

1. DLF Services Limited 

2. DT Cinemas Limited 

August 11, 

2009 

October 22, 

2009 

Appointed / 

Transfer Date 

as per the 

Scheme of 

Amalgamation 

April 1, 2008 

April 1, 2009 

(In view of the above-mentioned proposed mergers, as per the approval granted by Board of Directors of respective companies, the 

interest on inter-company loans between transferor and transferee company, if any, has not been charged w.e.f. Appointed / Transfer 

Date, in accordance with the Scheme of Amalgamation as given above.) 

171


19. Based on the recommendations of the Special Committee of the Board of Directors of DLF Limited, 

the Board of DLF Limited, at its meeting held on December 15, 2009, approved in-principle 

integration of Caraf Builders and Constructions Private Limited (alongwith its subsidiaries) with DLF 

Cyber City Developers Limited (a wholly-owned subsidiary). 

Pursuant to this, on March 19, 2010, DLF Cyber City Developers Limited, acquired 100% equity 

shares of Caraf Builders and Constructions Private Limited. Consequently, Caraf Builders and 

Constructions Private Limited and its subsidiary companies, namely – DLF Assets Private Limited, 

DLF Info City Developers (Chandigarh) Limited and DLF Info City Developers (Kolkata) Limited, have 

been consolidated as subsidiaries in the consolidated fi nancial statements with effect from the said 

date. 

20. During the year, Solid Buildcon Private Limited, a wholly-owned subsidiary company, acquired the 

balance 50 percent shareholding of Laing ‘O’ Rourke India (Holdings) Limited in the existing 50:50 

JV Company – DLF Laing ‘O’ Rourke (India) Limited “(DLOR)”. With effect from November 12, 2009, 

DLOR has become a wholly-owned subsidiary of Solid Buildcon Private Limited. Consequently, 

the transactions of DLOR after November 11, 2009 has been consolidated as a subsidiary in the 

consolidated fi nancial statements. 

21. During the year, the Company received an assessment order for the AY 2006-07, from the Income 

Tax Authorities creating an additional tax demand amounting to Rs. 48,274.34 lacs on the Company. 

The Company has fi led an appeal against the order and based on advice from experts, is confi dent 

that the additional tax demanded will not be sustained by the appellate authorities. Pending the order 

of the appellate authorities, no provision has been made in the current year for the additional tax so 

demanded and the same has been disclosed as a contingent liability. 

22. Details of preference shares issued by subsidiary companies: 

S. 

No. 

(Rs. in lacs) 

Name of subsidiary company 2010 2009 

1 Shivaji Marg Properties Limited (See Note 1) 

4,80,00,000 (previous year 4,80,00,000) 0.01% Non Convertible Non Cumulative 

Redeemable Preference Shares of Rs.100 each fully paid up 

(Redeemable at a premium of Rs. 44.67 per share, due for redemption) 

2 Galaxy Mercantiles Limited (See Note 2) 

12,00,000 (previous year 12,00,000) 0.50% Cumulative Redeemable Preference 

shares of Rs. 100 each fully paid up * 

*Preference shares shall be redeemed at a premium of Rs. 450 per preference share 

out of the profi ts of the company from the end of the 3rd year of the development 

completion date. 

3 Regency Park Property Management Services Limited 

100 (previous year 100) 12% Non Cumulative Redeemable Preference shares 

of Rs. 100 each fully paid up (Redeemable on or before December 11, 2022) 

4,000 (previous year 4,000) 9% Non Cumulative Redeemable Preference shares of 

Rs. 100 each fully paid up (Redeemable on or before January 22, 2023) 

4 Galleria Property Management Services Limited 

100 (previous year 100) 12% Non Cumulative Redeemable Preference shares of 

Rs. 100 each fully paid (Redeemable on or before December 11, 2022) 

4,000 (previous year 4,000) 9% Non Cumulative Redeemable Preference shares of 

Rs. 100 each fully paid (Redeemable on or before January 22, 2023) 

5 DLF Southern Homes Private Limited (formerly Carmen Builders and 

Construction Private Limited) (see note 3 below) 

4,57,50,000 (previous year 4,57,50,000) 0.01% Non Convertible Non Cumulative 

Redeemable Preference Shares of Rs. 100 each fully paid up 


48,000.00 48,000.00 

1,200.00 1,200.00 

0.10 

4.00 

0.10 

4.00 

0.10 0.10 

4.00 4.00 

45,750.00 45,750.00 

172

S. 

No. 

(Rs. in lacs) 

Name of subsidiary company 2010 2009 

6 DLF New Gurgaon Home Developers Private Limited (See Note 4 below) 

2,232,000 (previous year 2,232,000) 0.05% Cumulative Redeemable ‘A’ Preference 

shares of Rs. 100 each fully paid 


42,408,000 (previous year 42,408,000) 0.50% Cumulative Redeemable ‘B’ 

Preference shares of Rs.100 each fully paid 


7 DLF Cyber City Developers Limited (See note 5 below) 

159,699,999 (previous year Nil) 9% Compulsory Convertible Preference Share of 

Rs. 100 each fully paid up. 

8 DLF Assets Private Limited (See note 6 below) 

20,208,743 (previous year Nil) 9 % Cumulative Compulsorily Convertible Preference 

Shares – Series I of Rs. 100 each fully paid up 

(Each CCPS convertible into 10 equity shares of Rs. 10 each on December 23, 2019) 

272,479,230 (previous year Nil) 14.75 % Cumulative Compulsorily Convertible 

Preference Shares of Rs. 100 each fully paid up 

(Each CCPS convertible into 9.71 equity shares of Rs. 10 each on April 22, 2012) 

2,232.00 2,232.00 

42,408.00 42,408.00 

159,700.00 - 

20,208.74 - 

- 

272,479.23 

591,986.17 139,598.20 

Note: 1) Subsequent to the balance sheet date, Shivaji Marg Properties Limited (“Shivaji Marg”) 

entered into a Redemption and Share Purchase Agreement on June 29, 2010 with LB India Holdings 

Mauritius II Limited, the subscriber of 4,80,00,000 non-convertible non-cumulative redeemable 

preference shares of Shivaji Marg (“RPS”). Pursuant to the terms and conditions of the agreement, 

the redemption of the RPS shall happen during the period July 1, 2010 and September 1, 2010 at 

Rs. 586,50,00,000. 

Note: 2) Galaxy Mercantiles Limited had issued 1,200,000 0.5% Cumulative Redeemable Preference 

Shares of Rs. 100 each amounting to Rs. 12 Crores on which cumulative dividend of Rs. 47.79 lacs 

(previous year Rs. 43.55 lacs) is provided as at March 31, 2010. 

Note: 3) Subsequent to the balance sheet date, DLF Southern Homes Private Limited (“ DLF 

Southern Homes”) entered into a Redemption and Share Purchase Agreement on June 29, 2010 with 

LB India Holdings Mauritius II Limited, the subscriber of 4,57,50,000 non-convertible non-cumulative 

redeemable preference shares of DLF Southern Homes (“RPS”). Pursuant to the terms and conditions 

of the agreement, the redemption of the RPS shall happen during the period July 1, 2010 and 

September 1, 2010 at Rs. 558,90,00,000. 

Note: 4) Contractually 2,232,000 Cumulative Redeemable ‘A’ Preference shares of Rs. 100 each 

and 42,408,000 Cumulative Redeemable ‘B’ Preference shares of Rs. 100 each were redeemable 

on December 12, 2009 and December 14, 2009 respectively. Subsequent to the balance sheet date, 

DLF New Gurgaon Home Developers Private Limited issued 44,640,000 Cumulative Redeemable 

Preference shares of Rs. 100 each at a premium of Rs. 47 each to DLF Home Developers Limited on 

May 5, 2010. The preference shares mentioned above has been redeemed out of the proceeds from 

the fresh issue of preference shares. 

Note: 5) During the year, the Company has issued 9% Cumulative Compulsorily Convertible Preference 

Shares (CCPS) of Rs. 100 each. Each CCPS shall be compulsorily convertible into Equity shares of 

face value of Rs. 10 (Rupees Ten) each at a premium of Rs. 5.97 per share in one or more tranches on 

or after April 1, 2011 but not later than 5 years from the date of allotment, at the option of the registered 

holder(s). 

Note: 6) As explained in note no. 19 of the schedule, DLF Assets Private Limited (“DLF Assets”) accounts 

were consolidated w.e.f. March 19, 2010. These Cumulative Compulsorily Convertible Preference 

Shares (CCPS) were issued prior to this date. Hence previous year figures have been shown as Nil. 

173


23. Utilisation of funds received through Initial Public Offer (IPO) uptil March 31, 2010 

(Rs. in lacs) 

S.No. Nature of expenditure 2010 2009 

1 Acquisition of land and development rights 566,955 566,955 

2 Development and construction costs for existing projects 63,625 63,625 

3 Prepayment of loans 2,57,802 2,57,795 

4 Issue related expenses 30,298 30,298 

Total 918,680 918,673 

The Company has fully utilised the IPO proceeds for the purposes as stated in the “Objects of the 

Issue” clause of the Prospectus dated June 18, 2007. 

24. a) The Group uses forward contracts and swaps to hedge its risks associated with fl uctuations 

in foreign currency and interest rates. The use of forward contracts and swaps is covered by 

Group’s overall strategy. The Group does not use forward covers and swaps for speculative 

purposes. 

As per the strategy of the Group, foreign currency loans are covered by comprehensive hedge, 

considering the risks associated with the hedging of such loans, which effectively fi xes the 

principle and interest liability of such loans and further there is no additional risk involved post 

hedging of these loans. 

