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Information Technologies (I) Ltd.

BSE: 523758 Sector: IT
NSE: ITIL ISIN Code: INE569A01024
BSE 05:30 | 01 Jan Information Technologies (I) Ltd
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Information Technologies (I) Ltd. (ITIL) - Director Report

Company director report

DIRECTORS

TO THE SHAREHOLDERS

Dear Shareholders,

Your Directors show their pleasure in presenting the Annual Report of the Company forthe year ended 31st March 2011.

Financial Results:

Following is a report of the financial performance of the Company for the fiscal year2010 - 2011:

Rs. In Lacs Rs. In Lacs
2010-11 2009-10
Income Nil Nil
Expenditure 10.20 1.36
Balance of Loss Carried Forward 3440.31 113430.10

Director’s responsibility statement under Section 217 (2AA) of the Companies(Amendment) Act, 2000

As required under section 217 (2AA) of the Companies Act, 1956, Your Directors confirmhaving:

a) While preparing Annual Accounts the applicable accounting standards have beenfollowed.

b) The Directors have selected such accounting policies and applied them consistentlyand made judgments & estimates that are reasonable and prudent so as to give a trueand fair view of the state of affairs of the Company at the end of the Financial Year andof the Profit & Loss of the Company for that period.

c) The Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act, 1956 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities.

d) The Directors have prepared the Annual Accounts on going concern basis.

Status of Investigation under Section 237(b) of the Companies Act, 1956 into affairs ofthe Company.

The Central Government has forwarded an investigation report under Section 240 of theCompanies Act, 1956. The Company has challenged above said report by a writ petitionbefore the Hon’ble Allahabad High Court, Lucknow Bench and the said writ petition ispending and the matter is subjudice.

Particulars of Employees

Particular of employee required to be reported u/s 217 (2A) of the Companies Act 1956are not called for since there were no persons drawings an aggregate annual remunerationof Rs. 24,00,000 or if employed for part of the year, drawing a monthly remuneration ofRs.2,00,000.

Directors

The Board was duly constituted through out the year under this report.

Particulars of Energy Conservation, etc.

A statement under Section 217 (1)(e) of the Companies Act, 1956 read with the Companies(Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 and formingpart of this report is annexed hereto.

Auditors:

You are requested to re-appoint Auditors to hold office from the conclusion of thisAnnual General Meeting and to fix their remuneration. The retiring Auditors M/s Madan Pal& Co., Charted Accountants being eligible offer themselves for re-appointment.

Public Deposits

The Company has not accepted or renewed the public deposits during the last financialyear.

Board Comments on Auditors Observations

The Observations made by the Auditors in their report are adequately explained in theNotes on accounts attached to the balance Sheet and need no further explanation.

Acknowledgements

Your Directors take this opportunity to offer their sincere thanks to the esteemedshareholders for their support.

By the Order of the Board of Directors

(Chairman)

New Delhi: September 1, 2011