president & cfo - UB Group

Report of the Directors (Contd.)for which disposal instructions had not been received fromconcerned depositors stood at Rs.28.07 million as at March31, 2009. Of this, a sum of Rs. 7.51 million has been since paidas per instructions received after the year-end.TRANSFER TO INVESTOR EDUCATION ANDPROTECTION FUNDPursuant to the provisions of Section 205A(5) and 205C of theCompanies Act, 1956, the Unclaimed Dividend, Debenturesand Deposits, remaining unclaimed and unpaid for morethan 7 years, have been transferred to the Investor Educationand Protection Fund.HUMAN RESOURCESEmployee relations remained cordial at all the Company’slocations.Particulars of employees drawing an aggregate remunerationof Rs.2,400,000/- or above per annum or Rs.200,000/- orabove per month, as required under Section 217(2A) of theCompanies Act, 1956, are annexed.EMPLOYEE STOCK OPTION SCHEMEThe Company has not offered any stock option to theEmployees during the year 2008-2009 either underthe McD ESOP Scheme or McD-Employee Stock OptionScheme – 2002.CONSERVATION OF ENERGY & TECHNOLOGYABSORPTION, ETC.In accordance with the provision of Section 217(1)(e) of theCompanies Act, 1956, read with the Companies (Disclosureof Particulars in the Report of the Board of Directors), Rules,1988, the required information relating to Conservationof Energy, Technology Absorption and Foreign Exchangeearnings and outgo is annexed.DIRECTORS’ RESPONSIBILITY STATEMENTPursuant to Section 217 (2AA) of the Companies Act, 1956,in relation to financial statements for the year 2008-09, theBoard of Directors reports that:• in the preparation of the annual accounts, the applicableaccounting standards have been followed along withproper explanation relating to material departures;• accounting policies have been selected and appliedconsistently and that the judgements and estimates madeare reasonable and prudent so as to give a true and fairview of the state of affairs of the Company as at the endof the financial year and of the profit of the Company forthe year ended March 31, 2009;• proper and sufficient care have been taken for themaintenance of adequate accounting records inaccordance with the provisions of the Companies Act,1956, for safeguarding the assets of the Company and forpreventing and detecting fraud and other irregularities;• the annual accounts have been prepared on a goingconcern basis.THANK YOUYour Directors place on record their sincere appreciation forthe continued support from the shareholders, customers,suppliers, banks and financial institutions and other businessassociates. A particular note of thanks to all employees ofyour Company, without whose contribution, your Companycould not have achieved the year’s performance.BangaloreJuly 29, 2009By Authority of the BoardDr. VIJAY MALLYAChairman75