The following are the outstanding Forward Contracts and Swaps as at March 31, 2010: 


For hedging any risks 2010 2009 

Secured Loans* 353,123.93 108,167.61 

Interest on secured loans 1,452.16 191.70 

Unsecured Loans* 1,240.35 18,653.83 

Interest on unsecured loans 39.12 305.57 

Creditors for Goods 

Number of Contracts Five – 

Type Buy – 

Foreign Currency 

EURO 7.00 – 

GBP 10.25 – 

INR Equivalent 1,007.69 – 

Current Liabilities and Provisions 35.73 – 

* Stated at forward rates 

b) The detail of foreign currency exposure that are not hedged by derivative instrument or other 

wise included in the creditors is as mentioned below:- 


2010 2009 

Foreign 

Foreign 

INR 

Currency 

Currency 

INR 

Secured Loan 

USD 359.16 16,212.39 196.54 10,013.75 

Interest on Secured Loan 

USD 1.34 60.58 0.82 41.93 

Unsecured Loan 

USD 281.43 12,703.56 38.47 1,960.05 

174


2010 2009 

Foreign 

Foreign 

INR 

Currency 

Currency 

INR 

EURO 39.36 2,383.43 - - 

JPY 29,320.96 14,203.07 6,745.50 3,503.48 

Interest on Unsecured Loan 

USD 1.30 58.72 0.35 17.83 

EURO 1.31 79.18 - - 

JPY 487.88 236.33 80.40 41.64 

Creditors for goods 

USD 1.19 53.58 - - 

EURO 3.60 218.03 - - 

GBP 0.90 60.98 - - 

Creditors for expenses 

EURO 0.22 13.28 - - 

GBP 0.45 30.45 - - 

Other advances 

USD 0.03 1.53 - - 

EURO 0.29 17.51 - - 

Current Liabilities & Provisions 

USD 95.00 4288.30 - - 

Conversion rate applied 1 USD = Rs. 45.14, 1 EURO = Rs. 60.56, 1 JPY = Rs. 0.4844 , 1 GBP = Rs. 68.032 

(previous year 1 USD = Rs.50.95, 1 JPY = Rs. 0.5187) 

25. Events after the Balance Sheet date 

Subject to the approval of shareholders and other requisite approvals, the Board of Directors approved 

in their meeting held on July 28, 2010, the proposal for further issue of Equity Shares by its wholly 

owned subsidiary – DLF Brands Limited (DBL) under the Unlisted Public Companies (Preferential 

Allotment) Rules, 2003 to M/s. Ishtar Retail Private Limited, a promoter group company. Upon further 

issue of equity shares, DBL will cease to be subsidiary of DLF Limited. Pending further approvals no 

effect has been given to proposal in the fi nancial statements. 

26. Previous year fi gures have been regrouped / recast wherever considered necessary to make them 

comparable with those for the current year. 




New Delhi 

July 28, 2010 

175

176

Details of Subsidiary Companies 

(Rs. in lacs) 

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) 

Sl No. Name of the Company Financial 

year ended 

on 

1 Aadarshini Real Estate 

Developers Pvt. Ltd. 

Capital Reserves 

and Surplus 

(adjusted for 

debit balance 

in Profi t & 

Loss Account 

where 

applicable) 

Total Assets 

(Fixed Assets 

+ Investments 

+Current 

Assets) 

Total 

Liabilities 

(Loans + 

Current 

Liabilities) 

Details of 

Investments 

(except 

in case of 

investments in 

subsidiaries) 

Turnover 

(including Other 

Income) 

Profi t (Loss) 

before 

Taxation 

Provision for 

Taxation 


After Taxation 

Proposed 

Dividend 

31-3-2010 5.00 (2.10) 3.43 0.53 NIL NIL (0.86) NIL (0.86) NIL 

2 Abhiraj Real Estate Pvt. Ltd. 31-3-2010 5.00 (140.97) 694.84 830.81 NIL NIL (51.44) NIL (51.44) NIL 

3 Adelie Builders & Developers 

Pvt. Ltd. 

4 Adrienne Builders & Constructions 

Pvt. Ltd. 

5 Alastair Builders & Developers 

Pvt. Ltd. 

6 Alta Builders & Developers Pvt. 

Ltd. 

7 Alvita Builders and Developers 

Pvt. Ltd. 

31-3-2010 1.00 (1.29) 4,545.29 4,545.58 NIL NIL (0.71) (0.22) (0.49) NIL 

31-3-2010 5.00 (31.64) 256.01 282.66 NIL NIL (0.14) NIL (0.14) NIL 

31-3-2010 5.00 882.64 2,416.21 1,528.57 NIL 10.83 (2.37) NIL (2.37) NIL 

31-3-2010 1.00 (0.96) 0.20 0.16 NIL NIL (0.45) NIL (0.45) NIL 

31-3-2010 1.00 (52.65) 75,024.75 75,076.39 NIL NIL (75.47) (23.32) (52.15) NIL 

8 Americus Real Estate Pvt. Ltd. 31-3-2010 1.00 (1.10) 1.18 1.28 NIL NIL (0.52) NIL (0.52) NIL 

9 Amishi Builders & Developers 

Pvt. Ltd. 

10 Amoda Builders & Developers 

Pvt. Ltd. 

11 Anjuli Builders & Developers Pvt. 

Ltd. 

12 Annabel Builders & Developers 

Pvt. Ltd. 

31-3-2010 5.00 (318.70) 947.09 1,260.79 NIL NIL (77.61) NIL (77.61) NIL 

31-3-2010 5.00 887.23 2,422.57 1,530.34 NIL 22.03 10.00 5.35 4.65 NIL 

31-3-2010 1.00 (265.83) 802.95 1,067.78 NIL NIL (8.37) (2.84) (5.52) NIL 

31-3-2010 1.00 0.37 5,606.43 5,605.06 NIL NIL (1.69) (0.57) (1.12) NIL 

13 Berenice Real Estate Pvt. Ltd. 31-3-2010 1.00 (0.96) 0.20 0.16 NIL NIL (0.45) NIL (0.45) NIL 

14 Beverly Park Maintenance 

Services Ltd. 

15 Bhamini Real Estate Developers 

Pvt. Ltd. 

31-3-2010 5.00 (3,129.14) 63,336.74 66,460.88 NIL 2,938.27 (3,434.70) (1,227.82) (2,206.87) NIL 

31-3-2010 1.00 (67.51) 2,568.73 2,635.24 NIL NIL (65.78) (20.33) (45.45) NIL 

16 Bhoruka Financial Services Ltd. 31-3-2010 20.14 6,199.02 8,296.12 2,076.95 NIL 6,950.59 6,759.78 1,441.50 5,318.28 NIL 

17 Calantha Builders & Developers 

Pvt. Ltd. 

18 Callista Builders & Constructions 

Pvt. Ltd. 

19 Caraf Builders & Constructions 

Pvt Ltd. 

20 Caressa Builders and 

Constructions Pvt. Ltd. 

21 Carreen Builders & Developers 


22 Catriona Builders & Constructions 

Pvt. Ltd. 

23 Cee Pee Maintenance Services 

Ltd. 

31-3-2010 5.00 (1,529.21) 7,723.36 9,247.58 NIL NIL (564.17) NIL (564.17) NIL 

31-3-2010 5.00 903.86 2,544.33 1,635.47 NIL 21.72 9.71 4.56 5.14 NIL 

31-3-2010 461,072.02 (21,083.51) 535,269.70 95,281.19 77.71 35.00 (166.21) (12.95) (153.26) NIL 

31-3-2010 6.00 (1.15) 5.95 1.10 NIL 0.03 (0.13) (0.04) (0.08) NIL 

31-3-2010 1.50 (38.56) 33.65 70.71 NIL NIL (38.32) NIL (38.32) NIL 

31-3-2010 26.00 959.14 1,000.15 15.01 NIL NIL (6.89) NIL (6.89) NIL 

31-3-2010 7.00 (74.30) 7.70 74.99 NIL NIL (1.08) 0.01 (1.09) NIL 

177

Details of Subsidiary Companies (Contd...) 

(Rs. in lacs) 

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) 


year ended 

on 

24 Chandrajyoti Estate Developers 

Pvt. Ltd. 


and Surplus 

(adjusted for 

debit balance 

in Profi t & 

Loss Account 

where 

applicable) 

Total Assets 

(Fixed Assets 

+ Investments 

+Current 

Assets) 

Total 

Liabilities 

(Loans + 

Current 

Liabilities) 

Details of 

Investments 

(except 

in case of 


subsidiaries) 

Turnover 


Income) 


before 

Taxation 

Provision for 

Taxation 



Proposed 

Dividend 

31-3-2010 5.00 (608.17) 1,551.20 2,154.37 NIL 0.72 (129.83) NIL (129.83) NIL 

25 Comfort Buildcon Pvt. Ltd. 31-3-2010 5.00 (73.92) 17.92 86.84 NIL 0.13 (0.83) (0.01) (0.82) NIL 

26 Cyrilla Builders & Constructions 

Ltd. 

27 D.L.F Housing and Construction 

Ltd. 

28 Dalmia Promoters and Developers 

Pvt. Ltd. 

31-3-2010 5.00 (1.18) 4.10 0.28 NIL NIL (0.48) NIL (0.48) NIL 

31-3-2010 5.00 99.10 2,726.36 2,622.26 1,079.26 501.30 15.75 21.06 (5.31) NIL 

31-3-2010 10.00 (925.10) 1,281.35 2,196.45 NIL 16.29 (35.99) 0.06 (36.04) NIL 

29 Dankuni World City Ltd. 31-3-2010 5.00 (5.79) 0.73 1.52 NIL NIL (0.48) NIL (0.48) NIL 

30 Delanco Home & Resorts Pvt. Ltd. 31-3-2010 1.00 (367.29) 9,497.37 9,863.65 NIL 0.08 (16.55) 9.69 (26.24) NIL 

31 Delanco Realtors Pvt. Ltd. 31-3-2010 1.00 (20.39) 1,716.71 1,736.10 NIL NIL (14.03) (4.17) (9.87) NIL 

32 Deltaland Buildcon Pvt. Ltd. 31-3-2010 1.00 (1.81) 607.00 607.81 NIL NIL (0.75) (0.23) (0.52) NIL 

33 DHDL Wind Power Pvt. Ltd. 

(formerly Var Infratech Pvt. Ltd.) 

34 Dhoomketu Builders & Developers 

Pvt. Ltd. 

31-3-2010 99.00 (95.78) 17.04 13.82 NIL NIL (70.31) NIL (70.31) NIL 

31-3-2010 1.00 (119.81) 48.56 167.37 NIL NIL (0.95) NIL (0.95) NIL 

35 Diwakar Estates Ltd. 31-3-2010 5.00 129.15 136.14 1.99 13.73 5.86 4.80 1.49 3.30 NIL 

36 DLF Ackruti Info Parks (Pune) 

Limited (formerly DLF Akruti Info 

Parks (Pune) Ltd.) 

