Shopper's Stop Limited - Securities and Exchange Board of India

Mumbai Undivided Properties and Entities
The Mumbai Undivided Properties and Entities comprise of companies, partnership firms and trusts. The
registered office / office of the said Mumbai Undivided Properties and Entities continues to be at the office
of the Promoters at Construction House A, Khar, Mumbai (which used to be the registered office of those
entities even prior to the aforesaid distribution).
Since the time of the said distribution, these entities are largely dormant except for certain transactions
like repayment of borrowings, sale of stock in trade, suit filed for recovery of amounts and administrative
overheads, etc. Further members of both the families have separately operated bank accounts of some
of those entities mainly affecting the inter entity accounts.
Both the families have separately in their possession various documents, papers, records, assets, etc. of
the said Mumbai Undivided Properties and Entities which has made the finalisation of accounts, audit,
filing of various Returns and Forms with different Authorities and various other statutory compliances
difficult and has resulted in the same not having been completed for several years. Several filings and
compliances have not been made due to the said family disputes and the fact that the C.L. Raheja family
alone is not in ownership and control of the said Mumbai Undivided Properties and Entities. The
Promoters are unable to state with certainty about any liability or contingent liability in respect of the said
entities. In the circumstances, the Promoters are not in a position to disclose with any certainty any
information about the said entities.
In respect of some of the Mumbai Undivided Properties and Entities where Return of Income (under the
Income Tax Act, 1961) were filed for some of the years, the tax and penalty demands raised have largely
been paid except in a few cases amounting to Rs. 53,32,033/-(plus interest) which tax demands and
claims are outstanding. Against the said tax demands in some of the Entities there are refunds due
of approximately 14,47,380/- (plus interest) and in one case the Income Tax Authorities have
attached one of the properties of the company for recovery of the said demands. Further where
assessments have not been completed the tax demands, if any, are not known.
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