Reliance Inf S Regulatory News (RIFS)

Notes: 

1.   The final determination in the matter of Standby Charges payable for the years 1998-99 to 2003-04 to The Tata Power Company Limited (TPC) is pending before the Supreme Court for final hearing. The Company has so far fully accounted the liability of Rs. 515.60 crore as determined earlier by Maharashtra Electricity Regulatory Commission (MERC).

2.   The final determination in respect of the claim by TPC of Rs. 323.87 crore, along with interest based on the Orders passed by MERC / Appellate Tribunal for Electricity (ATE) towards difference in energy charge and minimum offtake charges for energy supplied by TPC at 220 kV interconnection is pending before Supreme Court for final hearing. The Company has complied with the interim order direction of depositing Rs. 25 crore with the Registrar of Supreme Court and providing a Bank Guarantee of Rs. 9.98 crore.

3.   Pursuant to the approval of the Board of Directors for buy-back of Equity shares under Section 77A of the Companies Act, 1956, the Company bought-back 4,85,000 equity shares during the quarter ended December 31, 2011. Consequently the paid-up capital stands reduced to Rs. 263.04 crore. Out of the above 35,000 shares have been extinguished subsequently on January 5, 2012.

4.   Pursuant to the clarification provided by the Ministry of Corporate Affairs vide circular dated May 31, 2011 and based on the legal opinion obtained, the Company has provided for depreciation in respect of its electricity business following the rates as well as methodology notified by the Electricity Regulators retrospectively w.e.f April 1, 2009 as against Schedule XIV to the Companies Act, 1956 during the quarter ended June 30, 2011. Accordingly, depreciation of Rs. 227.18 crore for the years 2009-10 and 2010-11 was written back during the quarter ended June 30, 2011 and included in other operating income.  Similarly, the depreciation charge for the current quarter and nine months ended December 31, 2011 is lower and profit before tax is higher by Rs.13.70 crore and Rs.30.73 crore respectively  on account of such change.

5.   Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended December 31, 2011: opening: Nil; additions: 09; disposals: 09; closing: Nil.

6.   There were no exceptional / extraordinary items during the quarter ended December 31, 2011.

7.   After review by the Audit Committee, the Board of Directors of the Company have approved the Standalone financial results at their meeting held on February 14, 2012.

8.   Figures of the previous period / year have been regrouped / reclassified wherever considered necessary.

9.   There has not been any significant change in or any special factor influencing the business activities of the Company during the quarter ended December 31, 2011 except as specifically mentioned in the above Notes.

For and on behalf of the Board of Directors

Place: Mumbai                                                                                                          Anil D. Ambani    

Date: February 14, 2012                                                                                                Chairman