31-3-2010 200.00 5,663.46 54,317.05 48,453.59 3,252.38 8,725.69 2,714.91 (199.64) 2,914.55 NIL 

37 DLF Assets Private Ltd 31-3-2010 583,993.70 (683.22) 1,188,458.45 605,147.97 NIL 1,721.16 169.04 (210.16) 379.19 NIL 

38 DLF Brands Ltd. (formerly DLF 

Brands Pvt. Ltd.) 

31-3-2010 800.00 (2,428.99) 11,051.34 12,680.33 1,029.00 1,873.14 (1,643.50) 42.95 (1,686.45) NIL 

39 DLF City Centre Limited 31-3-2010 50.00 (1,004.45) 9,381.06 10,335.51 NIL 42.78 (571.83) NIL (571.83) NIL 

40 DLF Commercial Complexes Ltd. 31-3-2010 5.00 37,723.90 257,934.18 220,205.28 NIL 69,165.02 (3,991.90) (1,313.43) (2,678.47) NIL 

41 DLF Commercial Developers Ltd. 31-3-2010 2,055.00 207,612.87 293,766.89 84,099.03 1,186.14 39,020.18 17,046.90 8,038.46 9,008.44 NIL 

42 DLF Cyber City Developers Ltd. 31-3-2010 309,750.00 162,338.81 809,016.45 336,927.64 NIL 63,997.79 37,149.41 7,398.48 29,750.93 NIL 

43 DLF Developers Limited 31-3-2010 5.00 (1.64) 3.49 0.13 NIL NIL (0.62) NIL (0.62) NIL 

44 DLF Emporio Restaurants Ltd. 31-3-2010 5.00 (1,890.15) 4,624.66 6,509.81 NIL 2,293.20 (1,501.25) 173.12 (1,674.38) NIL 

45 DLF Estate Developers Ltd. 31-3-2010 5.01 (828.28) 1,638.10 2,461.37 NIL 554.73 (283.81) (1.43) (282.38) NIL 

46 DLF Financial Services Ltd. 31-3-2010 24.00 27.13 51.34 0.21 NIL 12.21 0.27 0.04 0.23 NIL 

47 DLF Finvest Limited 31-3-2010 300.00 (15.41) 290.59 6.00 NIL 9.49 (3.12) 2.04 (5.16) NIL 

48 DLF Food Courts Pvt. Ltd. 31-3-2010 5.00 (435.36) 2,717.96 3,148.32 NIL 598.99 (304.74) NIL (304.74) NIL 

49 DLF Garden City Indore Pvt. Ltd. 31-3-2010 2.68 6,864.42 15,661.38 8,794.27 NIL 1,756.68 (409.77) (111.34) (298.44) NIL 

50 DLF Golf Resort Ltd. 31-3-2010 40.00 118.73 9,537.67 9,378.95 NIL 91.63 26.87 8.30 18.57 NIL 

178

(Rs. in lacs) 

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) 


year ended 

on 


(formerly DLF SEZ Holdings 

Limited) 


and Surplus 

(adjusted for 

debit balance 

in Profi t & 

Loss Account 

where 

applicable) 

Total Assets 

(Fixed Assets 

+ Investments 

+Current 

Assets) 

Total 

Liabilities 

(Loans + 

Current 

Liabilities) 

Details of 

Investments 

(except 

in case of 


subsidiaries) 

Turnover 


Income) 


before 

Taxation 

Provision for 

Taxation 



Proposed 

Dividend 

31-3-2010 5.00 (7.73) 61.91 64.64 NIL NIL (3.27) NIL (3.27) NIL 

52 DLF Haryana SEZ (Ambala) Ltd. 31-3-2010 5.00 (0.99) 4.17 0.16 NIL NIL (0.16) NIL (0.16) NIL 

53 DLF Haryana SEZ (Gurgaon) Ltd. 31-3-2010 5.00 (0.98) 4.18 0.16 NIL NIL (0.16) NIL (0.16) NIL 

54 DLF Home Developers Ltd. 31-3-2010 90,292.92 157,044.46 816,726.32 569,388.94 42,120.94 246,978.10 121,332.92 41,251.77 80,081.15 NIL 

55 DLF Homes Ambala Pvt. Ltd. 31-3-2010 1.00 (1.93) 1,295.69 1,296.62 NIL NIL (0.67) (0.21) (0.46) NIL 

56 DLF Homes Durgapur Private Ltd. 31-3-2010 1.00 (7.96) 1.65 8.61 NIL NIL (0.12) (0.04) (0.08) NIL 

57 DLF Homes Goa Pvt. Ltd. 31-3-2010 1.00 (151.54) 5,239.65 5,390.19 NIL 5.71 (217.71) (67.45) (150.26) NIL 

58 DLF Homes Kokapet Pvt. Ltd. 31-3-2010 1.00 (1,125.81) 27,314.89 28,439.71 NIL NIL (1,117.07) 2.01 (1,119.08) NIL 

59 DLF Homes Panchkula Pvt. Ltd. 31-3-2010 3.01 10,010.71 55,020.38 45,006.66 NIL 20,972.19 2,013.98 582.66 1,431.33 NIL 

60 DLF Homes Pune Pvt. Ltd. 31-3-2010 1.00 (1.88) 0.25 1.13 NIL NIL (0.69) NIL (0.69) NIL 

61 DLF Homes Rajapura Pvt. Ltd. 31-3-2010 2.70 12,183.34 29,055.95 16,869.91 NIL NIL (10.86) NIL (10.86) NIL 

62 DLF Homes Services Pvt. Ltd. 31-3-2010 1.00 (79.79) 861.61 940.40 NIL 1,273.09 (96.07) 8.25 (104.33) NIL 

63 DLF Info City Developers 

(Chandigarh) Ltd. 


(Chennai) Ltd. 


(Kolkata) Ltd. 

66 DLF Info Park Developers 

(Chennai) Limited 

31-3-2010 4,000.00 (1,272.49) 28,424.61 25,697.09 41.68 178.76 19.71 4.13 15.58 NIL 

31-3-2010 3,936.30 298,682.68 340,473.18 37,854.20 NIL 46,832.40 29,834.36 3,429.01 26,405.35 NIL 

31-3-2010 25.00 3,471.72 59,670.51 56,173.78 1,499.26 452.24 58.86 25.39 33.47 NIL 

31-3-2010 72,805.00 (233.92) 72,898.43 327.35 NIL NIL (21.53) NIL (21.53) NIL 

67 DLF Infra Holdings Ltd. 31-3-2010 5.00 (22.41) 0.69 18.10 NIL NIL (0.16) (0.06) (0.11) NIL 

68 DLF Land Limited 31-3-2010 5.00 (651.07) 894.71 1,540.78 NIL 708.35 (1,191.71) (399.99) (791.72) NIL 

69 DLF Metro Ltd. 31-3-2010 5.00 0.55 9.84 4.29 NIL NIL (7.11) (0.45) (6.66) NIL 

70 DLF New Gurgaon Homes 


71 DLF New Gurgaon Offi ces 


72 DLF New Gurgaon Retail 


73 DLF Phase-IV Commercial 

Developers Ltd. 

74 DLF Pramerica Life Insurance 

Company Ltd. 

31-3-2010 44,641.00 7,927.14 115,046.40 62,478.26 NIL 15,741.85 1,963.52 674.66 1,288.86 NIL 

31-3-2010 5.00 (7.92) 0.96 3.88 NIL NIL (6.70) NIL (6.70) NIL 

31-3-2010 5.00 (300.31) 4,599.50 4,894.81 NIL NIL (167.97) NIL (167.97) NIL 

31-3-2010 40.00 4.72 45.99 1.28 NIL 3.53 2.76 0.85 1.91 NIL 

31-3-2010 22,130.41 (13,774.79) 14,688.24 6,332.62 8,518.73 635.99 (9,328.88) NIL (9,328.88) NIL 

75 DLF Premium Homes Pvt. Ltd. 31-3-2010 1.00 (22.46) 1,176.96 1,198.41 2.24 NIL (1.70) (0.58) (1.12) NIL 

76 DLF Projects Limited 31-3-2010 5.00 883.56 28,169.09 27,280.53 NIL 14,439.06 1,488.94 506.09 982.85 NIL 

77 DLF Property Developers Limited 31-3-2010 50.00 1,694.55 4,833.07 3,088.52 NIL 6.98 (73.52) (14.27) (59.25) NIL 

179


(Rs. in lacs) 

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) 


year ended 

on 


and Surplus 

(adjusted for 

debit balance 

in Profi t & 

Loss Account 

where 

applicable) 

Total Assets 

(Fixed Assets 

+ Investments 

+Current 

Assets) 

Total 

Liabilities 

(Loans + 

Current 

Liabilities) 

Details of 

Investments 

(except 

in case of 


subsidiaries) 

Turnover 


Income) 


before 

Taxation 

Provision for 

Taxation 



78 DLF Real Estates Builders Limited 31-3-2010 50.00 474.30 3,673.35 3,149.05 NIL (49.24) (87.14) (12.85) (74.29) NIL 

Proposed 

Dividend 

79 DLF Residential Builders Limited 31-3-2010 50.00 (3.17) 1,552.82 1,505.99 NIL NIL (0.87) NIL (0.87) NIL 

80 DLF Residential Developers 

Limited 

31-3-2010 50.00 827.56 3,538.21 2,660.65 NIL NIL (33.10) (5.21) (27.89) NIL 

81 DLF Residential Partners Limited 31-3-2010 50.00 708.98 10,214.72 9,455.74 NIL (4.90) (537.36) (134.42) (402.94) NIL 

82 DLF Retail Developers Ltd. 31-3-2010 4,400.00 15,015.25 434,530.18 415,114.94 2,679.47 150,188.85 1,065.39 751.73 313.66 NIL 

83 DLF Retail Services Ltd. 31-3-2010 5.00 (0.72) 4.51 0.22 NIL NIL (0.11) NIL (0.11) NIL 

84 DLF Services Limited 31-3-2010 5.00 2,914.20 18,231.26 15,312.06 NIL 42,034.95 4,372.44 1,532.28 2,840.16 NIL 

85 DLF SEZ Developers Limited 31-3-2010 5.00 (471.64) 67.77 534.41 NIL 2.09 (35.25) NIL (35.25) NIL 

86 DLF Southern Homes Pvt. Ltd. 31-3-2010 49,559.58 27,857.56 103,441.55 26,024.41 8,892.14 9,883.72 (2,303.20) (777.06) (1,526.14) NIL 

87 DLF Southern Towns Pvt. Ltd. 31-3-2010 2.70 37,595.69 98,403.75 60,805.36 7,298.72 10,853.58 1,573.68 533.20 1,040.49 NIL 

88 DLF Telecom. Ltd. 31-3-2010 1,115.00 149.68 1,335.13 70.46 NIL 77.22 76.00 23.90 52.10 NIL 

89 DLF Universal Ltd. 31-3-2010 5.00 (3.45) 1.59 0.04 NIL NIL (0.65) NIL (0.65) NIL 

90 DLF Utilities Ltd. 31-3-2010 2,016.00 451.93 138,661.47 136,193.54 659.14 9,568.64 (311.28) (1,636.25) 1,324.97 NIL 

91 DLF Wind Power Pvt. Ltd. 

(formerly Bestvalue Housing & 

Cons. Pvt.Ltd.) 

