Scheduleforming part of the Balance Sheet - Domain-b

Annual Report 2007-2008
Luxair, “Flying Blue”, an innovative frequent flyer program with a four-tier structure (Platinum, Gold, Silver and Ivory levels)
launched jointly by AIR FRANCE and KLM and “AAdvantage” a frequent flyer program of American Airlines.
Your Company in collaboration with ICICI Bank and American Express launched the new ICICI Bank Ascent American Express ®
Card. The Card is six times more rewarding for the consumer than the other leading credit cards in India. Consumers earn
attractive 6 reward points per Rs 100 spent on dining, shopping, travel and overseas expenses. Additionally, there are exciting
offers and privileges to help customers save even as they prepare for that long awaited getaway.
SUBSIDIARIES
The Company has obtained an exemption from the Department of Company Affairs (DCA) vide its letter no. 47/267/2008 – CL –
III dated May 16, 2008, for publication of the Accounts of its subsidiaries under the provision of Section 212 of the Companies
Act of 1956. Hence, the accounts of the subsidiary companies are not separately included in the Annual Report. However, the
Consolidated Financial Statements of the Company and its Subsidiaries, Joint Ventures and Associates, in accordance with
relevant Accounting Standards of the Institute of Chartered Accountants of India, duly audited by the Statutory Auditors, form
a part of the Annual Report and are reflected in the consolidated accounts.
The Financial Statements of the subsidiary companies and other detailed information will be made available to the investors
seeking such information at any point of time. The annual accounts of the subsidiary companies will also be available for
inspection at the Registered Office of the Company as well as the respective Registered Offices of subsidiary companies.
LISTING
The Ordinary Shares of your Company are listed on the Bombay Stock Exchange Limited and National Stock Exchange of India
Limited. The Global Depository Shares (GDS) issued by the Company are listed on the London Stock Exchange.
FIXED DEPOSITS
The Company accepts/renews fresh deposits only from the Members of the Company at a rate of 6.25% p. a. for a period of three
years with the minimum amount of the deposit being Rs. 25,000.
The outstanding amount of fixed deposits placed with the Company amounted to Rs. 3.38 crores (previous year Rs. 5.13 crores)
including Rs. 0.30 crores (previous year Rs. 0.73 crores), which remained unclaimed by depositors as on March 31, 2008.
DIRECTORS
Mr. Anil P. Goel and Mr. Abhijit Mukerji were appointed as Additional Directors and as Whole Time Directors of the Company for
a period of five years with effect from March 17, 2008. They respectively hold office upto the date of the forthcoming Annual
General Meeting of the Company. Taking into consideration their knowledge and experience, the Board commends their appointment
as Whole-time Directors of the Company to the Members of the Company. Members’ approval for their appointment as Directors
and Whole-time Directors has been sought in the Notice convening the Annual General Meeting of the Company.
Mr. Raymond N. Bickson’s tenure as Managing Director ends on July 18, 2008. The Company has greatly benefited from his
expertise and international experience. In view of the same, it is proposed to re-appoint Mr. Bickson as the Managing Director of
the Company for a period of 5 years w.e.f. July 19, 2008. The Board commends his re-appointment as the Managing Director of the
Company to the Members of the Company.
In accordance with the Companies Act, 1956, and the Articles of Association of the Company, three of your Directors, viz.,
Mr. R.K. Krishna Kumar, Mr. Shapoor Mistry and Mr. K. B. Dadiseth retire by rotation, and are eligible for re-appointment.
CORPORATE GOVERNANCE
As required by Clause 49 of the Listing Agreement with the Stock Exchanges, the report on Management Discussion and
Analysis, Corporate Governance as well as the Auditors’ Certificate regarding compliance of conditions of Corporate Governance,
form part of the Annual Report.
AUDITORS
M/s S.B. Billimoria & Company, the retiring Auditors, have by their letter dated May 29, 2008 informed the Company of their
decision not to seek re-appointment as Joint Auditors of the Company. The Board of Directors recommend the appointment of
19