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

which we operate our store at Bangalore . Nevertheless, the existence, value, impact and
resulting liability, if any with regard to such claims cannot be ascertained as on the date of
this draft Red Herring Prospectus. Further due to the nature of the family disputes and
given that follow-up action with respect to the distribution of the Mumbai Undivided Entities
and South Undivided Entities was not completed and is outstanding,
(a) as on the date of this draft Red Herring Prospectus our Promoters are unable to
disclose any information with respect to the Mumbai Undivided Entities;
(b) neither we nor our Promoters can, as on the date of this draft Red Herring Prospectus
ascertain the accuracy or the completeness of the disclosures relating to the Southern
Undivided Entities as made in this draft Red Herring Prospectus. Further our Promoters
are unable to state with certainty about any liability or contingent liability in respect of the
said entities.
VII. Litigatiion By and/ or Against Residual Entities (the other ventures in which K
Raheja Corp Group( C, L. Raheja Group) holds in excess of 10% of the Equity
Share Capital/ Interest)
Apart from the companies and/or entities belonging to the K Raheja Corp Group /Mumbai
Undivided Entities/ the Southern Entities, as on the date of this draft Red Herring
Prospectus, our Promoters also have equity share capital and other interests (exceeding
10 % ) in certain other companies, partnership firms and other entities ( the ‘Residual
Entities’) However as our Promoters are not involved in the day to day management of
these Residual Entities, neither we nor our Promoters can, as on the date of this draft Red
Herring Prospectus ascertain the accuracy or the completeness of the disclosures relating
to these Residual Entities made in this draft Red Herring Prospectus which disclosures
are based on information made available to our Promoters. By the other ventures in
which K Raheja Corp Group( C, L. Raheja Group) holds in excess of 10% of the Equity
Share Capital/ Interest.
A) Pending Arbitration Proceedings
There are none
B) Litigation Pending – FEMA
There are none
C) Litigation Pending – Income Tax
Juhu Beach Resorts Ltd
Assessment Year 1998-1999
The company's return of Income for Assessment Year 1998-1999 was assessed under
section 143(3) of the Income Tax Act, 1961 disallowing certain expenses which were
capitalised amounting to Rs. 4990000/-. The company filed an appeal with the CIT(A)
against the said disallowance. The CIT(A) dismissed the appeal. The company has filed
an appeal to ITAT which is pending.
Juhu Beach Resorts Ltd
Assessment Year 2000-2001
The company's return of Income for Assessment Year 2000-2001 was assessed under
section 143(3) of the Income Tax Act, 1961 disallowing certain expenses certain expenses
which were capitalised amounting to Rs. . 3371550/- and taxing of interest earned Rs.
384893/- as Income from other sources instead of reducing the same from the interest
payable and charging the net balance to Work In progress. The company filed an appeal
with the CIT(A) against the said disallowance and addition of interest to the income. The
CIT(A) dismissed the appeal. The company has filed an appeal to ITAT which is
pending.
Juhu Beach Resorts Ltd
Assessment Year 2001-2002
The company's return of Income for Assessment Year 2001-2002 was assessed under
section 143(3) of the Income Tax Act, 1961 taxing interest earned Rs. 384893/- as
Income from other sources instead of reducing the same from the interest payable and
charging the net balance to Work In progress. The company has filed an appeal with the
CIT(A) against the said disallowance. The same is pending.
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