31-3-2010 99.00 (72.99) 2,473.51 2,447.51 1.68 NIL (72.05) NIL (72.05) NIL 

92 DT Cinemas Limited 31-3-2010 7,440.36 3,238.90 21,494.64 10,815.38 NIL 8,248.00 (2,412.63) (722.21) (1,690.42) NIL 

93 DT Projects Limited (formerly DLF 

Laing O’Rourke (India) Limited) 

31-3-2010 4,000.00 8,874.42 44,951.70 32,077.28 NIL 39,848.33 2,771.12 1,034.15 1,736.97 NIL 

94 Eastern India Powertech Limited 31-3-2010 6,932.00 10,072.26 63,265.91 46,261.65 NIL 10,152.77 1,497.48 255.40 1,242.08 NIL 

95 Edward Keventer (Successors) 

Pvt. Ltd. 

31-3-2010 96.15 2,529.97 5,416.53 2,790.41 950.13 0.36 (330.87) NIL (330.87) NIL 

96 Enki Retail Pvt. Ltd. 31-3-2010 5.00 (166.45) 1.39 162.84 NIL 0.09 (10.27) 120.01 (130.28) NIL 

97 Eros Retail Pvt. Ltd. 31-3-2010 5.00 2.74 1,550.14 1,542.40 NIL 264.38 1.60 (32.55) 34.16 NIL 

98 Falguni Builders Pvt. Ltd. 31-3-2010 5.00 (2.10) 3.43 0.53 NIL NIL (0.86) NIL (0.86) NIL 

99 Galaxy Mercantiles Limited 31-3-2010 9,603.66 2,376.89 35,760.93 23,780.38 NIL 3,341.55 1,747.51 682.10 1,065.41 NIL 

100 Galleria Property Management 

Services Pvt. Ltd. 

31-3-2010 5.00 2,401.46 7,044.10 4,637.65 0.73 356.34 (580.71) (181.37) (399.34) NIL 

101 Ganika Builders Pvt. Ltd. 31-3-2010 5.00 (1.93) 3.44 0.36 NIL NIL (0.70) NIL (0.70) NIL 

102 Gavin Builders & Developers 

Pvt. Ltd. 

103 Geocities Airport Infrastructures 

Pvt. Ltd. 

31-3-2010 5.00 880.43 2,408.55 1,523.12 NIL 12.60 0.57 1.74 (1.17) NIL 

31-3-2010 1.00 (1.52) 0.07 0.60 NIL NIL (0.66) NIL (0.66) NIL 

104 Gulika Home Developers Pvt. Ltd. 31-3-2010 5.00 (1.93) 3.43 0.36 NIL NIL (0.70) NIL (0.70) NIL 

105 Gyan Real Estate Developers 

Pvt. Ltd. 

31-3-2010 5.00 (765.24) 1,991.48 2,751.72 NIL NIL (168.34) NIL (168.34) NIL 

180

(Rs. in lacs) 

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) 


year ended 

on 

106 Hiemo Builders & Developers 

Pvt. Ltd. 


and Surplus 

(adjusted for 

debit balance 

in Profi t & 

Loss Account 

where 

applicable) 

Total Assets 

(Fixed Assets 

+ Investments 

+Current 

Assets) 

Total 

Liabilities 

(Loans + 

Current 

Liabilities) 

Details of 

Investments 

(except 

in case of 


subsidiaries) 

Turnover 


Income) 


before 

Taxation 

Provision for 

Taxation 



Proposed 

Dividend 

31-3-2010 456.00 9.67 475.24 9.57 NIL 30.69 30.06 9.48 20.57 NIL 

107 Highvalue Builders Pvt. Ltd. 31-3-2010 5.00 (74.72) 18.70 88.43 NIL NIL (1.03) - (1.03) NIL 

108 Isabel Builders & Developers 

Pvt. Ltd. 

31-3-2010 1.00 (14.09) 2,382.79 2,395.88 NIL NIL (10.50) (3.21) (7.29) NIL 

109 Jai Luxmi Real Estate Pvt. Ltd. 31-3-2010 5.00 (2.50) 2.78 0.28 NIL NIL (0.84) NIL (0.84) NIL 

110 Janya Estates Developers Private 

Limited 

31-3-2010 1.00 (42.46) 700.16 741.61 NIL NIL (0.32) (0.11) (0.21) NIL 

111 Jawala Real Estate Pvt. Ltd. 31-3-2010 500.00 2,010.74 154,118.21 151,607.47 NIL NIL (13.02) NIL (13.02) NIL 

112 Juno Retail Pvt. Ltd. 31-3-2010 1.00 (54.44) 505.88 559.32 NIL 2.68 (54.17) NIL (54.17) NIL 

113 K G Infrastructure Pvt. Ltd. 31-3-2010 32.40 273.81 318.99 12.78 NIL NIL (6.94) NIL (6.94) NIL 

114 Kairav Real Estate Pvt. Ltd. 31-3-2010 5.00 (115.92) 4,880.88 4,991.80 NIL 296.78 (85.66) NIL (85.66) NIL 

115 Kapo Retail Pvt. Ltd. 31-3-2010 700.00 (401.20) 1,062.44 763.64 NIL 490.01 (315.94) NIL (315.94) NIL 

116 Khem Buildcon Pvt. Ltd. 31-3-2010 456.00 8.94 474.49 9.55 NIL 30.63 30.00 9.47 20.54 NIL 

117 Laman Real Estates Pvt. Ltd. 31-3-2010 1.00 31.80 631.56 598.76 NIL NIL (0.07) NIL (0.07) NIL 

118 Lawanda Builders & Developers 

Pvt. Ltd. 

119 Leandra Builders & Developers 

Pvt. Ltd. 

31-3-2010 1.00 (1.46) 0.14 0.60 NIL NIL (0.66) NIL (0.66) NIL 

31-3-2010 5.00 27,705.56 44,477.79 16,767.23 NIL NIL (0.17) NIL (0.17) NIL 

120 Mens Buildcon Private Ltd. 31-3-2010 1.00 (2.39) 5.15 6.54 NIL NIL (1.04) NIL (1.04) NIL 

121 Mhaya Buildcon Private Ltd. 31-3-2010 1.00 (2.39) 5.15 6.54 NIL NIL (1.04) NIL (1.04) NIL 

122 Nambi Buildwell Private Ltd. 31-3-2010 1.00 (2.39) 5.09 6.48 NIL NIL (1.04) NIL (1.04) NIL 

123 Necia Builders & Developers 

Pvt. Ltd. 

124 Nellis Builders & Developers 

Private Ltd. 

31-3-2010 5.00 (748.79) 610.39 1,354.18 NIL 0.15 (1,559.56) (530.09) (1,029.47) NIL 

31-3-2010 1.00 (10.21) 1.35 10.56 NIL NIL (1.38) NIL (1.38) NIL 

125 NewGen MedWorld Hospitals Ltd. 31-3-2010 5.00 (55.51) 0.50 51.01 NIL NIL (5.84) NIL (5.84) NIL 

126 Nilayam Builders & Developers 

Ltd. 

31-3-2010 5.00 51.89 58.88 1.99 40.70 6.09 4.95 (0.19) 5.14 NIL 

127 Paliwal Developers Limited 31-3-2010 5.00 3,398.17 5,728.46 2,325.29 NIL 121.54 (332.51) (114.86) (217.65) NIL 

128 Paliwal Real Estate Pvt. Ltd. 31-3-2010 126.00 11.70 140.92 3.22 NIL 8.19 6.85 2.36 4.50 NIL 

129 Pat Infrastructures Pvt. Ltd. 31-3-2010 5.00 (1.73) 2,040.04 2,036.78 NIL NIL (0.13) NIL (0.13) NIL 

130 Pee Tee Property Management 

Services Ltd. 

31-3-2010 27.00 (76.48) 6.42 55.90 NIL NIL (2.39) 0.02 (2.40) NIL 

131 Prompt Real Estate Pvt. Ltd. 31-3-2010 5.00 (89.71) 65.91 150.62 NIL 1.26 (7.57) NIL (7.57) NIL 

132 Rati Infratech Pvt. Ltd. 31-3-2010 1.00 (2.39) 5.09 6.48 NIL NIL (1.04) NIL (1.04) NIL 

133 Regency Park Property 

Management Services Pvt. Ltd. 

31-3-2010 5.00 2,051.72 46,810.53 44,753.80 NIL 7,266.55 1,605.02 93.87 1,511.15 NIL 

181


(Rs. in lacs) 

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) 


year ended 

on 


and Surplus 

(adjusted for 

debit balance 

in Profi t & 

Loss Account 

where 

applicable) 

Total Assets 

(Fixed Assets 

+ Investments 

+Current 

Assets) 

Total 

Liabilities 

(Loans + 

Current 

Liabilities) 

Details of 

Investments 

(except 

in case of 


subsidiaries) 

Turnover 


Income) 


before 

Taxation 

Provision for 

Taxation 



134 Rhea Retail Pvt. Ltd. 31-3-2010 1,400.00 (208.01) 1,558.57 366.58 NIL 394.24 (207.74) NIL (207.74) NIL 

Proposed 

Dividend 

135 Richmond Park Property 

Management Services Ltd. 

136 Riveria Commercial Developers 

Ltd. 

31-3-2010 5.00 (2.00) 3.39 0.39 NIL NIL (0.95) NIL (0.95) NIL 

31-3-2010 8,601.00 (69.51) 8,635.54 104.06 NIL NIL (0.86) NIL (0.86) NIL 

137 Rod Retail Pvt. Ltd 31-3-2010 1.00 (184.18) 619.78 802.96 NIL 293.93 (141.24) NIL (141.24) NIL 

138 Samali Builders & Developers 

Pvt. Ltd. 

31-3-2010 1.00 (111.60) 22,100.12 22,210.72 NIL NIL (0.12) (0.04) (0.08) NIL 

139 Shivajimarg Properties Ltd. 31-3-2010 48,375.00 1,222.61 53,627.94 4,030.33 NIL 9,243.21 1,415.24 524.57 890.67 NIL 

140 Silver Oaks Property Management 

Services Ltd. 

31-3-2010 7.00 (77.80) 7.15 77.95 NIL NIL (1.22) NIL (1.22) NIL 

141 Solid Buildcon Pvt. Ltd. 31-3-2010 5.00 (768.01) 6,645.33 7,408.34 1.00 NIL (165.00) NIL (165.00) NIL 

142 Springhills Infratech Pvt. Ltd. 31-3-2010 1.00 (3.29) 4,553.52 4,555.81 NIL 0.78 0.09 0.03 0.06 NIL 

143 Sunlight Promoters Pvt. Ltd. 31-3-2010 5.00 (74.55) 6.77 76.32 NIL NIL (1.08) 0.01 (1.10) NIL 

144 Urvasi Infratech Pvt. Ltd. 31-3-2010 1.00 (1.62) 0.50 1.12 NIL NIL (0.68) NIL (0.68) NIL 

145 Valini Builders & Developers Pvt. 

Ltd. 

146 Vkarma Capital Investment 

Management Company Pvt. Ltd. 

147 Vkarma Capital Trustee Company 

Pvt. Ltd. 

31-3-2010 1.00 (1.45) 0.41 0.86 NIL NIL (0.87) NIL (0.87) NIL 

31-3-2010 5.00 (1,144.08) 1,038.05 2,177.13 NIL 107.80 (34.13) 0.43 (34.56) NIL 

31-3-2010 5.00 (2.12) 5.57 2.69 NIL NIL (0.87) NIL (0.87) NIL 

148 VSK Investment & Finance Ltd. 31-3-2010 5.00 (78.95) 13,952.81 14,026.76 7.20 1,488.24 (57.90) NIL (57.90) NIL 

149 Zola Real Estates Pvt.Ltd. 31-3-2010 1.00 (1.10) 1.18 1.28 1.00 NIL (0.52) NIL (0.52) NIL 

150 Zoria Infratech Pvt. Ltd. 31-3-2010 1.00 25.43 239.39 212.96 NIL 26.22 25.46 7.87 17.59 NIL 

151 DLF Hotel Holdings Limited 31-3-2010 125,968.00 (2,351.88) 146,707.72 23,091.38 NIL 1,428.03 (1,238.83) (6.77) (1,232.06) NIL 

152 DLF Aspinwal Hotels Pvt Limited 31-3-2010 1.00 (287.02) 4,267.32 4,553.34 NIL NIL (285.60) NIL (285.60) NIL 

153 DLF Cochin Hotels Pvt. Limited 31-3-2010 1.00 (125.96) 2,032.98 2,157.95 NIL NIL (131.78) NIL (131.78) NIL 

154 Bedelia Builders & Constructions 

Pvt. Limited 

155 DLF Hospitality and Recreational 

Limited 

31-3-2010 1.00 (36.09) 370.26 405.35 NIL NIL (24.76) NIL (24.76) NIL 

31-3-2010 5.00 230.59 4,119.74 3,884.15 NIL 182.65 (0.22) NIL (0.22) NIL 

156 DLF Service Apartments Limited 31-3-2010 5.00 4.91 10.07 0.15 NIL NIL (0.49) NIL (0.49) NIL 

157 DLF Inns Limited 31-3-2010 5.00 4.91 10.07 0.15 NIL NIL (0.49) NIL (0.49) NIL 

158 DLF Luxury Hotels Limited 31-3-2010 5.00 73.42 96.36 17.93 NIL 86.36 85.85 17.78 68.07 NIL 

159 Eila Builders & Developers Private 

Limited 

160 Monroe Builders & Developers 

Pvt. Limited 

31-3-2010 4,450.00 (443.90) 5,698.57 1,692.48 NIL 167.40 73.03 22.64 50.39 NIL 

31-3-2010 15.00 110.73 168.98 43.25 NIL 86.35 80.60 17.78 62.82 NIL 

182

(Rs. in lacs) 

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) 


year ended 

on 

161 Breeze Constructions Private 

Limited 

162 DLF Jaipur Convention Center 

Pvt Limited 


and Surplus 

(adjusted for 

debit balance 

in Profi t & 

Loss Account 

where 

applicable) 

Total Assets 

(Fixed Assets 

+ Investments 

+Current 

Assets) 

Total 

Liabilities 

(Loans + 

Current 

Liabilities) 

Details of 

Investments 

(except 

in case of 


subsidiaries) 

Turnover 


Income) 


before 

Taxation 

Provision for 

Taxation 



Proposed 

Dividend 

31-3-2010 1.00 (855.97) 14,200.05 15,055.00 NIL NIL (0.60) NIL (0.60) NIL 

31-3-2010 1.00 (0.59) 0.52 0.11 NIL NIL (0.21) NIL (0.21) NIL 

163 DLF Comfort Hotels Pvt Limited 31-3-2010 1.00 (128.81) 1,329.82 1,457.64 NIL NIL (89.38) NIL (89.38) NIL 

164 DLF Business Hotels Venture Pvt 

Limited 

31-3-2010 1.00 (0.59) 0.52 0.11 NIL NIL (0.22) NIL (0.22) NIL 

165 DLF Global Hospitality Limited 31-3-2010 15,331.02 37,120.84 131,668.62 103,494.72 24,277.97 243.97 (4,855.69) NIL (4,855.69) NIL 

166 City Icon Limited 31-3-2010 9.11 (9.11) NIL NIL NIL 1.92 1.79 NIL 1.79 NIL 

167 Overseas Hotels Limited 31-3-2010 22,398.09 97,238.02 124,471.28 4,835.17 NIL 3,586.62 3,144.04 NIL 3,144.04 NIL 

168 DLF International Hospitality Corp 31-3-2010 2,240.90 8,931.92 11,176.36 3.54 NIL 0.02 (5.22) NIL (5.22) NIL 

169 Fonton Limited 31-3-2010 19.62 (60.94) NIL 41.32 NIL NIL (2.57) NIL (2.57) NIL 

170 Argent Holdings Limited 31-3-2010 11.93 33,131.42 33,228.70 85.34 NIL 935.35 795.42 NIL 795.42 NIL 

171 Sinonet Holding Limited 31-3-2010 0.00* 17,729.74 22,674.50 4,944.77 NIL NIL (8.96) NIL (8.96) NIL 

172 DLF International Holdings Pte 

Limited 

173 DLF Trust Management Pte 

Limited 

31-3-2010 11,073.10 368.74 15,364.18 3,922.35 NIL 470.02 101.45 22.35 79.10 NIL 

31-3-2010 6,391.69 (6,468.64) 284.72 361.68 NIL 6.52 (2,658.97) NIL (2,658.97) NIL 

174 DLF Hilton Hotels Limited 31-3-2010 53,453.35 2,574.98 56,066.89 38.54 NIL 2,151.58 2,134.21 749.06 1,385.15 NIL 

175 DLF Hilton Hotels (Mysore) Pvt. 

Limited 

31-3-2010 5.00 (2.04) 3,200.93 3,197.99 NIL NIL (0.17) NIL (0.17) NIL 

176 DLF Pleasure Hotels Pvt Limited 31-3-2010 1.00 (65.03) 0.60 64.62 NIL NIL (51.65) NIL (51.65) NIL 

177 DLF Hotels & Apartments Pvt 

Limited 

178 DLF New Delhi Convention Center 

Limited 

31-3-2010 1.00 (66.96) 0.27 66.23 NIL NIL (53.74) NIL (53.74) NIL 

31-3-2010 7.00 (0.81) 6.30 0.11 NIL NIL (0.24) NIL (0.24) NIL 

179 DLF Southcourt Hotels Pvt Limited 31-3-2010 1.00 (1.00) NIL NIL NIL NIL NIL NIL - NIL 

180 Red Acres Development Limited 31-3-2010 3.53 (5.46) 4.64 6.57 NIL NIL (2.56) NIL (2.56) NIL 

181 Universal Hospitality Limited 31-3-2010 3.53 (5.33) 4.66 6.46 NIL NIL (2.51) NIL (2.51) NIL 

182 Alvernia Limited 31-3-2010 1.27 (1.27) NIL NIL NIL 15.63 15.58 NIL 15.58 NIL 

183 DLF City Centre Limited 31-3-2010 3.84 (3.84) NIL NIL NIL 2.47 2.34 NIL 2.34 NIL 

184 DLF Recreational Foundation 

Limited 

185 Saket Courtyard Hospitality Pvt 

Limited { formerly DLF Saket 

Hotels Private Limited } 

186 DLF Exotica Hotels Private 

Limited 

31-3-2010 50.00 593.98 7,760.61 7,116.64 NIL 1,459.26 404.89 139.82 265.07 NIL 

31-3-2010 1.00 (60.88) 316.54 476.64 100.00 NIL (60.60) NIL (60.60) NIL 

31-3-2010 1.00 (1.00) NIL NIL NIL NIL NIL NIL NIL NIL 

187 Heritage Resorts Private Limited 31-12-2009 6,079.18 (7,725.10) 7,412.79 9,059.19 0.47 1,215.31 (758.31) 1.72 (760.03) NIL 

183


(Rs. in lacs) 

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) 


year ended 

on 

188 Guardian International Private 

Limited 


and Surplus 

(adjusted for 

debit balance 

in Profi t & 

Loss Account 

where 

applicable) 

Total Assets 

(Fixed Assets 

+ Investments 

+Current 

Assets) 

Total 

Liabilities 

(Loans + 

Current 

Liabilities) 

Details of 

Investments 

(except 

in case of 


subsidiaries) 

Turnover 


Income) 


before 

Taxation 

Provision for 

Taxation 



Proposed 

Dividend 

31-12-2009 91.70 (1,238.63) 578.06 1,724.99 NIL 579.06 (6.49) NIL (6.49) NIL 

189 Lodhi Property Company Limited 31-12-2009 371.90 8,217.84 4,8719.60 40,514.15 384.29 1,497.51 (2,855.17) (124.35) (2,730.82) NIL 

190 Silverlink Holdings Limited 31-12-2009 22,803.72 (21,938.54) 80,392.14 79,639.37 112.40 626.83 (12,793.78) 8.28 (12,802.06) NIL 

191 Amanproducts Limited 31-12-2009 0.00* 25.67 332.82 307.15 NIL 69.11 (34.29) NIL (34.29) NIL 

192 Hospitality Trading Limited 31-12-2009 0.04 (162.05) 767.02 929.03 NIL 140.84 (82.20) NIL (82.20) NIL 

193 Hotel Sales Services Limited 31-12-2009 0.04 (87.12) 177.07 264.15 NIL 432.86 (96.13) NIL (96.13) NIL 

194 Puri Limited 31-12-2009 0.00* 318.49 1,485.69 1,894.58 727.37 12.29 (25.33) NIL (25.33) NIL 

195 Zeugma Limited 31-12-2009 0.04 (5.84) 0.01 5.80 NIL NIL (6.17) NIL (6.17) NIL 

196 Incan Valley Holdings Limited 31-12-2009 0.00* (19.56) 128.53 148.09 NIL NIL (0.29) NIL (0.29) NIL 

197 Villajena Development Company 

Limited 

31-12-2009 0.00* (6.49) NIL 6.48 NIL NIL (0.29) NIL (0.29) NIL 

198 Andes Resort Limited SAC 31-12-2009 0.14 (7.18) 122.27 129.32 NIL 2.35 (7.27) NIL (7.27) NIL 

199 Anbest Holdings Limited 31-12-2009 0.00* (0.41) NIL 0.41 NIL NIL (0.43) NIL (0.43) NIL 

200 Amanresorts International Pte 

Limited 

31-12-2009 27.52 1,033.28 2,109.93 1,049.13 NIL 1,008.87 89.50 (37.95) 127.45 NIL 

201 Jalisco Holdings Pte Limited 31-12-2009 0.29 (46.99) 1,132.40 1,179.10 NIL NIL 13.94 NIL 13.94 NIL 

202 Mulvey B.V. 31-12-2009 11.97 (374.94) 742.49 1,105.46 NIL NIL (353.35) NIL (353.35) NIL 

203 Mulvey Venice S.R.L 31-12-2009 6.60 (36.38) 728.08 757.86 NIL 329.90 118.56 NIL 118.56 NIL 

204 Yucatan Holdings Pte Limited 31-12-2009 0.31 (3.34) 7.14 10.17 NIL 13.39 (3.42) NIL (3.42) NIL 

205 Aradal Company N.V. 31-12-2009 2.70 2,660.81 7,349.91 4,686.40 NIL NIL (1.82) (6.54) (8.35) NIL 

206 Current Finance Limited 31-12-2009 0.00* 153.92 1,460.78 1,306.85 NIL 174.90 174.90 NIL 174.90 NIL 

207 Amanresorts Management B.V. 31-12-2009 10.54 (601.98) 435.72 1,027.16 NIL 314.70 72.09 28.40 43.69 NIL 

208 P.T. Amanresorts Indonesia 31-12-2009 26.69 (83.40) 377.80 434.52 NIL 0.14 46.59 NIL 46.59 NIL 

209 Hotel Sales Services Private 

Limited 

210 Amanresorts Technical Services 

B.V. 

31-12-2009 8.99 3.17 96.18 84.02 NIL 424.41 26.82 NIL 26.82 NIL 

31-12-2009 10.40 (286.83) 1,234.71 1,511.15 NIL 451.64 (1,253.65) 2.93 (1,256.58) NIL 

211 Amanresorts IPR B.V. 31-12-2009 10.40 (36.93) 60.55 87.08 NIL 74.55 12.44 2.77 9.67 NIL 

212 Amanresorts B.V. 31-12-2009 10.40 (1,061.97) 6,426.99 7,478.56 NIL 1.59 (43.83) NIL (43.83) NIL 

213 P.T. Moyo Safari Abadi 31-12-2009 241.98 (1,755.93) 993.16 2,507.12 NIL 1,364.19 446.58 (9.03) 455.61 NIL 

214 P.T. Amanusa Resort Indonesia 31-12-2009 117.72 (655.13) 2,428.83 2,966.24 NIL 1,828.01 434.04 118.57 315.46 NIL 

215 P.T. Tirta Villa Ayu 31-12-2009 0.97 (3.44) NIL 2.47 NIL NIL 0.43 NIL 0.43 NIL 

216 Regional Design & Research N.V. 31-12-2009 2.70 (44.88) 964.03 1,006.21 NIL NIL (1.78) NIL (1.78) NIL 

217 Regional Design & Research B.V. 31-12-2009 10.54 1,745.00 6,917.13 5,161.59 NIL NIL (4.13) NIL (4.13) NIL 

218 P.T. Villa Ayu 31-12-2009 95.86 642.81 1,624.37 885.71 NIL 1,440.43 (253.77) (33.39) (220.38) NIL 

184

(Rs. in lacs) 

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) 


year ended 

on 


and Surplus 

(adjusted for 

debit balance 

in Profi t & 

Loss Account 

where 

applicable) 

Total Assets 

(Fixed Assets 

+ Investments 

+Current 

Assets) 

Total 

Liabilities 

(Loans + 

Current 

Liabilities) 

Details of 

Investments 

(except 

in case of 


subsidiaries) 

Turnover 


Income) 


before 

Taxation 

Provision for 

Taxation 



219 Goyo Services Limited 31-12-2009 0.00* 291.98 799.00 507.02 NIL 83.91 83.62 NIL 83.62 NIL 

Proposed 

Dividend 

220 Amankila Resorts Limited 31-12-2009 0.00* 619.22 664.71 45.49 NIL 21.34 16.78 NIL 16.78 NIL 

221 P.T. Nusantara Island Resorts 31-12-2009 129.58 346.09 1,397.23 921.56 NIL 2,331.10 273.99 80.78 193.21 NIL 

222 P.T. Indrakila Villatama 

Development 

31-12-2009 6.05 (239.71) 141.33 374.99 NIL NIL (7.52) NIL (7.52) NIL 

223 Nusantara Island Resorts Limited 31-12-2009 0.00* 147.82 534.15 386.33 NIL 149.86 149.57 NIL 149.57 NIL 

224 Balina Pansea Company Limited 31-12-2009 4.50 (267.53) NIL 263.04 NIL NIL (0.29) NIL (0.29) NIL 

225 Amanresorts Limited 31-12-2009 0.01 (7,052.17) 350.40 7,402.56 NIL NIL (179.63) NIL (179.63) NIL 

226 ARL Marketing Limited 31-12-2009 0.00* (5.62) 51.08 56.70 NIL NIL (0.47) NIL (0.47) NIL 

227 ARL Marketing Inc. 31-12-2009 0.02 25.95 29.70 3.73 NIL 209.76 63.05 0.38 62.67 NIL 

228 Amanresorts Services Limited 31-12-2009 0.00* 8,326.06 12,381.54 4,055.48 NIL 3,918.12 662.90 65.56 597.35 NIL 

229 Forerun Group Limited 31-12-2009 0.00* 292.13 292.68 0.55 NIL 340.67 340.38 34.07 306.31 NIL 

230 Amanresorts Limited 31-12-2009 0.00* (0.31) NIL 0.30 NIL NIL (0.32) NIL (0.32) NIL 

231 Andaman Holdings Limited 31-12-2009 0.00* 1,482.50 7,174.90 5,692.41 NIL 5.67 45.50 (248.44) 293.94 NIL 

232 Silverlink (Thailand) Company 

Limited 

233 Andaman Development Company 

Limited 

31-12-2009 1.14 26,100.01 26,295.05 193.90 0.00 469.57 376.00 8.10 367.90 NIL 

31-12-2009 5.72 21.28 680.19 1,605.93 952.74 753.58 737.18 10.10 727.08 NIL 

234 Andaman Resorts Co. Limited 31-12-2009 1,055.88 618.26 16,739.70 15,072.36 6.80 4,974.12 (362.61) (106.58) (256.02) NIL 

235 Amancruises Company Limited 31-12-2009 114.34 (643.91) 167.12 696.69 NIL 472.76 (150.73) (33.09) (117.64) NIL 

236 Amancruises (2006) Company 

Limited 

237 Andaman Thai Holding Company 

Limited 

238 Silver-Two (Bangkok) Company 

Limited 

239 Phraya Riverside (Bangkok) 

Company Limited 

31-12-2009 1.09 1.85 7.01 4.07 NIL 16.73 (3.84) (2.31) (1.53) NIL 

31-12-2009 0.55 (0.26) 2.57 2.28 NIL 0.88 0.05 NIL 0.05 NIL 

31-12-2009 0.55 (2.85) 0.95 3.26 NIL 0.07 (0.81) NIL (0.81) NIL 

31-12-2009 0.55 (3.61) 1.17 4.24 NIL 0.13 (0.85) NIL (0.85) NIL 

240 Regent Asset Finance Limited 31-12-2009 44.28 4,368.85 4,413.14 NIL NIL 75.87 75.07 10.62 64.45 NIL 

241 Princiere Resorts Limited 31-12-2009 449.59 (750.50) 3,485.43 3,786.33 NIL 1,941.39 96.71 18.46 78.25 NIL 

242 Regent Land Limited 31-12-2009 85.42 NIL 85.42 NIL NIL NIL NIL NIL NIL NIL 

243 Tahitian Resorts Limited 31-12-2009 0.00* 468.40 8,478.00 8,009.61 NIL NIL (0.31) NIL (0.31) NIL 

244 Societe Nouvelle de L’Hotel Bora 

Bora 

31-12-2009 3,858.42 (1,116.02) 7,178.28 4,435.88 NIL 11.91 (87.75) (13.58) (74.17) NIL 

245 Le Savoy Limited 31-12-2009 4.50 259.44 357.93 93.99 NIL 691.67 691.38 NIL 691.38 NIL 

246 Marrakech Investments Limited 31-12-2009 0.00* 1,304.41 2,483.50 2,446.94 1,267.85 23.96 79.79 NIL 79.79 NIL 

247 Jackson Hole Holdings Limited 31-12-2009 0.00* 216.14 NIL 401.72 617.85 NIL (6.15) NIL (6.15) NIL 

185


(Rs. in lacs) 

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) 


year ended 

on 


and Surplus 

(adjusted for 

debit balance 

in Profi t & 

Loss Account 

where 

applicable) 

Total Assets 

(Fixed Assets 

+ Investments 

+Current 

Assets) 

Total 

Liabilities 

(Loans + 

Current 

Liabilities) 

Details of 

Investments 

(except 

in case of 


subsidiaries) 

Turnover 


Income) 


before 

Taxation 

Provision for 

Taxation 



248 Palawan Holdings Limited 31-12-2009 0.04 (49.15) NIL 1,766.61 1,717.51 6.89 6.02 NIL 6.02 NIL 

Proposed 

Dividend 

249 Colombo Resorts Holdings N.V. 31-12-2009 2.70 (18.92) 4,705.93 4,722.15 NIL NIL (2.41) NIL (2.41) NIL 

250 Ceylon Holdings B.V. 31-12-2009 7.61 (36.35) 2,002.12 2,030.86 NIL NIL (3.19) NIL (3.19) NIL 

251 NOH (Hotel) Private Limited 31-12-2009 1,300.94 (3,301.38) 2,453.39 4,453.83 NIL 327.54 (562.68) NIL (562.68) NIL 

252 Serendib Holdings B.V. 31-12-2009 7.61 (33.14) 2,653.97 2,679.49 NIL NIL (5.29) NIL (5.29) NIL 

253 Tangalle Property (Private) Limited 31-12-2009 603.47 (3,762.22) 3,876.70 7,035.45 NIL 440.39 (754.62) NIL (754.62) NIL 

254 Bhutan Hotels Limited 31-12-2009 0.00* 600.54 7,139.75 6,539.21 NIL 469.30 469.29 NIL 469.29 NIL 

255 Gulliver Enterprises Limited 31-12-2009 0.00* 103.69 167.12 63.43 NIL 401.91 95.88 NIL 95.88 NIL 

256 Bhutan Resorts Private Limited 31-12-2009 2,326.44 (3,976.79) 8,785.03 10,435.37 NIL 3,721.09 553.77 NIL 553.77 NIL 

257 Naman Consultants Limited 31-12-2009 449.59 (10,558.91) NIL 10,109.32 NIL NIL (1,250.43) NIL (1,250.43) NIL 

258 Barbados Holdings Limited 31-12-2009 0.00* (2.54) 654.42 656.97 NIL NIL (0.29) NIL (0.29) NIL 

259 Silverlink (Mauritius) Limited 31-12-2009 0.00* (761.86) 20,785.31 21,547.17 NIL NIL (155.90) NIL (155.90) NIL 

260 Bodrum Development Limited 31-12-2009 0.00* (90.84) NIL 221.00 130.17 NIL (19.61) NIL (19.61) NIL 

261 Bhosphorus Investments Limited 31-12-2009 0.00* (23.07) 852.11 875.18 NIL NIL (5.99) NIL (5.99) NIL 

262 Aman Gocek Insatt Taahhut 

Turizm Sanayi ve Ticaret AS 

31-12-2009 16.38 (571.30) 185.74 740.66 NIL NIL (180.54) NIL (180.54) NIL 

263 Lao Holdings Limited 31-12-2009 0.00* (1.08) 4,804.71 4,805.79 NIL NIL (0.39) NIL (0.39) NIL 

264 LP Hospitality Company Limited 31-12-2009 1,079.02 311.05 7,960.60 6,570.52 NIL 249.68 (842.39) 2.50 (844.89) NIL 

265 Hotel Finance International 

Limited 

31-12-2009 0.00* (5.36) 6.62 11.98 NIL NIL (0.29) NIL (0.29) NIL 

266 Toscano Holding Limited 31-12-2009 0.00* (46.78) 463.79 1,133.50 622.93 NIL (0.91) NIL (0.91) NIL 

267 Otemachi Tower Resorts 

Company Limited 

31-12-2009 2.19 (65.11) NIL 62.92 NIL NIL (68.05) NIL (68.05) NIL 

268 ASL Management (Palau) Limited 31-12-2009 4.50 (4.50) NIL NIL NIL NIL (4.75) NIL (4.75) NIL 

269 Queensdale Management Limited 31-12-2009 0.00* NIL NIL NIL NIL NIL NIL NIL NIL NIL 

* “rounded off to zero” 

Note : 

1. The Ministry of Corporate Affairs, Government of India, vide its letter No. 47/609/2010-CL-III dated 20th August, 2010 has granted exemption u/s 212(8) of the Companies Act, 1956 from attaching the Balance 

Sheet, Profi t & Loss Account and other documents of the subsidiary companies with the Balance Sheet of the Company. The annual accounts of the subsidiary companies and the related detailed information will 

be made available upon request by the investors of the Company and of its subsidiary companies. These documents will be available for inspection by any investors at the Registered/Corporate Offi ce/Corporate 

Affairs Department of the Company and also at the Registered Offi ces of the subsidiary companies concerned. 

2. The Accounts of Companies under Serial No 187-269 have been prepared and Consolidated only till 31.12.2009. 

186

3. List of Foreign Subsidiaries,name of foreign currency in which Accounts were prepared and Exchange 

Rate used for converting the fi gures in Indian Rupees in the Statement : 

Sl. No. 

Name of Foreign Subsidiary Company 

as per 

Statement 

165 DLF Global Hospitality Ltd (formely Gunbarrel 

Investments Ltd) 

Accounts 

Consolidated up to 

Name of Foreign Currency in 

which accounts were 

prepared 

Conversion Rate 

31-3-2010 USD 1 USD = 44.9592 Indian Rupees 

166 City Icon Limited 31-3-2010 USD 1 USD = 44.9592 Indian Rupees 

167 Overseas Hotels Limited 31-3-2010 USD 1 USD = 44.9592 Indian Rupees 

168 DLF International Hospitality Corp 31-3-2010 USD 1 USD = 44.9592 Indian Rupees 

169 Fonton Limited 31-3-2010 USD 1 USD = 44.9592 Indian Rupees 

170 Argent Holdings Limited 31-3-2010 USD 1 USD = 44.9592 Indian Rupees 

171 Sinonet Holding Limited 31-3-2010 Hong Kong Dollar 1 HKD = 5.79595 Indian Rupees 

172 DLF International Holdings Pte Ltd {formerly 

31-3-2010 Singapore Dollar 1 SGD = 33.1646 Indian Rupees 

DLF Trust Holdings Pte Ltd} 

173 DLF Trust Management Pte Ltd 31-3-2010 Singapore Dollar 1 SGD = 33.1646 Indian Rupees 

180 Red Acres Development Ltd 31-3-2010 USD 1 USD = 44.9592 Indian Rupees 

181 Universal Hospitality Limited 31-3-2010 USD 1 USD = 44.9592 Indian Rupees 

182 Alvernia Limited 31-3-2010 Euro 1 Euro = 60.5439 Indian Rupees 

183 DLF City Centre Ltd. 31-3-2010 USD 1 USD = 44.9592 Indian Rupees 

190 Silverlink Holdings Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

191 Amanproducts Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

192 Hospitality Trading Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

193 Hotel Sales Services Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

194 Puri Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

195 Zeugma Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

196 Incan Valley Holdings Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

197 Villajena Development Company Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

198 Andes Resort Limited SAC 31-12-2009 Peruvian Nuevo Sol 1 PEN = 0.3423 USD; 

1 USD = 44.9592 Indian Rupees 

199 Anbest Holdings Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

200 Amanresorts International Pte Limited 31-12-2009 Singapore Dollar 1 SGD = 0.7115 USD; 


201 Jalisco Holdings Pte Limited 31-12-2009 Singapore Dollar 1 SGD = 0.7115 USD; 


202 Mulvey B.V. 31-12-2009 Euro 1 EURO = 1.4333 USD; 


203 Mulvey Venice S.R.L 31-12-2009 Euro 1 EURO = 1.4333 USD; 


204 Yucatan Holdings Pte Limited 31-12-2009 Singapore Dollar 1 SGD = 0.7115 USD; 


205 Aradal Company N.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

206 Current Finance Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

207 Amanresorts Management B.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

208 P.T. Amanresorts Indonesia 31-12-2009 Indonesia Rupiah 1 IDR = 0.0001 USD; 


209 Hotel Sales Services Private Limited 31-12-2009 Sri Lanka Rupees 

210 Amanresorts Technical Services B.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

211 Amanresorts IPR B.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

212 Amanresorts B.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

213 P.T. Moyo Safari Abadi 31-12-2009 Indonesia Rupiah 1 IDR = 0.0001 USD; 


214 P.T. Amanusa Resort Indonesia 31-12-2009 Indonesia Rupiah 1 IDR = 0.0001 USD; 


215 P.T. Tirta Villa Ayu 31-12-2009 Indonesia Rupiah 1 IDR = 0.0001 USD; 


216 Regional Design & Research N.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

187

List of Foreign Subsidiaries (Contd...) 

Sl. No. 

as per 

Statement 


Accounts 




prepared 


217 Regional Design & Research B.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

218 P.T. Villa Ayu 31-12-2009 Indonesia Rupiah 1 IDR = 0.0001 USD; 


219 Goyo Services Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

220 Amankila Resorts Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

221 P.T. Nusantara Island Resorts 31-12-2009 Indonesia Rupiah 1 IDR = 0.0001 USD; 


222 P.T. Indrakila Villatama Development 31-12-2009 Indonesia Rupiah 1 IDR = 0.0001 USD; 


223 Nusantara Island Resorts Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

224 Balina Pansea Company Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

225 Amanresorts Limited 31-12-2009 Hong Kong Dollar 1 HKD = 0.1289 USD; 


226 ARL Marketing Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

227 ARL Marketing Inc. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

228 Amanresorts Services Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

229 Forerun Group Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

230 Amanresorts Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

231 Andaman Holdings Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

232 Silverlink (Thailand) Company Limited 31-12-2009 Thai Baht 1 BHT = 0.0301 USD; 


233 Andaman Development Company Limited 31-12-2009 Thai Baht 1 BHT = 0.0301 USD; 


234 Andaman Resorts Co Limited 31-12-2009 Thai Baht 1 BHT = 0.0301 USD; 


235 Amancruises Company Limited 31-12-2009 Thai Baht 1 BHT = 0.0301 USD; 


236 Amancruises (2006) Company Limited 31-12-2009 Thai Baht 1 BHT = 0.0301 USD; 


237 Andaman Thai Holding Company Limited 31-12-2009 Thai Baht 1 BHT = 0.0301 USD; 


238 Silver-Two (Bangkok) Company Limited 31-12-2009 Thai Baht 1 BHT = 0.0301 USD; 


239 Phraya Riverside (Bangkok) Company Limited 31-12-2009 Thai Baht 1 BHT = 0.0301 USD; 


240 Regent Asset Finance Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

241 Princiere Resorts Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

242 Regent Land Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

243 Tahitian Resorts Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

244 Societe Nouvelle de L’Hotel Bora Bora 31-12-2009 French Polynesia Francs 1 CFP = 0.0120 USD; 


245 Le Savoy Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

246 Marrakech Investments Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

247 Jackson Hole Holdings Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

248 Palawan Holdings Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

249 Colombo Resorts Holdings N.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

250 Ceylon Holdings B.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

251 NOH (Hotel) Private Limited 31-12-2009 Sri Lankan Rupees 1 LKR = 0.0088 USD; 


252 Serendib Holdings B.V. 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

253 Tangalle Property (Private) Limited 31-12-2009 Sri Lankan Rupees 1 LKR = 0.0088 USD; 


254 Bhutan Hotels Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

255 Gulliver Enterprises Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

256 Bhutan Resorts Private Limited 31-12-2009 Bhutan Ngultrum 1 BTN = 0.0212 USD; 


257 Naman Consultants Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

188

Sl. No. 

as per 

Statement 


Accounts 




prepared 


258 Barbados Holdings Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

259 Silverlink (Mauritius) Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

260 Bodrum Development Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

261 Bhosphorus Investments Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

262 Aman Gocek Insatt Taahhut Turizm Sanayi ve 

Ticaret AS 

31-12-2009 Turkish Lira 1 TRY = 0.6609 USD; 


263 Lao Holdings Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

264 LP Hospitality Company Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

265 Hotel Finance International Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

266 Toscano Holding Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

267 Otemachi Tower Resorts Co. Limited. 31-12-2009 Japanese Yen 1 JYP = 0.0108 USD; 


268 ASL Management (Palau) Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

269 Queensdale Management Limited 31-12-2009 USD 1 USD = 44.9592 Indian Rupees 

189

ABSTRACT AND MEMORANDUM OF INTEREST 

[PURSUANT TO SECTION 302 OF THE COMPANIES ACT, 1956] 

The Board of Directors, in exercise of the empowerment granted by the Members’ vide Resolutions dated 29 th September, 2007 

and 30 th September, 2009 passed at 42 nd and 44 th Annual General Meetings of the Company, respectively, read with the policy of 

the Company and on the recommendation of the Remuneration Committee, has approved on 23 rd August, 2010 the revision in the 

terms of appointment including increase in remuneration of the following managerial personnel for their remaining tenure w.e.f. 

1 st April, 2010, as under: 

Mr. T.C. Goyal 

Managing Director 

Ms. Pia Singh 

Whole-time Director 

Mr. Kameshwar Swarup 

Group Executive Director - Legal 

a) Basic Salary: From Rs.12,00,000 to 

Rs.13,72,500 per month; 

b) Personal Allowance: From 

Rs.2,35,250 to Rs.3,50,000 per 

month; 

c) Commission: In addition to the 

salary and perquisites, Mr. Goyal shall 

also be entitled to a commission, as 

may be determined by the Board of 

Directors, based on the net profi ts of 

the Company, provided that the total 

remuneration inclusive of commission 

in any fi nancial year shall not exceed 

such percentage of net profi ts of the 

Company in accordance with the 

ceilings laid down in Section 198 and 

309 of the Companies Act, 1956; 

d) All allowances, perquisites and 

benefi ts payable to Mr. Goyal shall be 

revised and calculated on the above 

increased Basic Salary; and 

e) All other terms and conditions shall 

remain unchanged. 

MEMORANDUM OF CONCERN OR INTEREST 

None of the Directors, except Mr. T.C. 

Goyal, the appointee, is in any way, 

concerned or interested in the above 

increase/revision. 

a) Basic Salary: From Rs.7,00,000 to 


b) Commission: In addition to the salary 

and perquisites, Ms. Singh shall 

also be entitled to a commission, as 

may be determined by the Board of 

Directors, based on the net profi ts of 

the Company, provided that the total 

remuneration inclusive of commission 

in any fi nancial year shall not exceed 

such percentage of net profi ts of the 

Company in accordance with the 

ceilings laid down in Section 198 and 

309 of the Companies Act, 1956; 

c) All allowances, perquisites and 

benefi ts payable to Ms. Singh shall 

be revised and calculated on the 

above increased Basic Salary; and 

d) All other terms and conditions shall 


None of the Directors, except Ms. Pia 

Singh, the appointee and Dr. K.P. Singh, 

Mr. Rajiv Singh & Mr. G.S. Talwar being 

her relatives, is in any way, concerned 

or interested in the above increase/ 

revision. 

a) Designation: From ‘Senior Executive 

Director – Legal’ to ‘Group Executive 

Director – Legal’; 

b) Basic Salary: From Rs.2,57,475 to 


c) Performance Award: Ranging between 

Rs.58.86 lac (increased from Rs.25 lac) 

(minimum guaranteed) and Rs.211.07 

lac per annum (increased from Rs.200 

lac) (maximum achievable), as per the 

policy of the Company; 

d) All allowances, perquisites and benefi ts 

payable to Mr. Swarup shall be revised 

and calculated on the above increased 

Basic Salary; 

e) In addition to salary, Mr. Swarup shall 

also be entitled to a benefi t equivalent 

to the value of 58,467 equity shares 

of the Company, to be paid on 1 st July, 

2011 or the date of his superannuation, 

whichever is earlier; and 

f) All other terms and conditions shall 


None of the Directors, except 

Mr. Kameshwar Swarup, the appointee, is 

in any way, concerned or interested in the 

above increase/revision. 

Copies of all documents mentioned hereinabove are available for inspection at the Registered Offi ce of the Company on all working 

days between 14.00 to 16.00 hrs. 


Shopping Mall, 3 rd Floor 

Arjun Marg, Phase-I, DLF City 

Gurgaon (Haryana) – 122 002 

August 23, 2010 



Subhash Setia 


190

DLF LIMITED 

Regd. Off.: Shopping Mall, 3rd Floor, Arjun Marg, Phase-I, DLF City, Gurgaon-122 002 (Haryana) 

ATTENDANCE CARD 

45 th ANNUAL GENERAL MEETING - TUESDAY, 28 th SEPTEMBER, 2010 AT 10.30 A.M. 

DP - Client Id*/Folio No. 

No. of Shares held 

I/We certify that I/We am/are a registered shareholder/proxy of the Company. 

I/We hereby record my/our presence at 45 th Annual General Meeting of the Company on Tuesday, September 28, 2010 at Epicentre, 

Apparel House, Sector 44, Gurgaon - 122 003 (Haryana). 

Name of the Shareholder/Proxy .......................………………………………………………………………………..…...……………..................... 

Address of the Shareholder/Proxy …………………………………………………………………………………………………………………..…… 

Signature of the Shareholder/Proxy.............................…………………………………………………………………………………….................. 

NOTE: Shareholders/Proxies are requested to bring copy of Annual Report & Attendance Card duly fi lled-in and hand over the card at the entrance of 

meeting venue. 

* Applicable for shares held in dematerialised form. 

 

Note : No Gift/Gift Coupons/ Refreshment Coupons will be distributed at the Meeting 

........................................................................................................................................................................................................................... 

DLF LIMITED 

Regd. Off.: Shopping Mall, 3rd Floor, Arjun Marg, Phase-I, DLF City, Gurgaon-122 002 (Haryana) 

FORM OF PROXY 

45 th ANNUAL GENERAL MEETING - TUESDAY, 28 th SEPTEMBER, 2010 AT 10.30 A.M. 

DP - Client Id*/Folio No. 

No. of Shares held 

I/We................................................................................………….................... of ...................………………………………………………………………… 

in the district of ...................................... being a member/ members of DLF LIMITED hereby appoint .................................................................... 

of ................................................................................ in the district of ............…………................................................................................... 

or falling him/her, .......................................................... of ................................................in the district of .................................... 

as my/our proxy to attend & vote for me/us on my/our behalf at the 45 th Annual General Meeting of the Company to be held on 

Tuesday, September 28, 2010 at 10.30 A.M. at Epicentre, Apparel House, Sector 44, Gurgaon - 122 003 (Haryana), or at 

any adjournment thereof. 

Signed this .................... day of September, 2010. 

SIGNATURE 

This form is to be used 

@ in favour of 

@ against 

the resolution. Unless otherwise instructed, the proxy will act as he/she thinks fi t. 

* Applicable for investors holding shares in electronic form. 

@ Strike out whichever is not desired. 

NOTES 

Affi x 

Re.0.30 

Revenue 

Stamp 

1. The proxy in order to be effective should be duly stamped, completed & signed and must be deposited at the Registered Offi ce of the Company not less 

than 48 hours before the commencement of the meeting. The Proxy need not be a member of the Company. 

2. The form should be signed across the stamp as per specimen signature registered with the Company.

Dear Shareholders - DLF

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